Scotiabank Mortgage review

Scotiabank mortgage rates: posted only

Scotiabank publishes posted rates and no fixed special or insured (high-ratio) rates on its site. Its Scotia Mortgage+ program offers preferred rates on STEP mortgages bundled with banking, but those rates aren’t shown. We read these figures on October 14, 2026, from the rates feeds that power Scotiabank’s rates page. Rates change often.

• Closed fixed, posted: 1-year 5.49%, 2-year 5.14%, 3-year 6.05%, 4-year 6.09%, 5-year 6.19%, 7-year 6.40%, 10-year 6.80%
• Open fixed: 6-month and 1-year terms at 9.75%
• 6-month Flexible/Closed term: 6.09% posted, with the option to lock into a 1-year or longer fixed term without charge

Variable rates and Scotiabank Prime

Scotiabank Prime was 4.45% when we checked. The closed 5-year Scotia Flex Value variable is 4.90%, or prime plus 0.45% (APR 4.91%). Scotiabank lists it under posted rates, though the APR legal text calls these special offers. The open version is 7.65%, or prime plus 3.20%. You can convert Flex Value to a longer fixed term at any time without charge.

The Scotia Ultimate Variable Rate Mortgage is a 3-year capped variable at 5.95%. Your rate never goes above the cap, and payments are set using the cap rate. The page doesn’t display the cap or the spread to prime, so ask for both. You can also renew early into a 3-year or longer fixed term without charge.

Prepayment privileges

On Scotiabank’s most popular option, you can prepay up to 15% of the original principal and raise payments by up to 15% each year. Depending on the mortgage, the limit is 10%, 15% or 20%. Match-a-Payment lets you make an extra regular payment on any payment date, and Miss-a-Payment lets you skip one if you matched a payment earlier in the term. Scotiabank’s prepayment document is dated 11/22, so confirm the limits for your mortgage.

Penalties and portability

Breaking a closed fixed mortgage costs the greater of 3 months’ interest or an interest rate differential. On terms longer than five years, only 3 months’ interest applies after year 5. A closed variable mortgage costs 3 months’ interest at the current variable rate, or at the cap rate if your mortgage has one.

If you move, Scotiabank says you may keep the same rate for the rest of the term, provided the new home meets its standards. Porting may not be available on every mortgage solution.

Cash back, switch offers and how to apply

Scotiabank offers cash back of up to 5% of the principal on 3, 4, 5, 7 and 10-year closed fixed terms, repayable if you pay the mortgage out early. Switchers can get up to $1,500 toward switch fees on at least $100,000 with a 3-year or longer fixed or 5-year variable, though one Scotiabank page says up to $1,200. Switching online through eHOME adds $500 cash back and up to $300 for an appraisal. The Scotiabank Rewards Mortgage earns 1,000 Scene+ points per $10,000 with an eligible credit card.

Quoted offers require the mortgage to be advanced within 120 days of application. Scotiabank doesn’t state a maximum amortization on the pages we read, so ask when you apply.