Nunavut Mortgage Rates

Oct 9, 2026

Compare fixed and variable mortgage rates from Nunavut's best lenders.

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Rates updated: Oct 9, 2026

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Currently showing: fixed & variable rate mortgages in Nunavut for 1, 2, 3, 4, 5 year terms

Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.50% 5 yearvariable $3,880monthly payment Other rates from Manulife Financial 4.24% 3 year fixed $4,194 per month 4.39% 5 year fixed $4,259 per month
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 Financial 4.54% 4 year fixed $4,325 per month 4.59% 3 year fixed $4,347 per month 4.59% 5 year fixed $4,347 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 Financial 4.79% 3 year fixed $4,436 per month 4.79% 5 year fixed $4,436 per month 4.89% 4 year fixed $4,481 per month 5.09% 2 year fixed $4,571 per month 5.19% 1 year fixed $4,617 per month
Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from RMG 3.60% 5 yearvariable $3,922monthly payment Other rates from RMG 3.75% 5 year variable $3,985 per month 4.59% 3 year fixed $4,347 per month 4.69% 4 year fixed $4,392 per month 4.69% 5 year fixed $4,392 per month 4.69% 5 year fixed $4,392 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 Bank 4.44% 2 year fixed $4,281 per month 4.54% 3 year fixed $4,325 per month 4.64% 1 year fixed $4,370 per month 4.69% 4 year fixed $4,392 per month 4.74% 5 year fixed $4,414 per month

Homewise Mortgage Disclaimer:These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB.

Nunavut mortgage rate update: October 2026

Written by Clay Jarvis

Lead Writer & Spokesperson

Written by Clay Jarvis

Lead Writer & Spokesperson

October could be a miserable month for mortgages in Nunavut.

Fixed rates spent the last two weeks of September rising in response to spiking government bond yields. While home buyers may have been able to find a fixed rate for around 3.9% last month, they’ll be lucky to find one for under 4.2% in October.

Expect those higher fixed rates to throw a bucket of cold water on the Nunavut housing market this fall.

Variable rates will continue providing an affordable alternative, but the gap between fixed and variable rates may shrink as soon as October 28, when the Bank of Canada will hand down its next overnight rate decision.

Analysts are split on whether the Bank might finally raise the overnight rate after more than a year. If it does, variable rates will increase by the same amount as the Bank’s rate hike.

NerdWallet’s take is that the Bank will continue holding, as a rate increase could weaken economic growth. But the prospect of future rate hikes might be too much risk for some home buyers.

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 October 2026, fixed mortgage rates are higher than they've been in almost a year 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.

Nunavut home buyer resources

Nunavut first-time home buyer programs

The Nunavut Downpayment Assistance Program provides forgivable loans to help finance 10% down payments for new Nunavut homeowners. If approved, the home buyer provides 2.5% of the home purchase price for the down payment, up to $400,000, while the program provides 7.5%. The amount provided by the program accrues interest, but no payments are due. If the homeowner still lives there and is not in default after 10 years, the loan is forgiven in full.

Federal assistance programs include the Home Buyers’ Plan and the First Home Savings Account. These tools can be combined, so it might be worth investigating both to see how they fit your goals and finances.

Land transfer taxes in Nunavut

Home value

$4,475.00Estimated land transfer tax

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Frequently asked questions

How do lenders determine mortgage rates in Nunavut?

The mortgage rate you’re offered in Nunavut will depend on your personal finances, how much competition exists among lenders and the remoteness of your property.

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 rose in September and will remain elevated until the war in Iran ends.

How do you qualify for a lower mortgage rate in Nunavut?

The lowest mortgage rates in Nunavut will generally be offered to borrowers with the highest credit scores and lowest debt levels. Buying a property in a more populated area can make a property seem less risky to lenders, too.

What's a good mortgage rate in Nunavut right now?

As of October 2026, the best rate you'll find in Nunavut will likely be a variable rate for around 3.5%. Fixed rates are much higher due to the war in Iran's impact on government bond yields, which lenders us to price their fixed rates.

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