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Best mortgage rates in Halifax

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B2B Bank

CMLS Financial

Canadian Western Bank


Equitable Bank

First National

Home Trust





MERIX Financial

Radius Financial


RMG Mortgages


Strive Financial

TD Bank

XMC Mortgage Corporation

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Common mortgage questions

Halifax is the largest municipality and major economic centre in Atlantic Canada and is the capital of Nova Scotia. It is known to be a city with high ratings in housing, safety and healthcare. The Halifax Regional Municipality is divided into eighteen community planning areas which are further divided into neighbourhoods and villages. Halifax, particularly on the Halifax Peninsula, is also known for its high walkability, where 25-50% of residents regularly walk to work. The city holds many of its maritime and military traditions, while its multicultural population continues to grow.

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Most people are motivated to seek out the lowest mortgage rate possible when shopping around for offers. While the difference between rates may only be a fraction of a percent and sound negligible, this can translate into thousands of dollars in savings over the lifetime of your mortgage loan.

The mortgage rates offered to you by a lender are dependent on a number of factors, such as the purchase price, your down payment, amortization and your credit score. Lenders use this information to assess how likely you are to repay your mortgage loan.

The purchase price and your down payment will determine how much you need to borrow, which in turn impacts your mortgage payment. You can see the effect of your down payment amount and mortgage rates on our rates page.

The mortgage amortization is the period of time over which your mortgage will be paid off. The longer the amortization period, the more interest you’ll pay on the loan. The most common amortization period in Halifax, Nova Scotia is 25 years. The most common mortgage term is five years.

Your credit score is used to assess your creditworthiness, in other words, how risky it would be for a lender to lend you money. Your credit score changes over time, as your credit report gets updated. Those who can manage credit responsibly and make their loan payments have a higher score. In general, you are more likely to get a lower mortgage rate if you have a higher credit score. Those with lower credit scores tend to receive higher rates.

To obtain a mortgage in Halifax, you can go to a mortgage broker or to your bank.

There are many benefits to getting a mortgage from a broker:
  • Brokers can access mortgage offers from multiple lenders
  • Will find you a mortgage rate that is most beneficial to you
  • They are highly motivated to ensure your mortgage application is completed correctly and submitted successfully since they are only paid when you successfully get a mortgage through them
Whether you’re buying a home, renewing or refinancing in Halifax, Nova Scotia, mortgage lenders typically don’t care about the mortgage transaction type. The main factors that impact your mortgage rate will be the purchase price, your down payment, amortization and your credit score.
Nova Scotia residents are always looking for the best mortgage rates. The rates you’re offered can vary, as some areas will have more competition among lenders, which can benefit you as the customer. If there are many banks, brokers and credit unions offering mortgages in your area, this could result in slightly lower rates. Mortgage rates can also be impacted by housing demand in a particular region. Regardless of where you live in Canada, Perch can help find the best mortgage offer for you.

When you initially get a mortgage in Halifax, Nova Scotia, you are committing to a mortgage term. This mortgage term can vary in length — anywhere from a few months to five years, or longer. When your mortgage term comes to an end, you can choose to renew your mortgage with the same lender, renew with a different lender offering more favourable terms, or pay your mortgage off in full.

It’s best to shop around a few months before your mortgage renewal, and see what other lenders can offer. You don’t have to wait until you receive a renewal letter from your lender to see what other mortgage options are available.


A mortgage refinance is when you are breaking your current mortgage and starting a new mortgage, either with the same lender or a different one. Refinancing can help you take advantage of a better mortgage offer, unlock equity in your home, or to consolidate your debt. When you refinance, you will need to pay penalties (fees) to break your mortgage. The penalties will vary based on the lender, so it’s important to understand how to calculate these fees before you move forward. From there, you can make an informed decision whether it’s financially beneficial for you to refinance.

Perch can help you decide if it makes sense to refinance your mortgage in Halifax, Nova Scotia. Our mortgage penalty calculator helps you calculate the costs of breaking your mortgage. When you set up an account with Perch, we’ll automatically monitor the mortgage market and let you know when there’s an opportunity to save money by switching mortgages. Perch can calculate the difference between your mortgage penalty costs and the amount of money you could save with a lower mortgage rate, and tell you exactly how much money you can get back.

People who are applying for a mortgage may be wondering how long it will take to hear back from a lender, and what factors could delay their application process.

This is what a typical mortgage application process looks like:
  1. Your mortgage advisor will review your situation and discuss what mortgage options make the most sense for you. Ideally, you’ve already gotten pre-approved, so they’re familiar with your preferences.
  2. The mortgage advisor will submit your application to the lender.
  3. The lender reviews your deal and issues a commitment letter, which outlines what conditions need to be met for you to get a mortgage. If your application is rejected, you will need to either revise your application or go to a different lender.
  4. The mortgage advisor will work with you to collect any additional documents to meet the mortgage commitment conditions in advance of your closing date. To be safe, you’ll want to fulfill all conditions at least 10 days prior to closing.
  5. Once the mortgage conditions are met, the lender will then send the mortgage instructions to your real estate lawyer.
Most lenders will respond within one business day, however some lenders may take up to one week or longer if they have received a lot of applications. It’s important to ensure all the requested documentation is received by the lender, otherwise it could lead to processing delays on your application.
Typically, a fixed rate mortgage will have higher rates than a variable, since you are paying a slight premium for predictability. Here are some questions to help you decide if you should go with a fixed or variable rate mortgage:
  • Do you see yourself selling your property or otherwise breaking your mortgage during the length of your current term? If the answer is yes, you may want to go with a variable rate to avoid the higher mortgage break penalty fees that come with a fixed rate mortgage.
  • Do you believe the Bank of Canada will set rates lower during the length of your mortgage term? If the answer is yes, you may want to go with a variable rate and have the option of locking in to a fixed rate later.
  • Are you comfortable with fluctuations in your mortgage rate? If the answer is yes, you may want to go with a variable rate in order to maintain flexibility. While your monthly mortgage payment amount stays the same, you could have more or less of your payment go towards your mortgage principal when rates change.
While a variable rate mortgage may sound unpredictable and uncertain, the monthly mortgage payment amount does not change even if the rate increases or decreases. When the rate fluctuates, it impacts how much of your monthly payment goes towards paying off the mortgage principal or the interest. However, the payment amount itself stays the same.
There is no specific bank that has the best mortgage rates in Halifax. When looking for mortgage rates in Halifax, it’s best to compare rates and shop around. To find the best rate that will be beneficial to you, consult your mortgage advisor.
Variable rate mortgages are directly impacted when the Bank of Canada increases its lending rates (which in turn influences banks to increase their Prime Rate). So if you are a homeowner in Halifax with a variable rate mortgage, your payment could be impacted when there is an interest rate hike. That’s because with a variable rate, you lock in a spread (example: Prime – 1.00%) and not an actual rate. Although variable rates have been historically lower than fixed, you would need to ensure you are able to cover higher payments if rates rise.

Halifax homeowners also have the option to renew their mortgage into a fixed or variable rate at or before your renewal date. This may involve breaking your mortgage term prior to renewal and paying a penalty, however some cases can still save hundreds or thousands in interest costs.

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