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Mortgage Rates Newfoundland and Labrador

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Frequently asked mortgage questions

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Getting the best mortgage rates in Newfoundland and Labrador

Jamie David

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: $324,200 in Q1 of 2022, a 12.3% 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 homebuyers

Unlike some provinces, Newfoundland and Labrador doesn't offer a rebate of the land transfer tax for first-time homebuyers. However, Newfoundland and Labrador's first-time homebuyers are still eligible for first-time homebuyer 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, Business Director of Mortgages

Jamie David is the Business Director of Mortgages at A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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