Interest Rate Changes: Rising interest rates can decrease the value of preferred shares like BN-PR.TO, as investors may seek higher yields in new fixed-income investments.

Credit Rating of Bank of Nova Scotia: A downgrade in BNS's credit rating could negatively impact the price of BN-PR.TO, reflecting increased risk of non-payment.

Market Sentiment towards Financial Institutions: General investor confidence or concerns about the banking sector can influence demand for bank-issued preferred shares.

Redemption Terms: The potential for BNS to redeem the preferred shares at a certain date and price affects the perceived value and market price.

Supply and Demand: Basic market forces dictate that higher demand increases the price, while increased supply decreases it.

Alternative Investment Options: The availability and attractiveness of other fixed-income investments influence the relative demand for BN-PR.TO.

Economic Conditions: Overall economic health impacts the perceived safety and attractiveness of preferred shares, influencing price.

Inflation Expectations: Rising inflation expectations may decrease the present value of future fixed payments from the preferred shares.

Liquidity: The ease with which BN-PR.TO can be bought or sold without significantly affecting the price impacts its value.

Call Risk: The risk that the issuer will call the preferred shares when interest rates decline impacts its price.