HomebuyingEverything you need to know about portable mortgages
This article has been updated from a previous version. You know how when you move, you take almost everyth...
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Shopping for a mortgage rate in Nunavut? LowestRates.ca has you covered. With our free, no obligation service, we can help you find and compare the best rates from 50+ banks and brokers across Canada.
Check out the charts below to see how much you can save by comparing rates.
Variable Rates
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Fixed Rates
As low as
4.39%
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Current lowest posted bank rate
6.84%
Conventional vs. high-ratio mortgages: which is cheaper?
There are two different kinds of mortgages in Nunavut, Canada: conventional mortgages and high-ratio mortgages.
Conventional mortgages require potential homeowners to make a down payment of at least 20% of the home’s purchasing price. Most homeowners try to aim for this option.
High-ratio mortgages are typically used when a buyer can only put down less than 20% on a new home. In Nunavut, if your mortgage down payment is less than 20%, you’ll be obligated to buy mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC).
Check out Nunavut’s 5-year mortgage rates comparing conventional vs. high-ratio mortgages.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Nunavut
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 01/24 | 5.07% | 4.72% |
| 02/24 | 4.84% | 4.72% |
| 04/24 | 5.17% | 4.39% |
| 05/24 | 4.79% | 4.39% |
| 06/24 | 4.99% | 4.39% |
| 07/24 | 4.83% | 4.39% |
| 08/24 | 4.90% | 4.51% |
| 09/24 | 4.84% | 4.69% |
| 10/24 | 4.94% | 4.79% |
Last Updated: November 1, 2024
Fixed rate vs. variable rate mortgages: which is cheaper?
When pursuing a mortgage, one of the first decisions you’ll need to make is whether you wanted a fixed mortgage rate or a variable mortgage rate. Fixed mortgage rates in Nunavut remain the same throughout your entire mortgage term. Many homebuyers choose this option since it provides a measure of predictability — you know what to expect and you can budget accordingly. Variable mortgage rates in Nunavut, Canada, on the other hand, rely on market conditions to determine your interest rate.
How do Nunavut’s best variable mortgage rates stack up against the best fixed rates? We compared LR.ca 5-year variable rate mortgages and LR.ca 5-year fixed rate mortgages in Nunavut that Canadians have applied for on our site to find out. Turns out, fixed rates are just a bit lower. For Nunavut borrowers looking for the lowest rate, fixed is the way to go.
Take a look at the chart to see the best fixed mortgage rates in Nunavut.
5-year fixed vs. 5-year variable mortgage rates in Nunavut
| Month | Fixed | Variable |
|---|---|---|
| 11/23 | 4.64% | 5.90% |
| 12/23 | 4.78% | 5.90% |
| 01/24 | 4.88% | 5.90% |
| 02/24 | 4.84% | 5.90% |
| 03/24 | 4.54% | 5.90% |
| 04/24 | 4.99% | 5.90% |
| 05/24 | 4.58% | 5.90% |
| 06/24 | 4.73% | 5.90% |
| 07/24 | 4.83% | 6.05% |
| 08/24 | 4.78% | 6.05% |
| 09/24 | 4.75% | 6.05% |
| 10/24 | 4.88% | 6.35% |
Last Updated: November 1, 2024
Factors that affect your Nunavut mortgage rate
Once you decide you’re ready to purchase a home, you’ll have to apply for a mortgage loan through a mortgage agent in Nunavut. They’ll also help determine mortgage rates for your Nunavut house, condo or townhome. Lenders want to trust that you’ll be able to pay the loan back. To make that assessment, they’ll review certain criteria like your down payment, debt service ratio, total debt service credit ratio, credit score and income.
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Typical mortgage amount in Nunavut
To guess a typical mortgage amount, you’ll need to factor in location, your down payment, and what the average mortgage rate in Nunavut currently is.
Remember, if your down payment is less than 20%, you’ll need to buy CMHC mortgage insurance. Unfortunately, no zero down payment mortgages in Nunavut exist.
Nunavut’s housing market and home prices
Housing prices in Nunavut can be quite expensive. For example, in the territory’s capital Iqaluit — its largest community and only city — would-be buyers of single-detached homes will need an income level of approximately $139,000, according to the Canadian Mortgage and Housing Corporation. Because of population growth in Nunavut, demand for housing continues to climb.
Nunavut closing costs and land transfer tax
Before you can call your housing purchase a done deal, you’ll need to pay some closing costs. So you don’t end up surprised or overwhelmed by these fees, it’s best to budget 1.5% of the home’s total price to cover these items (excluding the down payment).
Closing costs may include:
- Title insurance
- Mortgage default insurance (if applicable)
- Property valuation fees
- Home inspection fees
- Legal fees
- Home insurance
Nunavut follows the same rules as the rest of the Northwest Territories when it comes to a land transfer tax. For property values at $100,000,000 or less, fees cost $1.50 per every $1,000 value. Properties at a value of over $100,000,000 have a fee of $1.00 for every $1,000.
To break that down further, if you bought a $200,000 townhome, your total fee (200 x $1.50) would be $300.
Your questions about Nunavut mortgages, answered.
Still wondering what the best mortgage rate in Nunavut is? Read on for answers to some of the most asked questions.
What’s the difference between a mortgage term and an amortization period?
Mortgage term: A mortgage term is the amount of time you’ll be committed to paying your mortgage to a particular lender. Most Canadians opt for a five-year mortgage, but your window can range in Nunavut from paying 6-month mortgage rates to 10 years of payments. Once the term is done, you can renew your contract at a new rate.
Amortization period: An amortization period describes the duration of your mortgage. This includes not only paying down the mortgage itself, but also its loan principal plus interest. For Canadians, the maximum amortization period is 35 years. However, if you can only make a down payment of less than 20%, then you’ll be obligated to buy CMHC mortgage insurance, which has a maximum amortization period of 25 years.
What’s the difference between an open mortgage vs. a closed mortgage?
Open mortgage: Canadians pursue open mortgages when they want greater options when it comes to the terms around repayment. These mortgages can be paid off completely at any time, and typically are given short terms (like up to five years). Open mortgage interest rates in Nunavut are often higher than closed mortgage rates. These higher open mortgage rates in Nunavut are given because borrowers have the option to make additional or increased monthly payments, finish paying their mortgage ahead of the deadline or move their mortgage to another lender in the future.
Closed mortgage: Likewise, closed mortgage rates in Nunavut are lower because borrowers have to make their payments on a fixed schedule for the full length of the term. Borrowers who want to get out of the schedule to either refinance, renegotiate or pay down the mortgage with a lump sum will be charged a fee. Each lender has its own rules when it comes to this, so you’ll need to read the fine print.
How much does it cost to live in Nunavut?
Now that you have an idea around what are current mortgage rates in Nunavut, it’s helpful to understand some of the costs of living in the territory.
The price of food in Nunavut is higher than it is in more southern parts of Canada but there are programs in place that help make fruits and vegetables more affordable. If you’re not used to budgeting for groceries, it would be a good habit to start if you plan to move to Nunavut.
The city centre Iqaluit doesn’t have public transportation, so that means a vehicle is necessary for getting around. Aside from the cost of the vehicle itself, you’ll need to factor auto insurance into your budget. Compared to the price of auto insurance in other provinces and territories, Nunavut falls smack dab in the middle. Shop around with LowestRates.ca to find a cheap rate on auto insurance in Nunavut.
How much does getting a lower interest rate matter in Nunavut?
Getting the lowest mortgage rate in Nunavut is just one part of home ownership. You’ll also want to consider prepayment privileges, penalties and portability:
Prepayment privileges: A prepayment privilege lets you pay down your mortgage in advance without taking on any financial penalties. Whether you go with a bank or broker, they’re going to come with their individual prepayment terms. You’ll want to squarely ask what they are before signing any contracts.
Penalties: Penalties are essentially fees given if you break the terms of your mortgage agreement. Sometimes this winds up happening when borrowers need to refinance or move. If you feel like you’re stuck with an above average mortgage rate for Nunavut, and think you can get a much cheaper deal, incurring a penalty could be worth it in the long haul. You’ll need to double-check your calculations are correct before making any major decisions.
Portability: If you want to steer clear of penalties, you could try negotiating a portable mortgage. This covers you in case you wind up moving before the mortgage ends. In this instance, you’d transfer your mortgage to a new home and combine it with an additional mortgage loan.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Is it safe to get a mortgage online?
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
How do I know I’m getting the lowest rate?
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
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