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Compare Scotiabank Mortgage Rates in Canada

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 5-year fixed-rate mortgages to 5-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, measure mortgage products based on the term length (3 years, 5 years, etc) and type (fixed or variable).
  • Scotiabank mortgage rates are competitive with those of other big banks and lenders. However, 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 are 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’ 5-year offerings, then 3-year offerings, etc., instead of 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 3rd 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

  • Listed on the Toronto Stock Exchange: BNS.TO
  • Listed on the New York Stock Exchange: NYSE:BNS

Scotiabank Prime Rate

Scotiabank’s prime rate is used as the basis for many of its products, including variable 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 Tuesday, July 16, 2024, 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 rates over the last few years have 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 in Canada, with people switching between fixed and variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.

Bank of Canada Policy & Prime Rate Changes

Date of Rate ChangeKey Overnight Target Rate (%)Change (%)Bank Prime Rate
June 2, 20100.30%0.25%2.50%
July 21, 20100.55%0.25%2.75%
September 9, 20100.80%0.25%3.00%
January 28, 20150.65%-0.15%2.85%
July 16, 20150.50%-0.15%2.70%
July 13, 20170.75%0.25%2.95%
September 7, 20171.00%0.25%3.20%
January 18, 20181.25%0.25%3.45%
July 12, 20181.50%0.25%3.70%
October 25, 20181.75%0.25%3.95%
March 5, 20201.25%-0.50%3.45%
March 17, 20200.75%-0.50%2.95%
March 30, 20200.25%-0.50%2.45%
March 3, 20220.50%0.25%2.70%
April 14, 20221.00%0.50%3.20%
June 2, 20221.50%0.50%3.70%
July 14, 20222.50%1.00%4.70%
September 7, 20223.25%0.75%5.45%
October 26, 20223.75%0.50%5.95%
December 7, 20224.25%0.50%6.45%
January 25, 20234.50%0.25%6.70%
March 8, 20234.50%0.00%6.70%
April 12, 20234.50%0.00%6.70%
June 7, 20234.75%0.25%6.95%
July 12, 20235.00%0.25%7.20%
September 6, 20235.00%0.00%7.20%
October 25, 20235.00%0.00%7.20%
December 6, 20235.00%0.00%7.20%
January 24, 20245.00%0.00%7.20%
March 6, 20245.00%0.00%7.20%
April 10, 20245.00%0.00%7.20%
June 5, 20244.75%0.25%6.95%
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 learn more about this topic by understanding how the Bank of Canada Policy Rate works.

Scotiabank Mortgage Products

Scotiabank offers a number of mortgage products to meet the needs of borrowers:


Long and Short Mortgage

This option 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 2 mortgage options available for financing your second or vacation property. 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 Reality product 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 home equity line of credit (HELOC) 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 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. 

All of Canada’s 6 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 Bank10%
TD Bank15%
Scotiabank15%
BMO20%
CIBC20%
National Bank10%


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, 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. Check out our renewal process guide to learn more about renewing your Scotiabank mortgage with a new lender.

Frequently Asked Questions

Here are some of the recently commonly asked questions about Scotiabank’s mortgage offerings and rates. 

Are Scotiabank rates lower than those of other big banks?

Scotiabank mortgage rates are competitive among other big banks and lenders but 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. In order to get the best mortgage rate and the features you 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, banks have very strict policies regarding who fits into their mortgage products, so smaller lenders are more likely to listen to your story before determining if you qualify for a mortgage. Also, smaller lenders often only specialize in mortgages, so they won’t try 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 of 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.

Why Choose nesto

At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.