The best mortgage rates in Newfoundland And Labrador? Get ‘em right here!

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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 2.54%
True North Mortgage

True North Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.79%
True North Mortgage

True North Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.79%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.19%
True North Mortgage

True North Mortgage

Term 4 Year
Type Fixed Closed
Rate 2.89%
BMO Bank of Montreal

BMO Bank of Montreal

Term 3 Year
Type Fixed Closed
Rate 2.92%

Compare mortgage rates in Newfoundland And Labrador.

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 = bigger 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.

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:

$439 Per Month
$5,264 Per Year
$131,596 In a Lifetime

5-year fixed mortgage rate from LowestRates.ca in Newfoundland And Labrador vs 5-year bank rate

MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
02/183.01%5.14%
03/183.07%5.14%
04/183.08%5.14%
05/183.18%5.34%
06/183.16%5.34%
07/183.14%5.34%
08/183.19%5.34%
09/183.17%5.34%
10/183.29%5.34%
11/183.37%5.34%
12/183.42%5.34%
01/193.33%5.34%

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.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$142 Per Month
$1,705 Per Year
$42,618 In a Lifetime

5-year fixed mortgage rate in Newfoundland And Labrador vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
02/183.01%2.22%
03/183.07%2.21%
04/183.08%2.19%
05/183.18%2.22%
06/183.16%2.16%
07/183.14%2.32%
08/183.19%2.45%
09/183.17%2.42%
10/183.29%2.48%
11/183.37%2.62%
12/183.42%2.61%
01/193.33%2.63%

Focus On

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

QuarterNewfoundlandCanada
Q1/13$288,029$367,382
Q2/13$285,643$372,775
Q3/13$282,589$388,651
Q4/13$293,000$381,900
Q1/14$292,394$399,945
Q2/14$289,037$402,605
Q3/14$283,268$409,388
Q4/14$272,842$416,410
Q1/15$278,823$425,062
Q2/15$278,278$438,866
Q3/15$280,000$445,000
Q4/15$277,000$438,200
Q1/16$278,000$440,800
Q2/16$281,000$441,800

Two-Storey Home and Condo Prices by Province

ProvinceTwo StoreyCondo
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

Your Newfoundland and Labrador mortgage questions, answered.

Variable or fixed: which is more popular?

Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since the start of 2014, most have taken variable rate loans. Of course, variable rates have been significantly lower than 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?✝

of Canadians apply for 5-year variable mortgages
57%
of Canadians apply for 5-year fixed mortgages
43%

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

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.

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