Current Nova Scotia Mortgage Rates

About Nova Scotia

Nova Scotia is a province in eastern Canada, and the most populous of Canada’s three Maritime provinces and four Atlantic provinces. It’s the country’s second-most densely populated province and second-smallest province by area, both after neighbouring Prince Edward Island.

Key facts about Nova Scotia:

• With over 13,000 km of coastline, you’re always close to the ocean in Nova Scotia
• Halifax is Nova Scotia’s capital city and its waterfront is the most visited destination across the province
• The Cabot Trail is ranked one of the most scenic drives in the world, with 26 breathtaking hiking trails. The Cabot Trail is a 298 km highway weaving through the Cape Breton Highlands National Park
• Nova Scotia’s Bay of Fundy is home to the world’s highest tides. Visit at low tide and you can even dine on the ocean floor. Twice a day, 160 billion tonnes of seawater flow in and out of the Bay of Fundy, creating one-of-a-kind adventures 
• 12 whale species are known to swim in Nova Scotia waters
• Nova Scotia’s wine country is shaped by the sea and has a long and rich tradition of growing grapes for wine that dates back to the 1600s
• Peggy’s Cove has one of the most photographed lighthouses in the world. For centuries, Nova Scotia’s lighthouses have greeted those who have arrived on its shores and have helped to protect those who make their living on the water 

About the Nova Scotia Housing Market

The Halifax housing market has been experiencing an inventory shortage since before the pandemic took hold, with the lowest supply levels in the last 10 years prompting bidding wars like never before. In mid-March, housing market activity came to a short halt due to lockdowns, but the region started to see an uptick in real estate activity by mid-June. Homebuyers remained active going into fall, as confidence remained high. The inventory shortage and increased demand are expected to prompt a 10% increase in average Halifax housing prices during the remainder of 2020, RE/MAX predicts. 

What are the Different Types of Mortgages?

• Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 
• Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

How nesto Works

We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy

Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.