Northwest Territories Mortgage Rates
Northwest Territories mortgage rate update: March 2026
After the Bank of Canada held its overnight rate at 2.25% on March 18, we know that variable mortgage rates in the Northwest Territories will continue hovering around their current levels until at least April 29, when the Bank makes its next overnight rate decision.
The mystery is what might happen to fixed rates in the coming weeks.
The Iran war sent government bond yields, which lenders use to price their fixed mortgage rates, flying in the first two weeks of March. In response, several lenders and brokerages increased their three-year fixed rates and five-year fixed rates.
Bond yields peaked on March 12, receded for a few days, and then shot up again after attacks were launched on Iran’s oil and gas infrastructure. Where yields — and fixed rates — go from here is anyone’s guess.
If you’re leaning toward a fixed rate for either a mortgage or renewal, consider getting pre-approved and locking in at today’s rates. If rates increase, you’ll be protected. And you’ll have access to lower rates if they come down.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates aren’t expected to experience much change in 2026, though the war in Iran may change the game.
In December, the Bank of Canada said its overnight rate is at “about the right level” to fight inflation and support the economy, which should rule out any imminent rate cuts or increases.
So long as the Bank maintains its overnight rate, variable mortgage rates won’t budge.
But if the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. And if the war in Iran drags on and causes inflation to spike, the Bank may announce a rate hike to tamp down inflation — regardless of the state of the economy.
Fixed rates
As of March 2026, fixed mortgage rates could rise in response to rapid increases in government bond yields. (Lenders use bond yields to price their fixed rates.) Yields skyrocketed after the war in Iran caused oil prices to spike, raising fears of inflation and future Bank of Canada rate increases.
Long-term fixed-rate projections, however, are difficult to make with any accuracy. Bond yields are determined by factors that are hard to predict, like the state of the economy and the expectations of individual investors.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Northwest Territories home buyer resources
Northwest Territories first-time home buyer programs
The Northwest Territories government has a program that reduces costs for first-time home buyers. Eligible applicants can receive a forgivable loan equal to 5% of their home’s purchase price, with a loan maximum amount of $30,000, to use as a down payment. The loan is completely forgiven after one, two or three years, depending on the amount of the loan.
To be eligible, applicants must meet certain requirements. For example, they must:
Live in the Northwest Territories for at least three years.
Have income under certain limits, which vary by location.
Must secure outside financing.
If the homeowner goes into default or if they sell the home before their forgivable loan period is up, they are not eligible for loan forgiveness.
Federal assistance programs include the Home Buyers’ Plan and the First Home Savings Account. These tools for improving affordability can be combined, so it might be worth investigating both to see how they fit your goals and finances.
Land transfer taxes in the Northwest Territories
In the Northwest Territories, you'll pay fees based on your home's value and your mortgage's value.
- You'll pay $2.00 for each $1,000 of your home's value, with a $1 minimum. If your home's value is above $1 million, you'll pay $2,000 plus $1.50 for each $1,000 of value above $1 million.
- If you take out a mortgage to pay for your home, you'll pay $1.50 for every $1,000 of the mortgage amount, with a minimum of $80.
Mortgage calculators to help you take the next step
Frequently asked questions
How do lenders determine mortgage rates?
How do lenders determine mortgage rates?
The mortgage rate you’re offered in the Northwest Territories will be based on two primary factors; one based on the state of the economy and one based on your financial situation.
Economic factors
Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates.
Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields.
Your financial situation
Factors specific to you also affect the rates you’re offered. These include:
Your credit score.
Your income.
Your total debts.
The loan type you choose.
The amount you’re borrowing.
The term length and amortization period of your loan.
Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.
Will mortgage rates come down in 2026?
Will mortgage rates come down in 2026?
Not likely, and if they do, it won't be by much. The Bank of Canada isn't expected to lower its overnight rate for most of the year, which means variable mortgage rates could be stuck at their current levels. Fixed mortgage rates will likely continue hovering between 3.9% and 4.3% well into 2026.
How do you qualify for a lower mortgage rate?
How do you qualify for a lower mortgage rate?
While some factors that affect rates are beyond your control, there are things you can do to encourage lenders to offer you the best mortgage rates. For example, you can:
Improve your credit score. To start, pay down any outstanding debt and pay off every bill in full.
Increase your income. This isn’t always easy, but any additional income will improve your financial position.
Decrease your total debts. Lenders consider your total debt load when determining the details of your loan.
Consider all your options. See if adjusting the loan type, the term length or the amortization period of your loan could help.
What's a good mortgage rate in the Northwest Territories right now?
What's a good mortgage rate in the Northwest Territories right now?
As of March 2026, finding a fixed mortgage rate lower than 3.9% or a variable rate below 3.7% in the Northwest Territories would be considered a good deal.
Connect with Homewise to get a rate quote that's personalized to you.
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Clay Jarvis
Clay Jarvis