Halifax Mortgage Rates
|Best Fixed Mortgage Rates||Best Variable Mortgage Rates|
|1.99%||Get Rate »|
|2.15%||Get Rate »||2.40%||Get Rate »|
|2.49%||Get Rate »||2.15%||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.|
Home of the 2nd largest ice-free natural harbour in the world
Halifax is the capital of Nova Scotia, with a population of around 40,000 people. It's no secret that Halifax is home to mouth-watering seafood, but did you know the following facts about this seaside city?
- Halifax experiences an average of 171 wet days per year
- Halifax has the second largest ice free natural harbour in the world, second to the one in Sydney, Australia
- There are 6 degree granting universities in Halifax, and 81 post-secondary students per 1000 people – that's three times the national average
- Halifax weather is largely influenced by the ocean, so winters are mild and summers are cool
5 Things You Need To Know About Buying In Halifax
- The average home price in Halifax is $275,000 – that's over $100,000 cheaper than the national average of $398,000
- While the Canadian housing market sees home sales rise year-over-year and month-over-month, the market in Nova Scotia has been in decline. A significant spike in sales in 2012 quickly gave way to a steep drop off in 2013. This decline continued into 2014. The Canadian RealEstate Association predicts home sales will increase again in 2015
- Halifax is currently primed as a buyers' market, despite low numbers of actual sales. This hesitation to purchase is likely due to fear of a market crash.
- Because the cost of living is lower in Halifax than in other major cities, most buyers are able to secure monthly mortgage payments that are equal to or cheaper than renting
- A rebound in the oil and gas sector is expected to improve the overall economy in Halifax, which will in turn help to stabilize the housing market
Frequently Asked Question: Given the slump the Halifax housing market has been in recently, should I be worried about purchasing a home there?
While no one can guarantee stability when it comes to economies and housing markets, the short answer would be: no. In fact, the Halifax market is expected to improve in the coming months and throughout 2015. This means home prices and sales will continue to rise, which actually puts you in a good position to purchase. Halifax is a prime buyers' market – it's just that no one is buying!
Halifax Housing Statistics
Halifax offers the best of both worlds – an urban city with a small town feel. As the Nova Scotia economy continues to strengthen, it will remain an attractive destination for buyers looking for affordable housing.
|Property Prices: Moderate||Quality of Life Index: High|
|Cost of Living: Moderate||Traffic Index: High|
Buying Property in Halifax – Important Links
Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Halifax:
Get Halifax regional housing statistics from the Canada Mortgage and Housing Corporation.
Ever wonder what everyday items will cost you in Halifax? You can compare the cost of living around the world here.
Get all the information you need about Halifax public transit on the Halifax Transit website.
Are you new to Canada? Nova Scotia has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.
For many families, nearby schools are a big factor in home buying decisions. Learn more about the Halifax Regional School Board and school locations here.
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