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: July 2025
Variable rates are holding steady.
The BoC could change rates on July 30.
Fixed rates have seen recent declines, but could increase.
July has brought a new sense of uncertainty to mortgage rates in Nova Scotia.
In the last half of June, falling government bond yields allowed lenders and brokerages to lower their fixed rate offers. But July has seen those bond yields start creeping up again. If those bond yields keep increasing over a sustained period of time, fixed rates are likely to edge up, too.
As of July 8, 2025, three- and five-year fixed mortgage rates can still be found for around 3.9% at some brokerages, but they’re generally 4% or higher. If you’re worried about rates rising before you secure a mortgage this summer, consider getting pre-approved and locking in a rate sooner rather than later.
Variable mortgage rates have been stable since the Bank of Canada decided to hold its overnight rate at 2.75% on June 4. The country's lowest variable mortgage rates will stay around 4% until at least July 30, when the BoC is scheduled to make its next overnight rate announcement.
A rate cut in July will depend on both inflation and the state of Canada's tariff-rattled economy, so it'll be a challenging call for the Bank to make. Analysts expect the BoC to cut its overnight rate another two times this year, which could shave at least 0.5% off of current variable rates.
A July rate cut would make variable rates the most affordable option for borrowers in Nova Scotia, and the easiest one to qualify for. It's been over two years since that was the case.
What’s a good mortgage rate in Nova Scotia right now?
As of July 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 the remainder of 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
Nova Scotia's housing market continued weathering the U.S. tariff war in June. Home sales for the monthe were up 7.1% year-over-year, while sales over the first six months of 2025 were 2.8% higher compared to the same period last year.
Most areas in the province saw year-over-year price gains in June. The average sale price in Halifax-Dartmouth, $618,659, increased by 4.1%, while the average price in the South Shore rose 17.7% to hit $430,435. The provincial average sale price, $488,760 was up 6.1% 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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