Current Halifax Mortgage Rates
The best mortgage rates in Halifax, NS from major banks, credit unions and brokers.
Today's Best Mortgage Rates in Halifax
Evaluate all of Halifax's best mortgage rates in one place. RATESDOTCAs Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Updated 03:02 on May 04, 2025| Placeholder |
Insured
The rates in this column apply to borrowers who have purchased mortgage default insurance.
This is required when you purchase a home with less than a 20% down payment.
The home must be owner-occupied and the amortization must be 25 years or less.
|
80% LTV
The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
|
65% LTV
The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
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Uninsured
The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.
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Bank Rate
Bank Rate is the mortgage interest rate posted by the big banks in Canada.
|
|---|---|---|---|---|---|
| 1-year fixed rate | 5.24% | 5.24% | 5.24% | 5.59% |
5.49%
|
| 2-years fixed rate | 4.49% | 4.70% | 4.79% | 4.70% |
4.79%
|
| 3-years fixed rate | 4.04% | 3.94% | 3.94% | 4.09% |
4.39%
|
| 4-years fixed rate | 4.29% | 4.29% | 4.29% | 4.44% |
4.29%
|
| 5-years fixed rate | 3.84% | 3.84% | 3.99% | 3.84% |
3.99%
|
| 7-years fixed rate | 5.15% | 5.00% | 5.00% | 5.19% |
5.00%
|
| 10-years fixed rate | 5.25% | 5.25% | 5.25% | 5.29% |
6.09%
|
| 3-years variable rate | 4.40% | 4.30% | 4.30% | 4.40% |
6.35%
|
| 5-years variable rate | 4.00% | 4.05% | 4.20% | 4.05% |
4.25%
|
| HELOC rate | N/A | N/A | N/A | N/A |
N/A
|
| Stress Test | 5.25% | 5.25% | 5.25% | 5.25% |
N/A
|
Today's Best Mortgage Rates in Canada
Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender
|
Insured
|
Insurable
|
Uninsured
|
|---|---|---|---|
Frank Mortgage
|
3.79%
$2,573.49 / month
|
3.99%
$2,627.39 / month
|
3.89%
$2,600.37 / month
|
Compass Mortgage Group oa My Mortgage Power
|
3.89%
$2,600.37 / month
|
3.99%
$2,627.39 / month
|
3.89%
$2,600.37 / month
|
MMG Mortgages
|
3.94%
$2,613.86 / month
|
4.14%
$2,668.19 / month
|
3.94%
$2,613.86 / month
|
Northwood Mortgage Ltd.
|
4.19%
$2,681.85 / month
|
4.49%
$2,764.59 / month
|
4.19%
$2,681.85 / month
|
BMO
|
4.25%
$2,698.30 / month
|
4.47%
$2,759.03 / month
|
4.47%
$2,759.03 / month
|
Innovation Federal Credit Union
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
Gibson Mortgages
|
4.99%
$2,905.18 / month
|
4.44%
$2,750.71 / month
|
4.29%
$2,709.29 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
Hypotheca
|
3.74%
$2,560.11 / month
|
3.74%
$2,560.11 / month
|
3.74%
$2,560.11 / month
|
DUCA Financial
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
Monster Mortgage
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
Nesto
|
3.84%
$2,586.91 / month
|
3.84%
$2,586.91 / month
|
3.84%
$2,586.91 / month
|
The Mortgage Advisors
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
Interior Savings
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
City Wide Financial Corp
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
Prospera Credit Union
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Mortgage Brokers City Inc
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
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.
Katie Rook,
Content Manager
Katie Rook was a content manager at RATESDOTCA, specializing in home insurance. She has been a full-time reporter at CTV, National Post, and The Globe and Mail. Her work has also appeared in DowJones MarketWatch, Toronto Star, Toronto Life, Saint John Telegraph-Journal and VICE. Katie is a graduate of Ryerson and Dalhousie universities.
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