Evaluate all of Halifax's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $500,000
However, the market remains competitive with other parts of the country. In fact, the value of new mortgage loans has been rising since Q3 of 2020, where the total value was $245,876. In Q2 2022, that number has risen significantly to $299,996, even in today’s current market.
The Nova Scotia Realtors Association says that while homes sold through MLS were down in June slightly from last year, home sales are still above five- and 10-year averages. The rise may be due, in part, to the down payment assistance program offered by the province, and the fact that homes are still competitively priced in the area.
The city’s lenders include the usual large banks including RBC, TD, BMO, CIBC as well as others such as HSBC and Tangerine.
Halifax mortgage brokers also have a heavy influence on pricing. The likes of Butler Mortgage and True North Mortgage drive rate competition because they appear so often at the top of rate comparison websites.
Homebuyers looking for homes in Halifax will pay less than the national average for homes but still more than they would have last year. The overall MLS HPI composite benchmark price for a home in Halifax in June was $417,300 – a price increase of $112,000 compared to June 2021.
Nova Scotia has also changed its Down Payment Assistance Program to allow more people to buy their first homes. The Halifax regional municipality has increased the total maximum market value to $500,000 from $300,000 and has increased the total household income eligibility to $145,000 from $75,000. Assistance loans can range between $10,000 and $15,000.
Whether you already live in Halifax or are looking to make the move you probably already know the city has a lot to offer but without the expense, and hustle and bustle of bigger cities. If you’re a first-time homebuyer, you should consider:
