Finding the best mortgage rate in Nova Scotia can save you tens of thousands of dollars over the life of your mortgage. Whether you are a first-time buyer in Halifax, refinancing a home in Dartmouth, or purchasing property elsewhere in the province, comparing rates across lenders is the most important step in your home-buying journey.
Lowest mortgage rates in Nova Scotia
See today’s best mortgage rates with access to rates across the top banks and lenders in Nova Scotia.
Current mortgage rates in Nova Scotia
| Name | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|---|---|---|---|---|
| BMO | 7.34 | 6.95 | 6.74 | 6.79 | 6.7 |
| CIBC | 6.99 | 6.99 | 6.74 | 6.84 | 6.7 |
| Nesto | 5.84 | 4.79 | 4.89 | 4.34 | 5.4 |
| Pine | 6.24 | 4.24 | 4.54 | 4.34 | 4.75 |
| RBC | 5.89 | 5.09 | 4.99 | 4.94 | 6.1 |
| Scotiabank | 7.19 | 6.74 | 6.54 | 6.59 | 7.15 |
| TD | 7.34 | 5.22 | 6.74 | 5.12 | 6.19 |
| True North | 4.99 | 4.84 | 4.84 | 4.49 | 5.5 |
This table was last updated on December 21, 2024 rates are from the data available on each institution’s website.
These are the most current mortgage rates available in Nova Scotia, updated regularly to reflect changes from the Bank of Canada and individual lender pricing.
How to get the best mortgage rate in Nova Scotia
To secure the lowest mortgage rate in Nova Scotia:
- Compare multiple lenders: Do not accept the first rate offered by your bank. Compare across major banks, credit unions, monoline lenders, and mortgage brokers to find the best deal.
- Improve your credit score: A credit score of 680+ is typically required for the best rates. Scores above 760 may qualify for premium pricing from some lenders.
- Increase your down payment: A larger down payment reduces the lender’s risk and can qualify you for better rates. With 20% or more down, you also avoid mortgage default insurance.
- Choose the right term: Five-year fixed terms are the most popular in Canada but shorter terms or variable rates may offer lower rates depending on market conditions.
- Consider a mortgage broker: Brokers have access to rates from dozens of lenders and can negotiate on your behalf at no cost to you.
Fixed vs. variable mortgage rates in Nova Scotia
The choice between a fixed and variable mortgage rate is one of the biggest decisions a Nova Scotia homebuyer faces:
Fixed-rate mortgages lock in your interest rate for the entire term (typically 5 years). Your payment stays the same regardless of what happens with interest rates, providing budget certainty.
Variable-rate mortgages fluctuate with the Bank of Canada’s prime rate. When rates fall, more of your payment goes to principal. When they rise, more goes to interest. Historically, variable rates have saved borrowers money over fixed rates the majority of the time, but they come with more risk.
In 2025, with the Bank of Canada having cut its policy rate from the peak of 5.00% to 2.75%, variable rates have become significantly more attractive. However, fixed rates have also come down as bond yields have declined.
Nova Scotia mortgage affordability
The average home price in Nova Scotia has risen substantially in recent years, making mortgage affordability a key concern. You can use the Nova Scotia mortgage affordability calculator to determine how much home you can afford based on your income, debts, and the current interest rates shown above.
The debt service ratio calculator is another useful tool that shows whether your housing costs fall within the lender-approved thresholds for gross and total debt service ratios.
Nova Scotia land transfer tax
When purchasing a home in Nova Scotia it is important to budget for the deed transfer tax that applies on the transfer of property. This tax is calculated as a percentage of the purchase price and varies by municipality. Most municipalities in Nova Scotia charge a deed transfer tax of 1.5% of the purchase price.
For a home priced at $400,000 this would result in a deed transfer tax of $6,000. Use the Nova Scotia land transfer tax calculator to calculate the exact amount for your purchase.
Nova Scotia mortgage payments
The rate you choose has a significant impact on your monthly payment and the total interest paid over the life of the mortgage. For example, on a $400,000 mortgage with a 25-year amortization:
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 4.00% | $2,101 | $230,300 |
| 4.50% | $2,200 | $260,000 |
| 5.00% | $2,302 | $290,600 |
| 5.50% | $2,407 | $322,100 |
Even a 0.50% difference in rate can mean over $30,000 in additional interest over 25 years. Use the Nova Scotia mortgage payment calculator to run the numbers for your specific situation.
First-time homebuyers in Nova Scotia
If you are buying your first home in Nova Scotia, several programs can help reduce costs:
- First Home Savings Account (FHSA): Contribute up to $8,000 per year (lifetime limit of $40,000) to a tax-deductible account. Withdrawals for a qualifying home purchase are tax-free. See the FHSA guide.
- Home Buyers’ Plan: Withdraw up to $60,000 from your RRSP tax-free for a down payment. See the RRSP withdrawal rules.
- First-Time Home Buyer Incentive: Shared equity mortgage with the government of Canada for 5-10% of the purchase price.
- 30-year amortization: First-time buyers can now access 30-year amortization periods on insured mortgages as of December 15, 2024.
For a full overview see the first-time home buyer programs guide.
Frequently asked questions
What is a good mortgage rate in Nova Scotia in 2025?
In 2025, competitive five-year fixed rates from lenders in Nova Scotia range from approximately 4.29% to 5.00%. Variable rates may be lower depending on the Bank of Canada’s prime rate. Always compare multiple lenders using the rate table above.
How do I qualify for the best mortgage rate?
A strong credit score (680+), stable employment history, a down payment of at least 20%, and a low debt-to-income ratio will help you qualify for the best rates available.
Should I use a mortgage broker in Nova Scotia?
Mortgage brokers have access to rates from many lenders and can often find rates below what your bank offers. Their services are typically free to the borrower as they are paid by the lender.
How much do I need for a down payment in Nova Scotia?
The minimum down payment in Canada is 5% on homes up to $500,000, 5% on the first $500,000 plus 10% on the portion above $500,000 up to $1.5 million, and 20% for homes over $1.5 million. See the down payment calculator for your specific amount.
Related guides
- Nova Scotia mortgage payment calculator
- Nova Scotia mortgage affordability calculator
- Nova Scotia land transfer tax calculator
- Down payment calculator
- First-time home buyer programs
- Cost of living in Halifax
