Nova Scotia Mortgage Rates
Are you buying a home in the Maritimes? Find the best mortgage rates on the east coast with Ratesupermarket.ca - search Nova Scotia mortgage rates today!
The best Mortgage Rates
Best 5 Year Fixed Mortgage Rates
The most popular mortgage rate option in Canada - a 5 Year Fixed Rate provides you a secured rate for five yearsView All »
Best 5 Year Variable Mortgage Rates
The second most popular option in Canada - a 5 Year Variable Rate provides you with a mortgage rate that fluctuates with prime for a 5 year term.View All »
Best HELOC Mortgage Rates
Looking to borrow some money and already got a mortgage? A Home Equity Line of Credit (HELOC) provides a low interest option to borrow.View All »
|Best Fixed Mortgage Rates||Best Variable Mortgage Rates|
|2.89%||Get Rate »||Get Rate »|
|2.49%||Get Rate »||2.60%||Get Rate »|
|2.89%||Get Rate »||2.30%||Get Rate »|
|Fixed Mortgage Rates provide you with the security of never going up over your term. The most popular fixed mortgage rate term is five years.||Variable Mortgage Rates go up and down with the current prime rate. As they carry a higher risk, they generally offer a lower rate.|
About Nova Scotia
More About: Living In Nova Scotia
Nova Scotia is one of the three maritime provinces and has a population of about 950,000. Here are some more fast facts about Nova Scotia:
- Nova Scotia is the second smallest province (next to PEI) and is comprised of the mainland, Cape Breton Island
- Halifax is the capital city of Nova Scotia, with a population of about 420,000
- Nova Scotia's main industries are manufacturing, agriculture, fisheries, mining, forestry, transportation and energy
- Despite being surrounded by water, Nova Scotia has a continental climate rather than maritime. However, the temperature extremes typically seen in a continental climate are moderated by the ocean
5 Things You Need To Know About Buying In Nova Scotia
- The average home price in Nova Scotia is roughly $205,000 – that's almost $200,000 cheaper than the national average!
- Nova Scotia's economy has struggled in recent years and consequently, so has the housing market. Sales were down in 2014 (though prices remained steady), which can likely be attributed to a flailing economy, low migration levels, and subsequently low demand for housing.
- There is an elevated inventory supply and homes are on the market for longer than normal
- This does not mean that Nova Scotia is not primed for buyers – it is, it's just that no one is buying!
- Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise
Frequently Asked Question: Why haven't Nova Scotia home prices been rising along with the rest of the country?
The housing market is directly impacted by the region's economy, and this situation is no different. Nova Scotia's economy has seen struggles in the past few years. For instance, 2013 saw a prolonged period of high unemployment rates (at one point as high as 9%), which has adverse effects on the real estate market, since housing demand and sales decreased, and in turn so did prices. Unemployment rates are just one indication of a region's economic health – there are many other factors that must be considered when evaluating the market. Positive gains in both the provincial economy and the housing market are expected through 2015.
Nova Scotia Housing Statistics
Nova Scotia's home prices have remained relatively steady in recent years, despite significant increases in other parts of the country. The economy and housing market are expected to improve in the coming year, and Nova Scotia remains a beautiful destination for home buyers.
|Property Prices: Moderate||Quality of Life Index: High|
|Cost of Living: High||Traffic Index: Moderate|
Buying Property in Nova Scotia – Important Links
Thinking of buying a home in Nova Scotia? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Nova Scotia:
Get Nova Scotia regional housing statistics from the Canada Mortgage and Housing Corporation.
Ever wonder what everyday items will cost you in Nova Scotia? You can compare the cost of living across Canada and around the world here.
Are you new to Canada? Nova Scotia offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.
Health care varies from province to province. Find out all you need to know about the Nova Scotia health care system and how to qualify for coverage here.
Get up to speed on provincial politics – learn more about the Nova Scotia provincial government here.
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