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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
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 6.59% | 6.64% | 6.64% | 6.69% |
6.79%
|
| 2-year fixed rate | 5.94% | 5.99% | 5.99% | 6.04% |
6.39%
|
| 3-year fixed rate | 4.94% | 5.09% | 5.09% | 4.94% |
5.55%
|
| 4-year fixed rate | 5.09% | 5.09% | 5.09% | 5.09% |
5.29%
|
| 5-year fixed rate | 4.84% | 4.79% | 4.79% | 4.94% |
4.84%
|
| 7-year fixed rate | 5.60% | 5.90% | 5.90% | 5.65% |
5.90%
|
| 10-year fixed rate | 6.00% | 6.14% | 6.14% | 6.05% |
7.25%
|
| 3-year variable rate | 6.10% | 6.80% | 6.80% | N/A |
8.60%
|
| 5-year variable rate | 6.25% | 6.30% | 6.30% | 6.25% |
6.59%
|
| HELOC rate | N/A | 7.40% | 7.40% | 7.40% | N/A |
| Stress test | 5.25% | 6.79% | 6.79% | 5.25% | N/A |
Updated
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.
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.
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:
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.
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.
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.
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.
Content Manager
Katie Rook is 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 Dow Jones’ MarketWatch, Toronto Star, Toronto Life, Saint John Telegraph-Journal and VICE. Katie is a graduate of Ryerson and Dalhousie universities.
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