Best 5-year variable mortgage rates in Nova Scotia.
Today’s best 5-year variable rate in Nova Scotia is 3.50%. We compare 5-year variable rates across 100+ Canadian lenders for Nova Scotia and lock your best on one application, with no bureau pull to start.
The best 5-year variable rate in Nova Scotia today is approximately 3.50% — about $1,859/month on Nova Scotia’s average price of $465,412 with 20% down over a 25-year amortization. A 5-year variable is the term for borrowers who expect rates flat-to-lower and want the cheapest exit. Nova Scotia has seen the strongest price growth in Atlantic Canada (driven by Ontario/BC in-migration to Halifax during 2020-2023).
Insured vs uninsured: the lowest 5-year variable rates are usually insured pricing: a purchase with less than 20% down, backed by CMHC, Sagen or Canada Guaranty. Uninsured files (20%+ down, homes over $1.5M, refinances) typically price higher. APR is shown only where the lender publishes one that differs from the rate.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Nova Scotia rates →
Nova Scotia mortgage payments by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.19% | $1,997/mo |
| 5-Year VariableLowest | 3.50% | $1,859/mo |
| 3-Year Fixed | 4.04% | $1,967/mo |
| 3-Year Variable | 3.55% | $1,869/mo |
| 2-Year Fixed | 3.99% | $1,957/mo |
| 1-Year Fixed | 4.19% | $1,997/mo |
| 4-Year Fixed | 4.24% | $2,007/mo |
| 7-Year Fixed | 5.00% | $2,165/mo |
| 10-Year Fixed | 5.34% | $2,238/mo |
What a 5-year variable costs on a typical Nova Scotia home
Worked on Nova Scotia’s average price of $465,412 (Nova Scotia province-wide average residential price, Nova Scotia Association of REALTORS® (via CREA)) at today’s best 5-year variable rate of 3.50%, a 25-year amortization and Canadian semi-annual compounding. The term figures cover the 5-year term only, and assume the rate stays at 3.50% throughout: a variable rate moves with prime.
| Minimum down (insured) | 20% down (uninsured) | |
|---|---|---|
| Down payment | $23,271 (5.0%) | $93,082 (20.0%) |
| Default insurance premium (added to the mortgage) | $17,686 | None |
| Mortgage amount | $459,827 | $372,330 |
| Monthly payment | $2,296/mo | $1,859/mo |
| Interest paid over the 5-year term | $74,658 | $60,452 |
| Principal repaid over the term | $63,088 | $51,084 |
| Balance owing at renewal (year 5) | $396,738 | $321,246 |
| Payment you must qualify at (5.50% stress-test rate) | $2,807/mo | $2,273/mo |
Nova Scotia Deed Transfer Tax on this price: $6,981. Paid in cash at closing, on top of the down payment.
Qualifying: lenders test your income at 5.50% (the higher of your rate + 2% or 5.25%), not at 3.50%, so the qualifying payment above is the one your income must support, together with property tax, heating and other debts. Run your own numbers in the affordability calculator.
Is a 5-year variable right for you in Nova Scotia?
Who it suits. Borrowers comfortable with some payment movement in exchange for a usually-lower starting rate and a far cheaper break cost. It suits people who might move, refinance, or sell within the term, and those who believe the Bank of Canada's next moves are cuts rather than hikes.
What drives the rate. A 5-year variable moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. When the Bank cuts, your rate (and often your payment) falls within weeks; when it hikes, it rises. The variable-versus-fixed gap (the 'spread') widens and narrows with the market's rate outlook.
Breaking it early. The break penalty is only three months' interest, typically a fraction of a fixed mortgage's IRD, which is the single biggest reason mobile or uncertain borrowers choose variable.
The most popular variable term; its share swings with the rate cycle. You accept payment uncertainty in exchange for a cheaper exit and upside if rates fall.
What’s specific to Nova Scotia
The Nova Scotia rate market. Nova Scotia has seen the strongest price growth in Atlantic Canada (driven by Ontario/BC in-migration to Halifax during 2020-2023). Halifax now sees Big-6 + monoline competition similar to mid-size Ontario markets; rural NS files often go through credit unions or alt-lenders.
Top Nova Scotia lenders to compare. Nova Scotia’s 5-year variable pricing is shaped by a distinct lender mix: RBC, Scotiabank, TD, East Coast Credit Union, MCAP and others all bid for files here, and we shop the whole panel on one application. Foreign-buyer rules: Federal foreign-buyer ban applies through 2027. Nova Scotia's Non-Resident Provincial Deed Transfer Tax is 10% on agreements of purchase and sale signed after 31 March 2025 — doubled from the 5% that applied from 1 July 2023 — and it is very much in force rather than withdrawn. It applies to residential property of three dwelling units or fewer, including residential vacant land, on the ownership interest transferred to non-residents, calculated on the higher of price or assessed value. A non-resident individual who moves to Nova Scotia within six months is exempt, on proof of residency.
Closing costs. On top of the rate, budget for nova scotia deed transfer tax — municipal — set by each Nova Scotia municipality, and capped at 1.5% by the Municipal Government Act. Halifax Regional Municipality charges the full 1.5%, and so do most others: most municipalities charge 1.5%; some charge 1.0% or 1.25%. Confirm the rate for the specific municipality before closing — 1.5% is the norm rather than the exception. Nova Scotia does not currently offer a first-time buyer Deed Transfer Tax rebate. Run the full number in our Nova Scotia land transfer tax calculator.
A worked example for Nova Scotia
On Nova Scotia’s average price of $465,412 with 20% down ($93,082), the mortgage is $372,330. At today’s best 5-year variable rate of 3.50% over a 25-year amortization, that’s about $1,859/month using Canadian semi-annual compounding. That payment moves with prime over the term. Model your own price in the payment calculator.
Whatever your situation in Nova Scotia
First home, renewal, refinance, self-employed or bruised credit: there's a 5-year variable path for your file, with the same 100+ lender network.
First-time buyers
5% down to your first Nova Scotia home, with FHSA + RRSP HBP optimization.
Refinancing
Tap your Nova Scotia home equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew. Compare your bank's offer against the market.
Self-employed
Business-for-self files priced right, with A-lender, alt-A and private compared.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to lock your Nova Scotia 5-year variable rate through a broker
Why Nova Scotia borrowers shop the whole market instead of signing their bank's first 5-year variable offer.
100+ lenders compete, not one
A Nova Scotia bank shows you a single 5-year variable rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold as a brokerage.
Broker-channel pricing
The wholesale rate brokers access is typically 15-30 bps below a bank's posted rate. You can't get it by walking into a branch.
Built for the Nova Scotia market
Nova Scotia has seen the strongest price growth in Atlantic Canada (driven by Ontario/BC in-migration to Halifax during 2020-2023).
Your rate held 90-120 days
A pre-approval locks today's 5-year variable rate while you shop, and many lenders honour a drop if rates fall before you close.
No bureau pull to start
We can shop your Nova Scotia 5-year variable rate and pre-qualify you without a hard credit check, so comparing costs you nothing.
Rate Beat offer (conditions apply)
Rate-beat offer: if you bring a written, current 5-year variable offer from one of the six largest banks for the same product, term and amount, we will try to beat it or pay you $500 (keep it, or we'll donate it to your favourite charity). Conditions apply; see mortgagesquad.ca/rate-beat-guarantee. Our advice is free, because the lender pays our commission on funding.
Why shop your Nova Scotia 5-year variable rate with us
- 100+ lenders on one application: banks, monolines, and Nova Scotia credit unions like RBC and Scotiabank.
- Broker-channel rates 15-30 bps below posted, only a brokerage can access.
- Nova Scotia-specific guidance: land transfer tax, rebates, and local lender fit built in.
- FSRA-licensed advice in 15+ languages.
Nova Scotia 5-year variable rates — FAQ
What is the best 5-year variable mortgage rate in Nova Scotia right now?
Are Nova Scotia 5-year variable rates different from the rest of Canada?
Is a 5-year variable a good idea in Nova Scotia?
How does breaking a 5-year variable mortgage work?
What land transfer tax will I pay in Nova Scotia?
Can I lock this Nova Scotia rate before I buy?
Lock your best Nova Scotia 5-year variable rate.
Free, no bureau pull to begin. We shop 100+ lenders and hold your rate while you shop for the home.