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Scotiabank Mortgage Rates

Below you'll find the best mortgage rates from Scotiabank. Be sure to compare rates between lenders to get the best product for you.

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Compare Scotiabank Mortgage Rates

Rates updated:

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Provider5 Year fixed5 Year variable3 Year fixed

Prime -1.15%





Prime -0.35%







Prime -0.28%






Prime -0.05%





Prime -0.50%






Prime -0.30%



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Scotiabank mortgage rates

Jamie David

Getting a mortgage is one of the biggest financial commitments you'll make in your life, so choosing the right mortgage provider is an important step. A particular lender may not offer the type of mortgage that best suits you, or will charge you a higher rate than you might qualify for elsewhere. That's why it's important to look into several lenders and compare their product offerings.

Scotiabank has a variety of specialty mortgage products beyond the standard fixed and variable-rate mortgages. The more you know about Scotiabank's mortgage products, the better prepared you'll be when you're ready to apply. Some of the key details are discussed further below.

Scotiabank mortgage products

Here's a short description of some of Scotiabank's main mortgage products:

Fixed-rate mortgages

Scotiabank offers a wide range of fixed-rate mortgages, with varying terms and conditions. For closed fixed-rate mortgages, they offer term lengths of 1 to 5 years, as well as 7 and 10-year options. Scotiabank also has a flexible/closed mortgage with a 6-month term. Open mortgages are offered in 6-month and 1-year terms. These come with higher rates, so short terms are generally the best option.

Variable-rate mortgages

Across all lenders, variable-rate mortgages have fewer options for term length than fixed-rate mortgages. This is because they are inherently more flexible and have lower pre-payment penalties. Scotiabank does better than many other banks, however, offering both a 3 and 5-year variable-rate mortgage. Both terms are available as a closed mortgage, while the 5-year term is also available as an open mortgage.

Long and Short Mortgage

Scotiabank's Long and Short Mortgage allows you to take advantage of low interest rates in the short term while protecting against interest rate increases over the long term. Under the Scotia Total Equity Plan, the Long and Short Mortgage offers a split of the mortgage; one part of the amount is reset every month as the Scotiabank prime rate changes, while one part of the amount is set to a fixed rate for the full term.

Second home mortgages

If you're looking to buy a second home, Scotiabank has two products specially designed for you. The Secondary Home Financing Program is made for people looking to buy a second home, an investment property or a home for one of their children. Scotiabank's Making the Cottage Dream a Reality product offers flexible financing for people looking to buy a cottage or holiday home.

Scotiabank StartRight Mortgage Program

The StartRight program is available for temporary and permanent residents who are new to Canada and who want to buy a home. The program is specially designed to meet the mortgage needs of these people, which can be more complex than for a traditional mortgage. 

Scotiabank's Total Equity Plan

Scotiabank's Total Equity Plan is a home equity line of credit, also known as a HELOC. It converts your mortgage into a valuable asset, one that can give you more control over your borrowing, now and in the future, and potentially save you hundreds of dollars each year. You can pay for your children's education, buy a new car, renovate, buy a second home or vacation property or help run your small business.

As long as you have a minimum amount of equity in your home, the STEP allows you to borrow up to 80% of your home's value as a revolving line of credit. It also gives you the flexibility to split your mortgage into two or three different types of mortgages and terms, giving you more control over your interest rate risk.


Accessing Scotiabank mortgage rates

The latest Scotiabank mortgage rates are automatically updated on the tables above, or on the Scotiabank website. You can see the current Scotiabank rates compared to other lenders on our main mortgage comparison page.

To access a Scotiabank rate, you can apply to Scotiabank directly or speak to a mortgage broker. While going directly might be convenient if you already bank with Scotiabank, you'll have access to independent advice and a significantly wider selection of mortgage rates and products if you speak to a broker instead. Find a mortgage broker near you to arrange a free consultation.

Scotiabank mortgage pre-approval

Scotiabank's mortgage pre-approval application takes approximately 20 minutes to complete, after which the bank will contact you by phone within three business days to advise you of its decision. You can be pre-approved with Scotiabank directly, or go through a mortgage broker.

Scotiabank mortgage application checklist

To speed up the mortgage application process and obtain your Scotiabank mortgage rate sooner, make sure you have the following information on hand when you apply or speak to a mortgage broker:

  • Your monthly income
  • Your current monthly housing expenses or rent
  • The value of any vehicles, properties, investments or savings you may have
  • The balances and monthly payments of your current mortgage (including property taxes), credit cards/lines of credit or loans
  • Details of the new property you are interested in purchasing
  • Your spouse/partner's financial information, if you are applying jointly

Compare other Scotiabank products

Scotiabank offers various Scotiabank credit cards, including rewards cards and low-interest cards, as well as Scotiabank GICs, available in a variety of terms.

More on Scotiabank

Since welcoming its first customers in Halifax in 1832, Scotiabank has expanded into one of North America's premier financial institutions. Today, Scotiabank Group and its affiliates offer a diverse range of products and services, including personal, commercial, corporate and investment banking, to over 23 million customers in over 30 countries around the world.

The bottom line

Scotiabank is a large Canadian bank, and certainly one of the most reputable mortgage providers in the country. However, as with all lenders, their products may or may not suit your needs. The best thing you can do to get the right mortgage is to compare multiple providers and find the product that's best for you. 

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio


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