HomebuyingAll the different ways to access equity in your home
Your home’s equity can come in handy when you need to pay for renovations, consolidate debt, or maybe just make ends meet.
Compare the best current mortgage rates in New Brunswick for free.
On average, Canadians save thousands of dollars per year by comparing rates with us.
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Compare mortgage rates in New Brunswick.
Ready to compare mortgage rates in New Brunswick? You’ve come to the right place — LowestRates.ca allows you to find and compare the best rates from all the top mortgage brokers and banks in the province. Our service is free to use and there’s no obligation on your part — just the lowest mortgage rates on any given day, all together for you to compare, instantly.
Check out the charts below to find out more about the housing market in New Brunswick.
Lower mortgage rates = bigger savings.
On LowestRates.ca., you can submit a mortgage application for many different types of mortgage products. However, the two main options for most homebuyers are conventional and the high ratio mortgage. A conventional mortgage contract requires the homebuyers to put down at least 20% of the purchase price of hte home as a down payment. Whereas a high ratio mortgage contract means that homebuyers have put down less than 15% of the total price of the home. With a high ratio mortgage, homebuyers are also required to purchase mortgage insurance. This means that rates offered in high ratio mortgage contracts are often lower, but it’s important to speak with an advisor about what’s best for you.
Conventional mortgage rates vs. high ratio mortgage rates in New Brunswick
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 04/20 | 2.81% | 2.57% |
| 05/20 | 2.61% | 2.32% |
| 06/20 | 2.48% | 2.21% |
| 07/20 | 2.49% | 2.09% |
| 08/20 | 2.49% | 2.09% |
| 09/20 | 2.08% | 1.90% |
| 10/20 | 2.02% | 1.90% |
Last Updated: November 9, 2020
Variable or fixed mortgage rates: which one is best?
You can save a ton of money by shopping around for a mortgage, but how do the best variable rates compare to the best fixed rates? To find out, we compared the LR.ca 5-year fixed rate mortgages and the LR.ca 5-year variable rate mortgages that Canadians have applied for on our site. Turns out, variable rates have been lower in recent months.
5-year fixed vs. 5-year variable Mortgage rates in New Brunswick
| Month | Fixed | Variable |
|---|---|---|
| 09/19 | 2.51% | 2.75% |
| 10/19 | 2.54% | 2.75% |
| 11/19 | 2.69% | 2.75% |
| 12/19 | 2.59% | 2.75% |
| 01/20 | 2.74% | 2.75% |
| 02/20 | 2.59% | 2.10% |
| 03/20 | 2.46% | 2.10% |
| 04/20 | 2.68% | 2.40% |
| 05/20 | 2.42% | 2.08% |
| 06/20 | 2.32% | 2.01% |
| 07/20 | 2.42% | 2.01% |
| 08/20 | 2.36% | 1.95% |
| 09/20 | 2.02% | 2.00% |
| 10/20 | 2.01% | 1.85% |
Last Updated: November 9, 2020
Focus On
New Brunswick’s housing market.
Housing activity in New Brunswick has been flat for the last few years, despite falling mortgage rates and an improving job market. In 2020, average residential prices in the province are just between $200,000 and $220,000 over the past year - far less than the Canadian average.
Add it all up and you have a pronounced buyer’s market in New Brunswick, which is great news if you’re thinking about home ownership or want to upgrade your property.
Single-detached family home prices by New Brunswick region as of July 2020
| Region | Average Residential Price |
|---|---|
| Fredericton | $218,767 |
| Greater Moncton | $220,261 |
| Saint John | $202,297 |
| Northern Region NBREA | $136,257 |
| New Brunswick | $203,173 |
Last Updated: September 24th, 2020
Source: Canadian Real Estate Association
Two-Storey Home and Condo Prices by Province as of July, 2020
| Province | Two Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
Last Updated: September 24th, 2020
Your New Brunswick mortgage questions, answered.
Looking for mortgage info? Check out our Home Buyers Guide.
Variable or fixed: which is more popular?
While variable rate loans have typically come with lower rates than fixed rate loans, the last year has seen a number of economic curveballs. As a result, for a period of time in the first half of 2020, fixed rates on LowestRates.ca were actually lower than variable mortgage rates, which means that more users opted for a fixed rate mortgage. As we enter the final quarter of 2020, this trend appears to have reversed itself. Because fixed and variable rates have been so close for the duration of 2020, no matter which type of mortgage you apply for on LowestRates.ca., you’ll be getting a great deal.
About New Brunswick
New Brunswick is the largest of Canada's three Maritime Provinces. It's a must-see destination for nature lovers, offering a whirlwind of natural wonders, including the Bay of Fundy, which has the world's highest tides (up to four-storeys high!), and the Saint John River. Not surprisingly, the New Brunswick economy is centered around natural resource industries such as forestry, mining, fisheries, and mixed farming. It's also home to the McCain Foods empire — one-third of the world's French fries come from New Brunswick's Florenceville-Bristol.
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