5-year fixed broker floor: 4.04% · Variable broker floor: 3.60% · Qualifying income for median Newfoundland and Labrador home (~$280K): approximately $75,050/yr.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Canadian mortgage rates are set nationally — the benchmark is the same in Newfoundland and Labrador as across Canada. The table below shows current estimated benchmark rates for all terms, based on Bank of Canada data. Rates assume excellent credit (750+ score) and represent the best available pricing tier.
| Term | Fixed broker floor | Fixed bank avg | Variable broker floor |
|---|---|---|---|
| 1-Year | 4.54% | 4.79% | 3.60% |
| 2-Year | 4.34% | 4.59% | 3.60% |
| 3-Year | 4.19% | 4.44% | 3.60% |
| 4-Year | 4.09% | 4.34% | 3.60% |
| 5-Year | 4.04% | 4.29% | 3.60% |
| 7-Year | 4.24% | 4.49% | 3.60% |
| 10-Year | 4.49% | 4.74% | 3.60% |
Newfoundland and Labrador charges a Registration of Deeds Act fee on real estate transfers.
On a $280,000 property, fees are approximately $1,218. NL has no traditional Land Transfer Tax — this is a registration fee only, making it one of Canada's lowest closing-cost provinces.
| Value threshold | Tax rate / fee |
|---|---|
| Up to $500 | $100 base fee |
| Above prior bracket | $100 + 0.40% on value above $500 |
For the Newfoundland and Labrador median purchase price of approximately $280,000 with 10% down ($28,000):
Mortgage amount: $252,000 · Stress test qualifying rate: 6.04% · Monthly P&I at qualifying rate: $1,618/month · Annual PITH: ~$24,016 · Required gross income (32% GDS): approximately $75,050/year.
NL borrowers qualify at the federal stress test rate. Newfoundland and Labrador offers some of Canada's most affordable urban real estate.
Mortgage brokers and lenders in Newfoundland and Labrador are regulated by the Superintendent of Securities, Government of Newfoundland and Labrador. Borrowers in Newfoundland and Labrador can access the full range of federally regulated banks, provincially regulated credit unions, and monoline lenders through the broker channel.
Major cities in Newfoundland and Labrador: St. John's, Corner Brook, Gander, Grand Falls-Windsor.
CMHC mortgage insurance applies in Newfoundland and Labrador for eligible purchases under $1,500,000 with less than 20% down (as of December 2024).
Select your term, rate type, credit tier, and intent to see a detailed rate page for your exact borrower scenario in Newfoundland and Labrador.
Many Newfoundland and Labrador borrowers are renewing mortgages locked in at historically low rates between 2019 and 2023. If you locked in during this period, your renewal represents a significant payment change.
Select your original term and year to see your specific renewal shock analysis:
The current 5-year fixed mortgage broker floor in Newfoundland and Labrador is approximately 4.04% and the bank average is 4.29%. Variable rate broker floor is approximately 3.60%. These are national benchmark rates that apply equally in all provinces.
Newfoundland and Labrador charges a Registration of Deeds Act fee on real estate transfers. On a $280,000 property, fees are approximately $1,218. NL has no traditional Land Transfer Tax — this is a registration fee only, making it one of Canada's lowest closing-cost provinces.
For a Newfoundland and Labrador median home price of approximately $280,000 with 10% down, you need approximately $75,050 in gross annual income under the 2026 stress test at 6.04%. This is an estimate — your lender calculates your exact qualifying income.
Newfoundland and Labrador does not offer a provincial LTT rebate for first-time buyers. The federal First Home Savings Account (FHSA) is available to eligible first-time buyers nationally.
Mortgage brokers in Newfoundland and Labrador are regulated by the Superintendent of Securities, Government of Newfoundland and Labrador.