Compare Scotiabank Mortgage Rates in Canada
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Compare Scotiabank Mortgage Rates in Canada
Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today. We instantly show you the lowest rates for every mortgage option – ranging from five-year fixed rate mortgages to five-year variable rate mortgages and everything in between available through Canada’s big banks and a variety of other lenders. More choice means you always get the very best mortgage to meet your needs.
Key Highlights
- Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today
- When comparing rates, be sure to measure mortgage products based on both the term length (3 years, 5 years, etc) and type (fixed or variable)
- Scotiabank mortgage rates are competitive among other big banks and lenders. Your personal financial situation will often determine whether you qualify for the lowest rates
Compare Scotiabank mortgage rates
The top five big bank rates are all available in the easy-to-view table below. This enables you to quickly compare nesto rates against TD Bank, RBC Royal Bank, CIBC, HSBC and Scotiabank. We do all the work to ensure you always get the best rate upfront!
Top 5 Big
Bank Rates
The top 5 big bank rates all in one easy-to-view table. See their rates then beat their rates (or get $500) with nesto’s low rate guarantee.
*Toronto rates
How to Compare Bank Rates from Big Banks
Shopping rates on your own can be a cumbersome task. nesto has simplified the entire process by providing all the information you need in one place. When comparing rates, be sure to measure mortgage products based on term length and type. For instance, if you’re looking at a fixed rate mortgage, compare banks’ five-year offerings, then three-year offerings, etc, as opposed to looking at just the rate without the term length being offered.
If you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.
Scotiabank Overview & Stock Information
Scotiabank is the third largest bank in Canada in terms of assets and market capitalization. This makes Scotiabank a Tier 1 Canadian bank, and one of Canada’s Big 6 banks. Incorporated in 1832, Scotiabank has established itself as Canada’s most international bank, with extensive operations throughout Latin America, the Caribbean, Central America and parts of Asia.
Stock information
Scotiabank Prime Rate
Scotiabank’s prime rate is used as the basis for many of Scotiabank’s products, including variable rate mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of Friday, September 29, 2023, Scotiabank’s prime rate is
Here’s a snapshot of the Prime Rate over time.
*Most Recent Prime Rate Shown
Source: bankofcanada.ca
Scotiabank 5-year fixed and variable rate history
Scotiabank’s 5-Year Fixed and Variable Rate over the last few years has followed the pattern of many of the larger banks, with a noticeable drop in interest rates during the peak of the COVID-19 pandemic, as the Bank of Canada changed interest rates to historically record low levels to stimulate the economy, followed by a sudden, significant surge in rates following the re-opening of the economy after COVID, and the government’s attempts to slow rapid inflation.
We don’t track historical rates at Scotiabank. 5-year mortgage rates are the most popular rates to choose from in Canada, with people switching between fixed or variable depending on market trends. Analyzing the chart from Bank of Canada below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.
*Most Recent Prime Rate Shown
Source: bankofcanada.ca
Bank of Canada Policy & Prime Rate Changes
| Date of Rate Change | Key Overnight Target Rate (%) | Change (%) | Bank Prime Rate |
|---|---|---|---|
| June 2, 2010 | 0.30% | 0.25% | 2.50% |
| July 21, 2010 | 0.55% | 0.25% | 2.75% |
| September 9, 2010 | 0.80% | 0.25% | 3.00% |
| January 28, 2015 | 0.65% | -0.15% | 2.85% |
| July 16, 2015 | 0.50% | -0.15% | 2.70% |
| July 13, 2017 | 0.75% | 0.25% | 2.95% |
| September 7, 2017 | 1.00% | 0.25% | 3.20% |
| January 18, 2018 | 1.25% | 0.25% | 3.45% |
| July 12, 2018 | 1.50% | 0.25% | 3.70% |
| October 25, 2018 | 1.75% | 0.25% | 3.95% |
| March 5, 2020 | 1.25% | -0.50% | 3.45% |
| March 17, 2020 | 0.75% | -0.50% | 2.95% |
| March 30, 2020 | 0.25% | -0.50% | 2.45% |
| March 3, 2022 | 0.50% | 0.25% | 2.70% |
| April 14, 2022 | 1.00% | 0.50% | 3.20% |
| June 2, 2022 | 1.50% | 0.50% | 3.70% |
| July 14, 2022 | 2.50% | 1.00% | 4.70% |
| September 7, 2022 | 3.25% | 0.75% | 5.45% |
| October 26, 2022 | 3.75% | 0.50% | 5.95% |
| December 7, 2022 | 4.25% | 0.50% | 6.45% |
| January 25, 2023 | 4.50% | 0.25% | 6.70% |
| March 8, 2023 | 4.50% | 0.00% | 6.70% |
| April 12, 2023 | 4.50% | 0.00% | 6.70% |
| June 7, 2023 | 4.75% | 0.25% | 6.95% |
| July 12, 2023 | 5.00% | 0.25% | 7.20% |
| September 6, 2023 | 5.00% | 0.00% | 7.20% |
The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.
You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.
Scotiabank Mortgage Products
Scotiabank offers a number of mortgage products to meet the needs of borrowers:
Long and Short Mortgage
Allows you to take advantage of low interest rates in the short term while protecting against interest rate increases over the long term. Under the Scotia Total Equity Plan, this option offers a split of the mortgage – one part of the amount is reset every month as the Scotiabank prime rate changes, while one part of the amount is set to a fixed rate for the full term.
Second Home Mortgage
There are two second home options available. The Secondary Home Financing Program is ideal for borrowers looking to buy a second home, an investment property or a home for a child. The Making the Cottage Dream a Realityproduct offers flexible financing for people looking to buy a cottage or holiday home.
StartRight Mortgage Program
Available for temporary and permanent residents who are new to Canada and want to buy a home, which can be more complex than a traditional mortgage application.
Scotia Total Equity Plan (STEP)
This is a home equity line of credit (HELOC) that enables you to tap into your home equity to pay for your children’s education, buy a new car, renovate, buy a second home or vacation property, or help run your small business. As long as you have a minimum amount of equity in your home, the STEP allows you to borrow up to 80% of its value as a revolving line of credit. It also gives you the flexibility to split your mortgage into two or three different types of mortgages and terms, giving you more control over your interest rate risk.
Scotiabank Mortgage Payment Increases
Scotiabank enables you to pay off your mortgage faster by allowing you to increase the payment set for the current term of your mortgage by up to 15%. Any prepaid amount will go directly to paying down your principal, which can save you tens of thousands of dollars in interest throughout the life of your mortgage.
Scotiabank Annual Mortgage Prepayment
Scotiabank enables you to prepay up to 15% of your original mortgage principal annually. This will help reduce your interest payments and pay down your mortgage much faster, as the payment will go towards the mortgage principal balance.
Important: Scotiabank enables you to prepay up to 15% of your original mortgage principal annually, which helps reduce your interest payments and pay down your mortgage much faster
All of Canada’s six big banks offer similar annual prepayment amounts, ranging from 10% all the way up to 20% of your original mortgage principal as outlined below:
| Canadian Bank Closed Mortgage Prepayment Amounts | |
| RBC Royal Bank | 10% |
| TD Bank | 15% |
| Scotiabank | 15% |
| BMO | 20% |
| CIBC | 20% |
| National Bank | 10% |
Renewal Process with Big Banks
If you’re renewing your mortgage through Scotiabank, it’s worth knowing the process for renewing with the same lender and your options with other lenders. They’ll generally send a notice of renewal a few months before your term is set to expire, with the interest rate attached for your renewal, assuming your financial situation has not changed significantly.
However, it’s also worth knowing that once your term expires with Scotiabank you have the choice to renew with any bank or mortgage provider. If you’re looking to renew your Scotiabank mortgage with another lender, it’s worth looking around for the best mortgage rates available. At nesto, we can help you find the best rates on your mortgage, and we also lend directly. To learn more about renewing your Scotiabank mortgage with a new lender, check out our renewal process guide.
Frequently Asked Questions
Here are some of the commonly asked questions about Scotiabank’s mortgage offerings and rates recently.
Are Scotiabank rates lower than other big banks?
Scotiabank mortgage rates are competitive among other big banks and lenders, but they aren’t consistently lower or higher. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. And in order to get the best mortgage rate, as well as the mortgage features your desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.
What are the benefits of choosing a smaller lender?
There are often a number of benefits to getting your mortgage through a smaller lender. For one, the banks have very strict policies when it comes to who fits into their mortgage products, whereby smaller lenders are more likely to listen to your story before determining if you qualify for a mortgage. As well, smaller lenders often only specialize in mortgages, so they won’t be trying to cross-sell you on other products. This makes them more focused on ensuring you always have the best mortgage experience possible.
How do I get a mortgage with Scotiabank?
You can get a Scotiabank mortgage by going straight to the bank, through a mortgage broker or with your nesto mortgage advisor. The benefits to not going directly to the bank are that a nesto advisor or mortgage broker will compare multiple lender products and rates to get you the best deal. Scotiabank may not always have the best mortgage rate for you.
Final Thoughts
While Scotiabank is an excellent choice for many mortgage borrowers, it’s always important to compare your options every time you’re in the market for a new mortgage, renewal or refinance. Your nesto advisor will ensure you get the very best rate every time.
