Newfoundland and Labrador Mortgage Payments
Mortgage rates, average home prices, and payment calculations for Newfoundland and Labrador (NL). Updated for 2026.
Monthly Payment
$1,422.14
at 4.39% fixed
Avg. Home Price
$280,000.00
Best Fixed Rate
4.39%
Best Variable Rate
3.99%
Current Mortgage Rates in Newfoundland and Labrador
| Rate Type | Posted Rate | Best Available | Discount |
|---|---|---|---|
| 5-Year Fixed | 6.49% | 4.39% | -2.10% |
| 5-Year Variable | 5.45% | 3.99% | -1.46% |
Rates are approximate and updated periodically. Always confirm with your lender.
Mortgage on the Average Newfoundland and Labrador Home
$280,000.00 home with 10% down ($28,000.00) at 4.39% over 25 years
Payment Frequency Comparison
How different payment schedules affect your mortgage at 4.39%
| Frequency | Payment | Total Interest | Total Cost | Interest Saved |
|---|---|---|---|---|
| Monthly | $1,422.14 | $166,831.18 | $426,643.18 | -- |
| Bi-Weekly | $656.37 | $166,831.18 | $426,643.18 | -$0.00 |
| Accelerated Bi-Weekly | $711.07 | $202,384.77 | $462,196.77 | -$35,553.60 |
Fixed vs. Variable Rate
Monthly payment comparison for $280,000.00 home with 10% down
| Rate Type | Rate | Monthly Payment | Total Interest (25 yr) | Difference |
|---|---|---|---|---|
| 5-Year Fixed | 4.39% | $1,422.14 | $166,831.18 | -- |
| 5-Year Variable | 3.99% | $1,365.26 | $149,764.66 | $56.89/mo less |
Property Costs in Newfoundland and Labrador
Excludes utilities, home insurance, and maintenance. Property tax based on 1.05% average rate.
Mortgage Payments Across Canada
Average home with 10% down, 25-year amortization at best available fixed rate
| Province | Avg. Home Price | Rate | Down (10%) | Monthly Payment |
|---|---|---|---|---|
| Newfoundland and Labrador (NL) | $280,000.00 | 4.39% | $28,000.00 | $1,422.14 |
| New Brunswick (NB) | $310,000.00 | 4.29% | $31,000.00 | $1,558.65 |
| Saskatchewan (SK) | $315,000.00 | 4.29% | $31,500.00 | $1,583.79 |
| Manitoba (MB) | $355,000.00 | 4.29% | $35,500.00 | $1,784.91 |
| Prince Edward Island (PE) | $370,000.00 | 4.39% | $37,000.00 | $1,879.26 |
| Northwest Territories (NT) | $380,000.00 | 4.49% | $38,000.00 | $1,949.60 |
| Nova Scotia (NS) | $420,000.00 | 4.29% | $42,000.00 | $2,111.72 |
| Nunavut (NU) | $420,000.00 | 4.59% | $42,000.00 | $2,176.53 |
| Alberta (AB) | $470,000.00 | 4.29% | $47,000.00 | $2,363.12 |
| Quebec (QC) | $510,000.00 | 4.29% | $51,000.00 | $2,564.23 |
| Yukon (YT) | $530,000.00 | 4.49% | $53,000.00 | $2,719.17 |
| Ontario (ON) | $880,000.00 | 4.29% | $88,000.00 | $4,424.56 |
| British Columbia (BC) | $960,000.00 | 4.39% | $96,000.00 | $4,875.92 |
Housing Market in Newfoundland and Labrador
Newfoundland and Labrador offers the most affordable housing among Canada's Atlantic provinces. The St. John's metropolitan area is the primary market, with prices well below the national average. The province does not charge a land transfer tax, making closing costs lower than in most other Canadian jurisdictions.
Newfoundland and Labrador does not impose a provincial land transfer tax, though buyers must pay a registration fee and related conveyancing costs. Property tax rates in St. John's are moderate, typically around 0.95% to 1.15% of assessed value. The lower average home prices mean that many buyers can purchase with a conventional mortgage (20% or more down), avoiding CMHC insurance premiums entirely.
The NL housing market faces headwinds from population decline and an aging demographic profile. However, the province's oil and gas sector and public sector employment provide stability. Remote work trends have attracted some buyers seeking affordable homeownership near the ocean. The combination of no land transfer tax, low home prices, and reasonable property taxes makes NL one of the most cost-effective places to own property in Canada, though resale liquidity can be a concern in smaller communities.