Atlantic Canada Mortgage Rates

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Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
2.14%
$1678 /mo
2 Year Fixed
1.94%
$1678 /mo
3 Year Fixed
1.94%
$1678 /mo
4 Year Fixed
1.89%
$1678 /mo
5 Year Fixed
1.79%
$1678 /mo
5 Year Variable
1.80%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments

We'll beat any competitor's offer,

At True North Mortgage, we understand that every situation is unique and our experienced mortgage specialists are ready to help you find the perfect solution for your needs.

This five-star customer service - combined with our impressive rates - is the reason we are the best-rated mortgage brokers in Atlantic Canada.

We know your area the best, and our large volume allows us to get better rates than any of our competitors.

True North Mortgage knows that we can offer the best mortgage rates in Atlantic Canada and we are so confident in our specialists that if you find a lower rate on a similar mortgage, we’ll beat it or give you $500 cash.

Calculating Mortgage Rates in Atlantic Canada

While certain regulations are standard across Canada, rates can vary based on location. You must qualify for your mortgage rate, and factors like personal credit and equity in a current home can impact the rates offered.

The rate will also vary depending on the purpose of the mortgage. Rates are higher on a property that you do not plan to live in personally. As a result, the lowest advertised rates on the internet may not be available to everyone. We will work closely with you to analyze your financial situation and determine which products are most suitable for you. We can also tell you what range of mortgage rates you should expect.

If you’re just starting your research, our mortgage calculators may be useful too.

What Mortgage Insurance is Available?

To purchase a home in Canada you must have a minimum down payment of 5% and the maximum loan term is 25 years.

If you buy a home with a down payment of less than 20%, you are required to purchase mortgage default insurance.

Mortgage default insurance, also referred to as CMHC (Canada Mortgage and Housing Corporation), protects lenders from a consumer defaulting on their loan. This allows lenders to offer lower mortgage rates and down payment requirements.

The premiums for this insurance are an added cost to you, and the amount is calculated based on a percentage of the total mortgage amount.

While CMHC is the most commonly known mortgage insurance provider, you can also find insurance through Canada Guaranty or Genworth Financial.

Mortgage Rates in Atlantic Canada

There are two different types of mortgage rates: variable and fixed. The interest on fixed-rate mortgages is set when the loan is initiated and will not change, while the interest on variable-rate mortgages may go up and down.

Here are historical mortgage rates for Atlantic Canada:

Five-Year Fixed Rate

2019 - 2.85%

2018 - 3.17%

2017 - 2.57%

2016 - 2.28%

Five-Year Variable Rate

2019 - 2.74%

2018 - 2.39%

2017 - 1.94%

2016 - 1.96%

The Real Estate Market in Atlantic Canada

The housing market in Atlantic Canada was positioned for a strong year as first-time homebuyer incentives were put in place at the federal and provincial levels.

These assistance programs range from government grants of $3,000 to repayable loans of up to 40% for existing homes.

Similarly, recent changes to the existing Home Buyer’s Plan will allow first-time purchasers to pull $35,000 from their retirement savings plan to finance a home.

According to a survey by RE/MAX of Ontario-Atlantic Canada, first-time buyers drove sales in almost 70% of markets surveyed.

Their research also found that sales for luxury homes were up in Halifax, Kings County, and Saint John. This was partially driven by the upswing in consumer confidence and the low interest rate environment.

Likewise, buyers from other parts of Canada were active in about 60% of the Atlantic Canada market.

How Our Brokers Partner with Clients and Lenders

Finding a mortgage on your own can be difficult. There are an overwhelming number of options to choose from and many online tools can be misleading or lack important information.

This is why we are dedicated to going above and beyond to help you secure the best possible mortgage rate and mortgage terms.

We are confident that we can find you the best rate regardless of whether you are purchasing, renewing, or refinancing. This is thanks to the strong relationships we have built with our lenders throughout the years.

We work hard to understand your specific financial situation and goals, which will allow us to match you to the right lender.

We know that buying a home is so much more than just getting the best rate.

Atlantic Canada Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.