Best Mortgage Rates in Nova Scotia
Compare fixed and variable mortgage rates from Nova Scotia’s best bank and alternative lenders.8Twelve has partnered with over 65 Canadian mortgage lenders to provide competitive rates on over 7,000 mortgage products. 8Twelve can quickly match you with a lender and mortgage type that meets your needs — even if your financial situation is unique.
Nova Scotia mortgage rate update: June 2025
Variable rates are holding steady.
The BoC could change rates on July 30.
Fixed rates have seen recent upticks.
On June 4, 2025, the Bank of Canada decided to hold its overnight rate at 2.75%. Maintaining the overnight rate means variable mortgage rates in Nova Scotia will stay at their current levels until at least July 30, when the Bank is scheduled to make its next overnight rate decision.
The lowest variable rate offers remain around 4% at several mortgage brokerages, but are higher at the country’s largest banks.
A rate hold in June was expected, as April’s high inflation numbers made cutting rates a risky proposition. Analysts expect the Bank of Canada to cut its overnight rate at least twice more in 2025, which would shave at least 0.5% from variable mortgage rates.
Fixed mortgage rates have been a little more volatile, as lenders respond to activity in the government bond market.
Government bond yields rose for much of May, and were up in the first few days of June. When yields rise, fixed rates tend to follow suit.
Sure enough, three- and five-year fixed rates have been edging up in Nova Scotia.
As of June 4, 2025, fixed-rate offers had climbed north of 4.1% at many mortgage brokerages. If bond yields continue to rise, 4.1% might look like a bargain in a few weeks.
What’s a good mortgage rate in Nova Scotia right now?
As of May 2025, lenders in Nova Scotia were generally offering five-year fixed mortgage rates, three-year fixed mortgage rates and five-year variable mortgage rates for between 4.05% and 4.25%.
2025 Nova Scotia mortgage rate forecast
Mortgage rates may decrease further in the second half of 2025.
The Bank of Canada is expected to reduce its overnight rate again twice before the end of the year, which would lower variable mortgage rates by at least 0.5% versus today’s levels.
Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the 2025.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Nova Scotia housing market update: May 2025
Nova Scotia's housing market has been weathering the U.S. tariff war far better than some other provinces. Home sales in April were up 3.4% year-over-year, while sales over the first four months of 2025 were 3.9% higher compared to the same period last year.
Most areas in the province saw year-over-year price gains in April. The average sale price in Halifax-Dartmouth, $603,267, increased by 1.4%, while the average price in Yarmouth rose 20.8% to hit $277,561. The provincial average sale price, $477,925 was up 2.3% versus April 2024.
Nova Scotia home buyer resources
Nova Scotia first-time home buyer programs
There are two provincial programs available to help buyers cope with the challenges of buying a first home in Nova Scotia, including:
Down Payment Assistance Program. If you’re pre-qualified for an insured mortgage, you can apply for a loan worth up to $25,000 to put toward your down payment. The loan is interest free and must be repaid within 10 years.
First-Time Home Buyers Rebate. If you are buying a newly constructed home or condo, you may be eligible for a rebate worth 18.75% of the provincial portion of the HST you’re charged. The maximum rebate amount is $3,000.
Land transfer taxes in Nova Scotia
Municipalities in Nova Scotia each have their own transfer tax rates.
Mortgage calculators
Frequently asked questions
How do you qualify for a lower mortgage rate in Nova Scotia?
How do you qualify for a lower mortgage rate in Nova Scotia?
Some of the mechanisms that shape rates are beyond your control, but there are steps you can take to convince lenders to offer you the best mortgage rates. For example, you can try:
Improving your credit score. A higher credit score generally results in better loan offers. Get a better score by eliminating existing debt and paying future bills in full and on time.
Increasing your income. It’s not always easy, but any additional income you can earn will improve your financial position. Lenders look at your income to assess your ability to afford a mortgage.
Decreasing your total debts. Lenders consider your total debt load when determining your mortgage rate. Pay down personal loans, student loans or other types of debts if you can.
Consider all your mortgage options. See if adjusting the loan type, the term length or the amortization period of your loan could result in you being offered a better rate.
How do Nova Scotia lenders determine mortgage rates?
How do Nova Scotia lenders determine mortgage rates?
The mortgage rate you’re offered by a lender in Nova Scotia will be based on two primary factors; one based on the state of the economy and one based on your financial situation.
Economic factors
Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates.
Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields.
Your financial situation
Factors specific to you also affect the rates you’re offered. These include:
Your credit score.
Your income.
Your total debts.
The loan type you choose.
The amount you’re borrowing.
The term length and amortization period of your loan.
Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.
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Clay Jarvis