Nova Scotia Mortgage Payment Calculator

Nova Scotia mortgage calculator

Using a mortgage calculator is a great way to approximate the cost of a mortgage before you take the leap. Of course, the fees and regulations associated with getting a mortgage change for each Canadian province, and a mortgage calculator has to consider the local rules in order to be accurate.

The Ratehub.ca Nova Scotia mortgage calculator above takes into account Nova Scotia's unique regulations, taxes and fees when calculating your mortgage payment details. While many of these taxes and fees apply to all mortgages in Canada, some are specific to Nova Scotia.

You can be sure that we're considering everything, and to give you some useful background information, we've outlined the rules that apply across Canada and those that are specific to Nova Scotia below.

Mortgage regulations and fees across Canada

Mortgage guidelines in Canada include things like minimum down payments, maximum amortization periods as well as rules around mandatory mortgage default insurance (also known as CMHC insurance) for certain mortgages. These rules are set by the federal government to protect lenders and mortgage owners. Our Nova Scotia mortgage calculator automatically includes consideration for the following regulations:

• The minimum down payment in Canada: To buy property in Canada, you must have a 5% deposit for amounts under $500,000, then 10% of amounts between $500,000 and $1,000,000. For homes priced over $1,000,000, you'll need at least 20% for your down payment.
• Maximum amortization periods: The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments. A longer amortization period will result in lower monthly payments, but a higher amount of interest charged on the overall mortgage.
• Mortgage default insurance: Also called CMHC insurance, coverage must be purchased for mortgages with down payments between 5% and less than 20% (known as high-ratio mortgages). Visit Ratehub.ca’s CMHC insurance page for more details.

Regulations and fees specific to Nova Scotia

Different provinces and municipalities often have very different taxes and fees, and Nova Scotia is no exception. Homebuyers in Nova Scotia should be aware of different mortgage rates in Nova Scotia than in the rest of the country, as well as Nova Scotia’s land transfer tax rates.

Mortgage rates in Nova Scotia

Lenders and mortgage brokers often charge different mortgage rates in different provinces. Here at Ratehub.ca, we have a database of the best mortgage rates in Nova Scotia, which can also be accessed through the Nova Scotia mortgage calculator. To see personalized quotes from multiple mortgage providers in just a few minutes, answer a few questions here.

Land transfer tax (LTT) in Nova Scotia

In Nova Scotia, the land transfer tax is calculated as a percentage of your home’s purchase price. This percentage differs in different municipalities and is 1.5% for homes in the Halifax area. For more information and tax rate tables, see our Nova Scotia land transfer tax page. Unlike some other provinces, there is no land transfer tax rebate available to first-time homebuyers in Nova Scotia.

Nova Scotia Non-Resident Provincial Deed Transfer Tax

If you're a non-resident buying a residential property in Nova Scotia, the province levies a 5% Provincial Deed Transfer Tax (PDTT) on either the purchase price of the home or the home's assessed value (whichever is greater). The PDTT came into force on April 1, 2022, and applies to all purchase and sale agreements as well as other specific property transfers. Non-residents of Nova Scotia who move to the province within six months of their closing date are exempt from paying the PDTT. For more information on the PDTT and whether it applies to you, please visit the Nova Scotia official provincial website for further details.