Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Halifax homebuyers.
Based on $$520,000 average home price at current Nova Scotia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $26,000 | $19,760 | $513,760 | $2,968/mo | $2,525/mo |
| 10% | $52,000 | $14,508 | $482,508 | $2,787/mo | $2,372/mo |
| 15% | $78,000 | $12,376 | $454,376 | $2,625/mo | $2,233/mo |
| 20%NO CMHC | $104,000 | $0 ✅ | $416,000 | $2,403/mo | $2,045/mo |
The average home price in Halifax is approximately $520,000 as of 2026, representing a +2.8% change year-over-year.
Current 5-year fixed rates in Halifax start around 4.88%, while variable rates start around 3.33%. Credit unions in Nova Scotia often offer rates 0.25–0.50% below major banks.
To afford a $520,000 home in Halifax with 10% down at 4.88%, you would need approximately $83,169/year gross income to meet the GDS ratio of 39%.
For a $520,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $19,760 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.33%) are currently lower than 5-year fixed (4.88%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.