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Current Halifax Mortgage Rates

Comparing mortgage rates with RATESDOTCA could save you up to $11,944 over 5 years.*

Today's top rates in:

5-Year Variable
4.75%
5-Year Fixed
4.94%
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Compare Halifax mortgage rates from lenders across Canada

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Best Current Mortgage Rates in Halifax

Evaluate all of Halifax's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.

Rates are based on a home value of $500,000

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Halifax mortgage rates competition

The average value of new mortgage loans in Halifax was $299,996 in the second quarter of 2022. That’s more than 19% below the national average of $374,635.

However, the market remains competitive with other parts of the country. In fact, the value of new mortgage loans has been rising since Q3 of 2020, where the total value was $245,876. In Q2 2022, that number has risen significantly to $299,996, even in today’s current market.

The Nova Scotia Realtors Association says that while homes sold through MLS were down in June slightly from last year, home sales are still above five- and 10-year averages.  The rise may be due, in part, to the down payment assistance program offered by the province, and the fact that homes are still competitively priced in the area.

The city’s lenders include the usual large banks including RBC, TD, BMO, CIBC as well as others such as HSBC and Tangerine.

Halifax mortgage brokers also have a heavy influence on pricing. The likes of Butler Mortgage and True North Mortgage drive rate competition because they appear so often at the top of rate comparison websites.

Halifax’s housing market

Homebuyers looking for homes in Halifax will pay less than the national average for homes but still more than they would have last year. The overall MLS HPI composite benchmark price for a home in Halifax in June was $417,300 – a price increase of $112,000 compared to June 2021.

Nova Scotia has also changed its Down Payment Assistance Program to allow more people to buy their first homes. The Halifax regional municipality has increased the total maximum market value to $500,000 from $300,000 and has increased the total household income eligibility to $145,000 from $75,000. Assistance loans can range between $10,000 and $15,000.

Tips for first time homebuyers in Halifax, Nova Scotia

Whether you already live in Halifax or are looking to make the move you probably already know the city has a lot to offer but without the expense, and hustle and bustle of bigger cities. If you’re a first-time homebuyer, you should consider:

  • The First-time homebuyer's incentive and Down Payment Assistance Programs to assist with costs and loan assistance.
  • Nova Scotia’s First-Time Homebuyers Rebate is a program for newly constructed homes in the province, providing up to $3,000 for an individual who is a first-time homeowner, and who uses their new home as their primary place of residence.
  • Consider a pre-approved mortgage when looking at mortgage rates in Halifax. It will make the buying experience easier and more efficient in the long run.
  • Save up for a down payment and closing costs. In your pre-approval mortgage meeting, you will have been told of costs giving you a leg up to start saving now.
  • Know why you need a home. Are you looking to reduce your commute, start a family? These answers will tell you how much house you need and where you want to start looking before you consider mortgage rates in Halifax.
  • Comparison shop. When looking at homes and ultimately mortgage rates, you’ll need a good one-stop shop to compare rates. RATESDOTCA is that place for the best current mortgage rates in Halifax.
  • Find a realtor you trust and can work with. This will help protect you as a buyer and reduce the stress of buying homes, in general.

Frequently asked questions about mortgages in Halifax, Nova Scotia

How much can I save by comparing the current Halifax mortgage rates?

Comparing mortgage rates with RATESDOTCA could save you up to $11,944 over 5 years. This figure is based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.

Comparison sites like RATESDOTCA are a great tool to compare the best mortgages in Halifax, in one spot, with access to lenders who can assist you.

Why should I compare Halifax mortgage rates with RATESDOTCA?

Buying a home takes a lot of your time and effort. While you are thinking about your own finances, the area you want to live in and the stress of the purchase itself, finding easy to use resources will be your best friend. RATESDOTCA takes a lot of the stress out of the financial questions of how to find a current mortgage rate in Halifax and who to take it from. All that information is at the click of a mouse and easy to obtain.

Are Halifax mortgage rates higher than other Nova Scotia cities?

Not necessarily. It’s best to look up rates through RATESDOTCA to see how Halifax rates compare with other parts of the province. Sometimes larger cities have lower rates than other areas given the competition from lenders and availability of financing in those areas.

What’s the difference between variable and fixed rate mortgages?

A fixed rate loan has the same interest rate for the entirety of the borrowing period, while variable rate loans have an interest rate that changes over time.

Borrowers who prefer predictable payments generally prefer fixed rate loans, which won't change in cost. The price of a variable rate loan will either increase or decrease over time, so borrowers who believe interest rates will decline tend to choose variable rate loans. In general, variable rate loans have lower interest rates and can be used for affordable short-term financing.

*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.

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