Skip to main content
Ratehub logo
Ratehub logo

Find the best mortgage rate in Newfoundland

We’ll find the best rates for you in less than 2 minutes

Current Newfoundland mortgage rates

The rate table shows 5-year fixed mortgage rates in Newfoundland. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Canadian Lender


Big 6 Bank



A Ratehub Company


RBC Royal Bank




Bank of Montreal


Newfoundland and Labrador mortgage rates: FAQ

How much can I save by comparing mortgage rates in Newfoundland and Labrador?

Why compare Newfoundland and Labrador mortgage rates on

What’s the difference between fixed and variable mortgage rates?

Which is better: fixed or variable mortgage rates?

What are pre-payment options?

Should I get an open or closed mortgage in Newfoundland?

What is a mortgage rate hold?

Should I use a mortgage broker in Newfoundland?

WATCH: June 5, 2024 Bank of Canada announcement

See today's best mortgage rates

Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.


Best fixed rate in Canada

see my rates

Not sure where to start? Check out our tools to get started

Getting the best mortgage rates in Newfoundland and Labrador

Getting a mortgage is a big financial commitment, but there are some sure-fire ways to get a better mortgage rate. The factors that contribute to a lower mortgage rate aren't a secret, so all you need to do is plan ahead.

Our mission at is to make it easy to compare rates from Canada's big banks, credit unions and smaller lenders. That makes it simple for you to choose better, at no cost to you.

Best mortgage rates in Newfoundland +

Newfoundland and Labrador at a glance

  • Population: 522,453
  • Average House Price: $290,400 in March 2024, a 6.6% year-over-year increase
  • Average Household Income: $67,272
  • Percentage of Homeowners: 77%

Fun Facts About Newfoundland and Labrador 

  • L’Anse aux Meadows on Newfoundland Island is the oldest European settlement in North America, having been built by the Vikings about 1,000 years ago, about 500 years before Christopher Columbus reached the Caribbean. 
  • The official bird of the province is the puffin, and Newfoundland and Labrador is home to 95% of all puffins in North America.

What's the best mortgage rate in Newfoundland and Labrador?

The best mortgage for you is the one that best suits your needs, and offers a great rate. It's important to remember that the best mortgage is not always the mortgage with the lowest rate. While a low rate is important and can save you thousands of dollars, you also need to make sure that the term, conditions, and features of your mortgage suit your needs.

What factors affect the mortgage rate I get?

While comparing mortgage products is an important part of getting the best possible mortgage rate, you’ll still need to personally qualify for your final offer. There are several factors that will affect the rate you’re able to qualify for. Here are some of the major ones:

  • Down payment: In Canada, property purchases require a minimum down payment of between 5% and 20%, depending on the purchase price. However, if your down payment is less than 20%, you’ll have to pay for mortgage default insurance. This will cost you more, but it will make your mortgage less risky, from your lender’s perspective. This generally results in a lower mortgage rate. Note that even with a lower mortgage rate, it's still worth avoiding the cost of mortgage default insurance, so you should always aim to have a down payment of at least 20%.
  • Amortization period: Mortgages with amortization periods of more than 25 years generally have higher interest rates. This is because this type of mortgage can't be insured with mortgage default insurance. Despite this, mortgages with longer amortization periods can be more financially manageable, because they have lower monthly payments.
  • The purpose of the property: You’ll generally be offered a higher rate on a mortgage for a property that you don’t plan to personally live in.
  • Mortgage type: A refinanced mortgage, or a mortgage with features like a HELOC, will typically come with a higher rate than a mortgage for a renewal or new purchase.
  • Credit score: A low credit score may mean you cannot get approved by an ‘A lender’, like a big bank or credit union. If you’re forced to take a mortgage from a ‘B lender’, you’ll probably be charged a higher rate.

Newfoundland and Labrador mortgage rates: Historical trends

Newfoundland and Labrador mortgage rates rise and fall, as do rates across Canada. Here’s a quick snapshot of the lowest mortgage rates in Canada over the past few years, to give you an idea of where we are today.

Source: Ratehub Historical Rate Chart


Land transfer tax in Newfoundland and Labrador

Like most other provinces in Canada, Newfoundland and Labrador charges a land transfer tax on all property purchases. You'll be charged a $100 flat fee for the first $500 of the property price, plus 0.4% of any portion of the price above $500.


Newfoundland and Labrador first-time home buyers

Unlike some provinces, Newfoundland and Labrador doesn't offer a rebate of the land transfer tax for first-time home buyers. However, Newfoundland and Labrador's first-time homebuyers are still eligible for first-time home buyer programs at the federal level. These can still result in thousands of dollars of savings, so it's well worth checking them out.


  1. Government of Newfoundland and Labrador
  2. CREA
  3. Statistics Canada
  4. Fun World Facts

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

Want to learn more? Check out our comprehensive education centre