Current Mortgage Rates In Nova Scotia
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🏦 The Bank of Canada will announce its next overnight rate decision on Wednesday, December 10, 2025. If the Bank holds the overnight rate at 2.25%, as expected, variable mortgage rates will not change until at least January 28, 2026, when the Bank is scheduled to make its first rate decision of the new year.
Nova Scotia mortgage rates available from a broker
Bank mortgage rates available in Nova Scotia
3-Year Fixed | 4.42% | 4.41% | 4.44% | 4.43% | 6.05% | 4.424% |
3-Year Variable | 7.78% (open) | 4.17% | -- | -- | 5.95% | -- |
5-Year Fixed | 4.51% (insured) 4.66% (uninsured) | 4.21% (insured) 4.56% (uninsured) | 4.43% (insured) 4.58% (uninsured) | 4.32% (insured) 4.62% (uninsured) | 6.09% | 4.711% (insured) 4.711% (uninsured) |
5-Year Variable | 4.17% | 4.27% | 4.49% | 3.68% (insured) 3.98% (uninsured) | 4.90% | 4.261% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Nova Scotia mortgage rate update: December 2025
December should be a month of stability for mortgage rates in Nova Scotia.
On December 10, the Bank of Canada will announce its next overnight rate decision, which could directly impact variable mortgage rates. With the Canadian economy showing signs of resilience, the Bank is widely expected to hold the overnight rate at 2.25%.
If the Bank holds, variable mortgage rates will stay at their current levels until at least January 28, 2026, when the Bank is scheduled to make its first rate decision of next year.
Until then, the lowest variable mortgage rates in Nova Scotia will hover around 3.5%.
Fixed mortgage rates aren’t likely to move much this month, either. Government bond yields, which determine fixed rates, haven’t shifted much in the last several weeks. Without a sustained rise or fall in bond yields, there’s no reason for lenders to significantly adjust their fixed rates.
Unless the bottom drops out of the economy, the lowest fixed rates in Nova Scotia should stay around 3.9% for the rest of the year.
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.
How to get a lower mortgage rate in Nova Scotia
While some factors that affect rates are beyond your control, there are things you can do to encourage Nova Scotia’s lenders and brokers to offer you the best mortgage rates. For example, you can:
Improve your credit score. To start, pay down any outstanding debt and pay off every bill in full.
Increase your income. This isn’t always easy, but any additional income will improve your financial position.
Decrease your total debts. Lenders consider your total debt load when determining the details of your loan.
Consider all your options. See if adjusting the loan type, the term length or the amortization period of your loan could help.
Frequently asked questions
What’s today’s mortgage rate in Nova Scotia?
What’s today’s mortgage rate in Nova Scotia?
There’s no single mortgage rate in Nova Scotia. Rates differ based on the lender, rate type and term length. For example, fixed mortgage rates in Nova Scotia are currently around 3.9% at mortgage brokers but well over 4% at major banks.
What’s a good mortgage rate in Nova Scotia right now?
What’s a good mortgage rate in Nova Scotia right now?
As of December 2025, the lowest fixed mortgage rates in Nova Scotia are around 3.7%. The lowest variable rate is 3.45%.
Are mortgage rates in Nova Scotia different than in New Brunswick or PEI?
Are mortgage rates in Nova Scotia different than in New Brunswick or PEI?
National lenders and mortgage brokers tend to offer similar rates to home buyers in these provinces, though rates might be a little lower in Halifax because its higher population creates a more competitive mortgage market.
How are mortgage rates determined in Nova Scotia?
How are mortgage rates determined in Nova Scotia?
Mortgage rates are influenced by economic factors, like the Bank of Canada’s overnight rate (variable rates) and government bond yields (fixed rates). The rate you’re ultimately offered will depend on your savings, income, debt and credit score.
What’s the minimum down payment for a house in Nova Scotia?
What’s the minimum down payment for a house in Nova Scotia?
Minimum down payment rules are the same in every province. To get a mortgage in Nova Scotia, you’ll have to put at least 5% down on a home worth up to $500,000. If the home is worth between $500,000 and $1.5 million, you’ll need to put down 5% of the first $500,000 and 10% of the remaining amount. For homes worth more than $1.5 million, a 20% down payment is required.
How can I get a lower mortgage rate in Nova Scotia?
How can I get a lower mortgage rate in Nova Scotia?
Getting a lower mortgage rate generally means presenting yourself as a low-risk borrower to Nova Scotia’s lenders and brokers. You can do this by making a larger down payment, lowering your debt service ratios and paying off other debts.
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.
Getting a mortgage in Nova Scotia
Where to get a mortgage in Nova Scotia
Even though Nova Scotia has a shortage of large cities, there are still many places to get a mortgage. In addition to Canada’s biggest banks, you can also find mortgages at:
Credit unions.
Monoline lenders, which only provide mortgages.Â
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.Â
Here are some examples of different mortgage providers in Nova Scotia.
Banks | Credit Unions |
|---|---|
RBC Royal Bank | Credit Union Atlantic |
Scotiabank | East Coast Credit Union |
TD Canada Trust | Teachers Plus Credit Union |
CIBC | iNova Credit Union |
BMO Bank of Montreal | Sydney Credit Union |
Mortgage Brokerages | Direct Lenders |
Centum | CMLS Financial |
Dominion Lending Centres | First National Financial |
Mortgage Architects | MCAP |
TMG The Mortgage Group | nesto |
Verico Financial Group | Home Trust Company |
Steps to getting a mortgage in Nova Scotia
Getting a mortgage in Nova Scotia isn’t any different than getting one in any other province. The real differences are often at the lender level, where you might encounter different mortgage rates and lending guidelines.
Getting a mortgage in Nova Scotia generally involves the following steps:
Checking your credit score. If your credit score’s below 620, it might limit the lenders you’re able to borrow from. If it’s relatively low in general, this might be an opportunity to pay down some debt prior to applying for a mortgage.Â
Comparing mortgage rates. View rates from multiple sources — banks, credit unions and mortgage brokers — to help determine who you’d like to work with.
Getting pre-approved for a mortgage. Reach out to a lender and have them take a thorough look at your finances. Once this process is complete, you’ll have an accurate estimate of what you’ll be able to borrow and how much you’ll pay in interest charges.
Finding a home and putting in a successful offer. This isn’t something you can do safely without being pre-approved first.Â
Formally applying for a mortgage. Even though you’ve been pre-approved, your lender will need to give your finances a final evaluation before signing off on your loan.
Mistakes to avoid when getting a mortgage in Nova Scotia
Choosing a mortgage based solely on rate. The lowest rate available might be attached to a mortgage with limited features. Discuss the details with your lender or mortgage broker.Â
Not comparing a variety of lenders. There are a lot of mortgage providers in Nova Scotia. Make sure you’re comparing banks, brokers and credit unions so you don’t miss out on what might be the ideal mortgage for your needs.Â
Not negotiating. Mortgage rates are negotiable. Always ask a lender or broker what more they can do to decrease the rate you’re offered.
Borrowing too much. Borrowing the maximum amount allowed by your lender can help you buy more house, but it can mean less money for essentials, savings and investments.Â
Renewing a mortgage in Nova Scotia
Renewing a mortgage in Nova Scotia generally involves the same process you’ll encounter in the rest of Canada. But being in a less populous province might give you fewer lender options.
You should approach your mortgage renewal the same way you’d approach a home purchase: compare your mortgage rate options thoroughly so you can make an informed decision.
When renewing your mortgage in Nova Scotia, keep the following in mind:
Your lender’s initial renewal rate offer won’t be their best. Be prepared to negotiate.
Consider using a mortgage broker, who can compare renewal rates from a wider range of lenders than a bank’s mortgage adviser.Â
Start the process early and give yourself time to find the product and lender that best suits your current financial situation.Â
Refinancing a mortgage in Nova Scotia
Refinancing a mortgage in Nova Scotia shouldn’t be any more difficult than it would be anywhere else. The rates you’ll encounter will be similar to those in other provinces, although refinance rates are generally higher than what lenders offer on home purchases.
Prepare yourself for refinancing your mortgage by exploring our mortgage refinancing guide and by comparing current mortgage finance rates.
Buying a home in Nova Scotia
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.Â
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.
Nova Scotia housing market update
Nova Scotia’s housing market entered the fall on a positive note. Home sales in October 2025 were down 0.9% year-over-year, but were up 5.2% compared to September. Year-to-date, sales in the province are 1.5% higher than in the first 10 months of 2025.
New listings in the province were 8% higher versus October 2024, which could account for the negligible price growth seen last month. The overall MLS Home Price Index benchmark price, the Canadian Real Estate Association’s preferred metric for tracking price changes, was $436,500 in October, 0.6% higher than a month before. In Halifax, the benchmark price also rose by 0.6% to reach $570,500.
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Clay Jarvis
Clay Jarvis