What is the average mortgage rate in Newfoundland and Labrador, Canada?

The current 5-year fixed mortgage rate in Newfoundland and Labrador is approximately 4.31%, and the variable rate is approximately 3.62% (Bank of Canada data, as of Apr 16, 2026). Rates vary by lender, term, and whether you require CMHC insurance.

Do I need CMHC insurance when buying a home in Newfoundland and Labrador?

CMHC mortgage default insurance is required in Newfoundland and Labrador when your down payment is less than 20% of the purchase price. Premiums range from 2.80% to 4.00% of the insured loan amount and are added to your mortgage balance — not paid at closing.

What is the stress test rate for mortgages in Canada?

Under OSFI Guideline B-20, all Canadian mortgage applicants must qualify at the higher of their contract rate plus 2%, or 5.25%. With a 5.24% contract rate, the qualifying rate is approximately 7.24%.

Mortgage Calculator for Newfoundland and Labrador, Canada

Q: What is the land transfer tax in Newfoundland and Labrador?

Newfoundland and Labrador does not charge a provincial land transfer tax. Home buyers pay only a title registration fee of C$100–C$300. This is among the lowest transfer-cost structures in Canada, saving buyers thousands compared to central Canadian provinces.

Pre-filled with Newfoundland and Labrador's average home price of C$290000, property tax of C$2610/year, and a 5-year fixed rate of 4.31%. Adjust any value below.

OSFI Stress Test: You must qualify at 7.24% (contract rate + 2%) under Canada's mortgage stress test rules. This calculator shows your actual payment — your lender will verify you can afford the stress-test rate.

Reference Rates

5-yr Fixed 4.31% Variable 3.62% Prime Rate 4.46% BoC Rate 2.2649%

Apr 16, 2026 · Bank of Canada

1 Loan Details

Home Price

Down Payment

Loan Amount

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Interest Rate (live 5-yr fixed 4.31%)

Amortization Period

2 Monthly Costs (Newfoundland and Labrador averages pre-filled)

Property Tax (annual) ~0.9% in NL

Home Insurance (annual)

Condo Fees (monthly, if applicable)

Include CMHC Insurance

Required when down payment < 20%

Estimated Monthly Payment

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Principal & Interest

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Property Tax

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Home Insurance

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Condo Fees

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Total Interest Paid

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Over loan lifetime

Total Cost

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Principal + interest

Loan Amount

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Amount financed

Down Payment

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Of home price

Monthly Payment Breakdown

Balance Over Time

Rate Comparison

How your payment changes with different interest rates

Rate Scenario	Monthly P&I	Total Interest
Enter loan details above to see rate scenarios

Amortization Schedule

Full month-by-month payment breakdown

Newfoundland and Labrador Housing Market

Newfoundland and Labrador offers Canada's most affordable major city housing with St. John's prices well below national averages. The oil-dependent economy creates cycles of boom and bust, but the residential market has been stable. The province has the lowest average home prices of any province in Canada.

Average Home Price C$290000

Effective Property Tax Rate ~0.9%

Avg Annual Property Tax C$2610

Avg Annual Insurance C$1250

Stress Test Rate ~7.24%

Buying in Newfoundland and Labrador

Newfoundland consistently ranks as Canada's most affordable province for homebuyers. A C$290,000 average price allows even first-time buyers with 5% down (~C$14,500) to enter the market with payments well under C$2,000/month at current rates.

Land Transfer Tax

Newfoundland and Labrador does not charge a provincial land transfer tax. Home buyers pay only a title registration fee of C$100–C$300. This is among the lowest transfer-cost structures in Canada, saving buyers thousands compared to central Canadian provinces.

CMHC Default Insurance

CMHC insurance is required on insured purchases. Newfoundland's lower home prices mean first-time buyers face some of the smallest absolute CMHC premiums in the country.

Key Markets

St. John's Mount Pearl Corner Brook Conception Bay South

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