Northwest Territories Mortgage Rates
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Pine Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Pine Financial4.29% 3 year fixed $4,216 per month 4.29% 4 year fixed $4,216 per month 4.34% 5 year fixed $4,238 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Radius Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Radius Financial4.39% 5 year fixed $4,259 per month 4.44% 3 year fixed $4,281 per month 4.69% 2 year fixed $4,392 per month 4.69% 4 year fixed $4,392 per month 4.89% 1 year fixed $4,481 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Scotia Bank 3.65%5 yearvariable $3,942monthly payment Other rates from Scotia Bank3.99% 2 year fixed $4,086 per month 4.04% 3 year fixed $4,108 per month 4.19% 4 year fixed $4,172 per month 4.24% 5 year fixed $4,194 per month 4.59% 1 year fixed $4,347 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.65%5 yearvariable $3,942monthly payment Other rates from Manulife Financial4.29% 3 year fixed $4,216 per month 4.34% 5 year fixed $4,238 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from First National 3.70%5 yearvariable $3,963monthly payment Other rates from First National4.44% 3 year fixed $4,281 per month 4.54% 5 year fixed $4,325 per month 4.69% 2 year fixed $4,392 per month 4.89% 4 year fixed $4,481 per month 5.14% 1 year fixed $4,594 per month |
Northwest Territories mortgage rate update: September 2026
After the Bank of Canada held its overnight rate at 2.25% on September 2, 2026, we know that variable mortgage rates in the Northwest Territories will hover around their current levels until at least the end of October.
The mystery is where fixed rates will go. Unfortunately, the most likely direction is up.
That’s because bond yields, which lenders use to price their fixed mortgage rates, started the month higher than they’ve been in over two years. The global bond sell-off you may have heard about created lower bond prices, which triggered higher yields. Worries around oil prices, inflation and weakening economic growth are forcing yields higher, too.
That could mean higher fixed rates for borrowers in the NWT. If you have your sights set on a fixed-rate mortgage, consider getting pre-approved before rates start rising.
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 as inflation's about to spike.
Fixed rates
As of September 2026, fixed mortgage rates are higher than they were a few months ago thanks to rapid increases in government bond yields, which lenders use to price their fixed rates. Yields skyrocketed after the war in Iran caused oil prices to spike, and they rose higher in September after the Bank of Canada called out rising inflation and reduced economic growth as threats facing the Canadian economy.
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.
Northwest Territories home buyer resources
Northwest Territories first-time home buyer programs
The Northwest Territories government has a program that reduces costs for first-time home buyers. Eligible applicants can receive a forgivable loan equal to 5% of their home’s purchase price, with a loan maximum amount of $30,000, to use as a down payment. The loan is completely forgiven after one, two or three years, depending on the amount of the loan.
To be eligible, applicants must meet certain requirements. For example, they must:
Live in the Northwest Territories for at least three years.
Have income under certain limits, which vary by location.
Must secure outside financing.
If the homeowner goes into default or if they sell the home before their forgivable loan period is up, they are not eligible for loan forgiveness.
Federal assistance programs include the Home Buyers’ Plan and the First Home Savings Account. These tools for improving affordability can be combined, so it might be worth investigating both to see how they fit your goals and finances.
Land transfer taxes in the Northwest Territories
In the Northwest Territories, you'll pay fees based on your home's value and your mortgage's value.
- You'll pay $2.00 for each $1,000 of your home's value, with a $1 minimum. If your home's value is above $1 million, you'll pay $2,000 plus $1.50 for each $1,000 of value above $1 million.
- If you take out a mortgage to pay for your home, you'll pay $1.50 for every $1,000 of the mortgage amount, with a minimum of $80.
Mortgage calculators to help you take the next step
Frequently asked questions
How do lenders determine mortgage rates?
The mortgage rate you’re offered in the Northwest Territories 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.
Will mortgage rates come down in 2026?
The Bank of Canada may be forced to increase its overnight lending rate if the Iran war fuels higher inflation. A rate hike would result in higher variable mortgage rates. Fixed mortgage rates will likely continue hovering between 3.9% and 4.4% for much of the year. The war in Iran makes predictions like these exceedingly difficult.
How do you qualify for a lower mortgage rate?
While some factors that affect rates are beyond your control, there are things you can do to encourage lenders 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.
What's a good mortgage rate in the Northwest Territories right now?
As of September 2026, finding a fixed mortgage rate lower than 4% or a variable rate below 3.6% in the Northwest Territories would be considered a good deal.
You're 5 minutes away from the best mortgage.
Connect with Homewise to get a renewal rate quote that's personalized to you.DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis