Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.75%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
BMO Bank of Montreal

BMO Bank of Montreal

Term 6 Months
Type Fixed Closed
Rate 4.20%
True North Mortgage

True North Mortgage

Term 1 Year
Type Fixed Closed
Rate 3.39%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.69%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 3.79%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.44%
TD Canada Trust

TD Canada Trust

Term 5 Year
Type Fixed Closed
Rate 5.59%

Newfoundland and Labrador mortgage rates

Ready to compare mortgage rates in Newfoundland and Labrador? You’ve come to the right place — LowestRates.ca helps you find the most competitive rates from the top mortgage brokers and banks in the province. The best part? Our service is fast and free — simply tell us what kind of mortgage you’re in the market for and we’ll find you the lowest rates.

Check out the charts below to see how much you can save by comparing rates and to find out more about the housing market in Newfoundland and Labrador.

Lower rates = huge savings

You already know you can save big by shopping around for a mortgage rate, but we want to give you the numbers to prove it: our 5-year fixed rates have tracked at least 2% lower than posted rates at the big Canadian banks since 2014.

On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan. Whether you’re house hunting in St. John’s or in Mount Pearl, savings like that can have a massive impact on your finances.

Mortgage Interest Savings in Canada:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2017 2.79% 4.99%
Dec 2017 2.71% 4.99%
Jan 2018 2.93% 5.14%
Feb 2018 3.01% 5.14%
Mar 2018 3.07% 5.14%
Apr 2018 3.08% 5.14%
May 2018 3.18% 5.34%
Jun 2018 3.16% 5.34%
Jul 2018 3.14% 5.34%
Aug 2018 3.19% 5.34%
Sep 2018 3.17% 5.34%
Oct 2018 3.29% 5.34%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.

On a $400,000 mortgage that’s an average savings of:

$437
Per month
$5,239
Per year
$130,974
Per lifetime

Variable or fixed: which is lower?

You can obviously save a ton of money by shopping around for a mortgage, but how do the best variable rates stack up against the best fixed rates? We compared the LR.ca 5-year fixed rate mortgages and LR.ca 5-year variable rate mortgages that Canadians have been applying for on our site. Variable rates are almost half a percentage point lower, which can result in huge savings over time.

Mortgage Interest Savings in Canada:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2017 2.79% 2.04%
Dec 2017 2.71% 1.93%
Jan 2018 2.93% 2.11%
Feb 2018 3.01% 2.22%
Mar 2018 3.07% 2.21%
Apr 2018 3.08% 2.19%
May 2018 3.18% 2.22%
Jun 2018 3.16% 2.16%
Jul 2018 3.14% 2.32%
Aug 2018 3.19% 2.45%
Sep 2018 3.17% 2.42%
Oct 2018 3.29% 2.48%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
On average, our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage that’s an average savings of:

$102
Per month
$1,222
Per year
$30,548
Per lifetime

Variable or fixed: which is more popular?

Wondering if you should get a fixed or a variable rate? That choice depends on how much risk you want to take on and what your financial profile looks like. Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca, the majority have taken 5-year variable rate loans, which are significantly lower than 5-year fixed rates and look set to remain that way for the foreseeable future.

5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
57%
of Canadians apply for 5-year variable mortgages
43%
of Canadians apply for 5-year fixed mortgages

✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.

Newfoundland and Labrador housing

Average resale prices in Newfoundland and Labrador edged down in 2015 and 2016. Mounting job losses, slowed construction activity, and a weak oil sector continue to weigh on the Newfoundland economy and stifle housing demand. However, the prospect of higher oil prices in 2017 could reignite the province’s housing market. For homebuyers with steady employment, historically low mortgage rates mean now is a great time to purchase real estate.

Resale Home Prices in Newfoundland
Newfoundland
Canada
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 (F) 2015 Q4 (F) 2016 Q1 (F) 2016 Q2 (F) $200k $400k $600k $281,000 $441,800

Average home prices by province and territory

Newfoundland and Labrador vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
Newfoundland and Labrador$265,395-2.4%
Alberta$395,648+2.7%
British Columbia$625,871-6.4%
Manitoba$282,511+4.2%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Quebec$291,232+2.6%
Saskatchewan$292,303+0.4%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

About Newfoundland and Labrador

Newfoundland and Labrador is the easternmost province in Canada and is made up of the island of Newfoundland and mainland Labrador. Its name comes from the Portuguese "Terra Nova," which means "New Found Land" and from the Portuguese navigator who explored the region, João Fernandes Lavrador. Over 90% of the population resides on the island, which is also the site of the province's capital, St. John’s. While Newfoundland has faced tough economic challenges in the past, recent years have seen the once 'have-not' province return to prosperity. The main pillars of its economy continue to be energy, fishing, financial services, and mining.

More ways to find a great rate