KANETIX welcomes you to the only one-stop shopping environment for mortgage products in the country. With our online service, you can compare and secure the best mortgage rates in Nova Scotia, as well as acquire your mortgage online. You can even receive a mortgage guarantee certificate. In a few simple steps, you can alleviate the stress of comparing numerous mortgage rates and finalize your dream of becoming a home owner. We offer the lowest and most competitive rates in the country from a number of lenders and brokers.

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It is our goal at KANETIX to provide you with all of the tools, resources and information in order to make your mortgage shopping experience as smooth as possible. If you have ever wondered how your mortgage amount, payment frequency and amortization period affect your mortgage, try our mortgage payment calculator. Our calculator is a useful tool to figure out your maximum mortgage payment amount, as well as help you with home purchase and mortgage refinancing decisions. We also believe in empowering customers with information that leads to better decision-making and subsequent savings. We have a mortgage infocentre to help keep you up to date on topics, such as mortgage rules and tips for first-time homebuyers. You can also take a look at our mortgage glossary to learn important financial terms.

Read more about Nova Scotia mortgages >>

What is a Nova Scotia Mortgage?

Nova Scotia is one of Canada's most beautiful eastern provinces with geographical features perfect for any prospective homeowner. In order to purchase a home in Nova Scotia, a mortgage is usually necessary. Some Canadians will take out additional home equity on their existing home in Nova Scotia in order to pay off their credit card debts, renovate their homes or meet other financial obligations.

Under the provisions of a mortgage loan, Nova Scotia residents are required to pay back the principal amount with the interest incurred over the set time period of the mortgage. The interest that is charged on the loan is referred to as the mortgage rate. When you make your mortgage payments, part of it is applied to pay off the principal, while the rest goes towards the accumulating interest. Residents of Nova Scotia can finance their mortgages through mortgage brokers, chartered banks, trust companies and other lenders.

Shopping around for you best mortgage rates

KANETIX has worked hard to establish strong partnerships with some of the top brokers in the country. For this reason, we are able to offer you discounted rates. There are a variety of mortgage products available in the market and choosing between them can be an overwhelming task. Take the stress out of the mortgage shopping experience by using the KANETIX mortgage rates comparison tool.

Types of mortgages in Nova Scotia

Mortgage rates are very important, but it's also essential to consider the type of mortgage that is best suited to your situation. Let's address the differences between fixed, variable, closed and open mortgages. Fixed mortgages have a set interest rate that will not change throughout the duration of your mortgage term. On the other hand, a variable mortgage rate will fluctuate, with the prime-lending rate. The prime-lending rate is set by the Bank of Canada depending on the economic situation of the country. Your choice between these two types of mortgages is essentially dictated by your tolerance for risk and current financial situation. Variable rate mortgages feature lower rates at the start of the term, but you run the risk of future rate increases.

Open mortgages are very flexible, since you are free to pay them off at any time without a penalty. The mortgages usually feature higher interest rates to compensate for the lack of profit that a lender can experience due to borrower's lump sum pre-payments. In a closed mortgage, you have pre-payment restrictions. You can still increase your monthly payments up to a certain amount and make lump sum payments in a given year up to a maximum percentage of the mortgage amount.

High Ratio and Conventional Mortgages in Nova Scotia

Qualifying between these two types of mortgages depends on your down payment. If the down payment amount is greater than 20 per cent of the property value, you will get a conventional mortgage. If the amount is less than 20 per cent, you will qualify for a high ratio mortgage. A high ratio mortgage requires you to buy mortgage insurance, which usually costs between 1.75-2.75 per cent of the mortgage amount. The purpose of the insurance is to protect the lender in the instance of borrower's default.

Other factors that influence mortgage rates

  • Credit score - Some lenders will give different rates based on a borrower's credit score. Generally, higher credit scores will ensure a lower mortgage rate.
  • Mortgage timing - In certain instances, lenders will offer a discount on the mortgage rate bases on the time period in which the loan is acquired (30 days, 90 days, etc.)

Features of loans in Nova Scotia

Low interest rates are not the only factors that should be considered when making your mortgage decision. Here is a list of things that should also be taken into account:

  • Pre-payment limitations - In a closed mortgage, this is the maximum percentage amount of the total outstanding mortgage allowable for lump sum payments towards your loan. A higher percentage indicates a more flexible pre-payment option
  • Amortization Period - The amortization period that you choose will depend on your personal circumstances. Over this period of time the mortgage principle and accumulated interest will be repaid off in full.
  • Rate hold period - The rate hold period is the time period over which the lender will guarantee your mortgage rate. A longer rate hold period is generally better when using our comparison service to receive a great mortgage rate.

Best of all, our service is available for all Canadians in Saskatchewan, Ontario, New Brunswick, Manitoba, Prince Edward Island, Newfoundland and Alberta.

Province of Nova Scotia General Information

  • Population (2011): 948,695 (2.75 per cent of Canada)
  • Population Makeup (2006): 95.3 per cent Canadian born; 4.7 per cent foreign born
  • Average annual population growth (2001 - 2011): 0.3 per cent
  • Median family income (2010): $ 64,100
  • GDP (August 2012): $37 billion (2.1 per cent of Canada)
  • Unemployment rate (August 2012): 8.4 per cent
  • CPI Inflation (August 2012): 3.8 per cent

Sources: Stats Canada.

The Nova Scotia Real Estate Market

  • Housing starts (2011): 4,644
    • Year-over-year change: 7.7 per cent
  • Average Residential resale price (Q4 2012 YTD): $218,000
    • Year-over-year change: 3.5 per cent

Sources: CMHC

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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