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St. John's mortgage rates

As of:



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Big 6 Bank


Bank of Montreal


RBC Royal Bank






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St. John's mortgage rates: Common questions

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Getting the best mortgage rates in St. John's

Jamie David

As the capital of Newfoundland, St. John's is one of the more important cities on Canada's east coast. As such, St. John's is also home to a healthy real estate and mortgage market. This is good news for St. John's homebuyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than some of Canada's bigger cities.

Below we've laid out some of the things you should consider before looking for a mortgage in St. John's. When you're ready, you can compare personalized quotes for mortgage rates in St. John's with the tools at the top of this page.

Best mortgage rates in St. John's +

Comparing the best mortgage rates in St. John's

The comparison tables at the top of this page list the best mortgage rates available in St. John's, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.

Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.

Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from St. John's lenders in under two minutes.

St. John's closing costs

When applying for a new mortgage in St. John's, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).

Newfoundland Land Transfer Tax

When buying a home in Newfoundland, you'll be subject to the Newfoundland Land Transfer Tax. This tax will need to be paid in cash, and cannot be added to your mortgage. In Newfoundland and Labrador, the land transfer tax is charged on the property value and mortgage amount, as follows:

Property Value Tax amount
$500 or less $100.00
greater than $500 $100.00 plus $0.40 for each additional one hundred dollars of value (or part thereof) over $500.
Mortgage value Tax amount
$500 or less $100.00
greater than $500 $100.00 plus $0.40 for each additional one hundred dollars of value (or part thereof) over $500.

CMHC Insurance

If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.

These are just some of the closing costs you’ll have to pay in St. John's. Learn more on our closing costs education center page.

St. John's first-time homebuyer rebates

Most of the first-time homebuyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. A rebate of this kind does not exist in Newfoundland. However, new homebuyers in St. John's are eligible for first-time homebuyer programs at the federal level, including:

  • RRSP Home Buyer’s Plan: This allows you to borrow up to $35,000 from your RRSP for your down payment. The money must be paid back within 15 years.
  • First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
  • GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.

Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.

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 more


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