Current Mortgage Rates in Nova Scotia
JUMP TO: Broker rates | Bank rates | Getting a mortgage in NS | Buying a home in NS
Nova Scotia mortgage rates available from a broker
Bank mortgage rates available in Nova Scotia
3-Year Fixed | 4.67% | 4.76% | 4.59% | 4.78% | 5.95% | 4.674% |
3-Year Variable | 7.78% (open) | 4.07% | -- | -- | 5.95% | -- |
5-Year Fixed | 4.76% (insured) 4.86% (uninsured) | 4.66% (insured) 4.94% (uninsured) | 4.43% (insured) 4.68% (uninsured) | 4.62% (insured) 4.92% (uninsured) | 6.09% | 4.861% (insured) 4.861% (uninsured) |
5-Year Variable | 4.12% | 4.12% | 4.14% | 3.68% (insured) 3.98% (uninsured) | 4.90% | 4.211% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Nova Scotia mortgage rate update: June 2026
June is shaping up to be a tough month for mortgage shoppers in Nova Scotia.
Toward the end of May and in the first few days of June, several lenders increased their fixed mortgage rates. This was a reaction to elevated government bond yields, which have been on a wild ride since the Iran war kicked off.
You’ll be hard pressed to find a fixed mortgage rate for under 4% anywhere in Canada. And if you plan to get a mortgage at a Big Six bank, expect to pay much more. Fixed rates won’t improve until hostilities in the Middle East come to an end and bond yields sink to their pre-war levels.
Variable rates should be more stable.
The Bank of Canada is expected to hold its overnight rate at 2.25% on June 10. Since the overnight rate directly influences variable mortgage rates, a rate hold from the Bank will keep variables at their current levels — generally 3.4% or higher.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates weren't forecasted to move in 2026, but the war in Iran has changed the game.
By driving up oil prices and inflation expectations, the Bank of Canada has warned that higher rates may be needed to keep inflation near its 2% target.
If the Bank increases its overnight rate, variable mortgage rates will follow suit. That could happen as early as this summer.
If the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. But it's hard to picture a rate cut coming just if inflation's about to spike.
Fixed rates
As of June 2026, fixed mortgage rates have already risen considerably due to rapid increases in government bond yields. (Lenders use bond yields to price their fixed rates.) Yields skyrocketed after the war in Iran caused oil prices to spike, raising fears of inflation and future Bank of Canada rate increases.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
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?
There’s no single mortgage rate in Nova Scotia. Rates differ based on the lender, rate type and term length. For example, variable mortgage rates in Nova Scotia are currently around 3.4% at mortgage brokers but over 4% at most banks.
What’s a good mortgage rate in Nova Scotia right now?
As of June 2026, the lowest fixed mortgage rates in Nova Scotia are around 4%. The lowest variable rates are closer to 3.4%.
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?
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?
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?
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.
You're 5 minutes away from the best mortgage.
Connect with Homewise to get a renewal rate quote that's personalized to you.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.
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.
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 |
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.
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
April 2026 was a rough month for the Nova Scotia housing market. Home sales were down 10.9% from March and 19.2% year-over-year. Year-to-date, sales were 12.6% lower than in the first four months of 2025.
The slow sales activity means buyers have plenty of homes to choose from. At the end of the month, there were over 4,400 homes left for sale in the province, the highest level of active inventory for April in over five years.
Prices remain resilient in the face of lagging demand and rising supply. The overall benchmark price for a home in Nova Scotia, $440,800, was up 2.4% compared to a year ago.
Mortgage calculators to help you take the next step
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis