Balanced Market

Mortgage Rates in Newfoundland

Newfoundland and Labrador offers some of Canada's most affordable real estate with no land transfer tax. St. John's is the province's economic hub with a strong energy sector.

Avg Home Price

$290,000

Benchmark Price

$275,000

Year-Over-Year

↑ 2.4%

Best 5-Yr Fixed

4.89%

Today's Best Rates in NL

📅 Page updated: July 9, 2026·⚡ Rate data: May 25, 2026·Methodology

Rate Type	Best Rate	Monthly Payment*	Term
5-Year Fixed	4.89%	~$2,301/mo	5 Years
5-Year Variable	5.45%	~$2,430/mo	5 Years
3-Year Fixed	4.74%	~$2,268/mo	3 Years
2-Year Fixed	5.1%	~$2,349/mo	2 Years
HELOC	6.2%	~$2,583/mo (interest only)	Revolving

*Based on $500K mortgage, 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026.

Bank vs. Broker Rate Comparison

See how Big 6 posted rates stack up against the best broker rates available in Newfoundland.

Lender	Type	5-Yr Fixed	3-Yr Fixed	5-Yr Variable	Action
National Bank	Bank	4.43%	4.44%	4.49%	Get Quote →
CIBC	Bank	4.51%	4.51%	4.12%	Get Quote →
RBC Royal Bank	Bank	4.62%	4.43%	3.98%	Get Quote →
BMO	Bank	4.76%	4.67%	4.12%	Get Quote →
TD Bank	Bank	4.96%	4.72%	4.31%	Get Quote →
Scotiabank	Bank	6.09%	6.05%	4.90%	Get Quote →
TOPTop Broker 🏆	Broker	4.89%	4.74%	5.45%	Get My Rate →

Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: May 25, 2026.

Land Transfer Tax in Newfoundland

No provincial LTT

First-Time Buyer Programs in Newfoundland

First Home Savings Account (FHSA)
RRSP Home Buyers Plan
CMHC Mortgage Insurance

Mortgage Rates by City in Newfoundland

St. John's

Avg $330,000

+2.8%

Corner Brook

Avg $220,000

+1.4%

Frequently Asked Questions

What is the average home price in Newfoundland?

The average home price in Newfoundland is approximately $290,000, with St. John's averaging around $320,000.

Is there a land transfer tax in Newfoundland?

No — Newfoundland does not charge a land transfer tax, which reduces closing costs significantly compared to most other provinces.

What is the average mortgage rate in Newfoundland?

The best 5-year fixed mortgage rate in Newfoundland is currently around 4.89%, consistent with national rates.

Is St. John's real estate a good investment?

St. John's offers strong rental yields relative to purchase prices. The energy sector provides stable employment, though the market is smaller than central Canadian cities.

What programs help first-time buyers in Newfoundland?

Newfoundland first-time buyers can access the federal FHSA, Home Buyers Plan, CMHC insured mortgages, and Newfoundland and Labrador Housing Corporation programs.

How do mortgage brokers work in Newfoundland?

Newfoundland mortgage brokers are licensed under provincial regulations and can access rates from multiple lenders. Their service is free to borrowers.

Is Newfoundland real estate affordable?

Yes — Newfoundland is one of Canada's most affordable provinces with no land transfer tax and home prices well below the national average.

What is the stress test in Newfoundland?

The federal mortgage stress test applies in Newfoundland. You must qualify at your contract rate plus 2% or 5.25%, whichever is higher.

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