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Find the best mortgage rate in Nova Scotia

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Current Nova Scotia mortgage rates

The rate table shows 5-year fixed mortgage rates in Nova Scotia. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Canadian Lender


Big 6 Bank



A Ratehub Company




Bank of Montreal


TD Bank


Nova Scotia mortgage rates: FAQ

How much can I save by comparing mortgage rates in Nova Scotia?

Why compare Nova Scotia mortgage rates on

What’s the difference between fixed and variable mortgage rates?

Which is better: fixed or variable mortgage rates?

What are pre-payment options?

Should I get an open or closed mortgage in Nova Scotia?

What is a mortgage rate hold?

Should I use a mortgage broker in Nova Scotia?

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Finding the best mortgage rates in Nova Scotia

Getting a mortgage is a big financial commitment, and finding a great mortgage rate is one of the best things you can do to make your mortgage more manageable. Luckily, how to get a lower mortgage rate isn’t a secret - all you need to do is plan ahead.

Our mission at is to make it easy to compare rates from Canada's big banks, credit unions and smaller lenders, making it simple for you to choose better. Read on to learn how to get a lower mortgage rate in Nova Scotia.

Best mortgage rates in Nova Scotia +

Nova Scotia
at a glance

  • Population: 1 million
  • Average Home Price: $400,500 in May 2023, a -3.2% year-over-year decrease
  • Average Household Income: $60,764
  • Percentage of Homeowners: 69%

Fun Facts About Nova Scotia 

  • Nova Scotia is almost entirely surrounded by ocean, except for a 24 km land border with New Brunswick. It has some 13,300 km of coastline, more than twice the width of Canada.
  • Nova Scotia is famous for its lobster, and the largest lobster in the world - weighing 20.14 kg - was caught here.

What is the best mortgage rate in Nova Scotia?

The best mortgage for you is the one that best suits your needs, and offers a great rate. It's important to remember that the best mortgage is not always the mortgage with the lowest rate. While a low rate is important and can save you thousands of dollars, you also need to make sure that the term, conditions, and features of your mortgage suit your needs.


What factors affect the mortgage rate I get?

While comparing mortgage products is an important part of getting the best possible mortgage rate, you’ll still need to personally qualify for your final offer. There are several factors that will affect the rate you’re able to qualify for. Here are some of the major ones:

  • Down payment: In Canada, property purchases require a minimum down payment of between 5% and 20%, depending on the purchase price. However, if your down payment is less than 20%, you’ll have to pay for mortgage default insurance. This will cost you more, but it will make your mortgage less risky, from your lender’s perspective. This generally results in a lower mortgage rate. Note that even with a lower mortgage rate, it's still worth avoiding the cost of mortgage default insurance, so you should always aim to have a down payment of at least 20%.
  • Amortization period: Mortgages with amortization periods of more than 25 years generally have higher interest rates. This is because this type of mortgage can't be insured with mortgage default insurance. Despite this, mortgages with longer amortization periods can be more financially manageable, because they have lower monthly payments.
  • The purpose of the property: You’ll generally be offered a higher rate on a mortgage for a property that you don’t plan to personally live in.
  • Mortgage type: A refinanced mortgage, or a mortgage with features like a HELOC, will typically come with a higher rate than a mortgage for a renewal or new purchase.
  • Credit score: A low credit score may mean you cannot get approved by an ‘A lender’, like a big bank or credit union. If you’re forced to take a mortgage from a ‘B lender’, you’ll probably be charged a higher rate.

Nova Scotia mortgage rates: Historical trends

Nova Scotia mortgage rates rise and fall, as do rates across Canada. Here’s a quick snapshot of the lowest mortgage rates in Canada over the past few years, to give you an idea of where we are today.

Source: Ratehub Historical Rate Chart


Land Transfer Tax Nova Scotia

Nova Scotia, like most Canadian provinces, charges a land transfer tax on every property purchase. However, unlike most provinces, the government of Nova Scotia allows municipalities to set their own land transfer tax rate. Additionally, land transfer taxes in Nova Scotia use flat tax rates, rather than marginal tax rates.

Land transfer tax rates range from 0.5% to 1.5%*, which is due in cash, up front. That means you'll need to factor land transfer taxes into your closing costs.

Below are the land transfer tax rates for the ten largest municipalities in Nova Scotia.


Municipal land transfer tax in Nova Scotia

Source: Government of Nova Scotia

*Two municipalities have zero land transfer tax rates: the Municipality of the County of Kings and the Town of Kentville.


Nova Scotia first-time home buyers

Unlike some provinces, Nova Scotia doesn't offer a rebate of the land transfer tax for first-time home buyers. However, Nova Scotia's first-time home buyers are still eligible for first-time home buyer programs at the federal level. These can still result in thousands of dollars of savings, so it's well worth checking them out.


  2. CREA
  3. Statistics Canada
  4. Fun World Facts

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

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