Nunavut Mortgage Rates
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Nunavut mortgage rate update: September 2025
It's an active month for mortgage rates in Nunavut.
On September 17, 2025, the Bank of Canada lowered its overnight rate 25 basis points to 2.5%. Lenders have already responded by lowering their variable mortgage rates.
Some mortgage brokerages are now offering variable rates around 4%. They’re still well over 4% at the big banks.
Variable rates could dip again if a cut is handed down at the Bank of Canada’s next overnight rate announcement, which is scheduled for October 23.
Fixed mortgage rates have also edged down in September, but this is a response to falling government bond yields, not the Bank of Canada’s cut.
Three- and five-year yields, which lenders use to price their fixed rates, have been sliding all month. It was just a matter of time before three-year fixed rates and five-year fixed rates followed suit.
Rates aren't exactly plummeting, but we are seeing improved offers at some of Canada's biggest banks. Three- and five-year fixed rates are still well over 4%, both at the Big Six and at mortgage brokerages.
What's a good mortgage rate in Nunavut right now?
As of September 2025, the best rate you'll find in Nunavut will likely be right around 4% for both fixed and variable mortgages.
2025 Nunavut 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.
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
Mortgage calculators
Frequently asked questions
How do lenders determine mortgage rates?
How do lenders determine mortgage rates?
The mortgage rate you’re offered 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 2025?
Will mortgage rates come down in 2025?
The Bank of Canada overnight rate has been unchanged since March. If the bank lowers the rate, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
How do you qualify for a lower mortgage rate in Nunavut?
How do you qualify for a lower mortgage rate in Nunavut?
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.
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Clay Jarvis