How much income do I need to buy a home in Newfoundland and Labrador?

For the provincial benchmark home, about $83,600 a year with the minimum down payment, or $72,100 with 20% down, under the stress test and CMHC's 39% housing-cost limit and this site's assumptions (25-year amortization, property tax of 1% of the price, $150 a month for heat).

What is the typical home price in Newfoundland and Labrador?

The MLS HPI benchmark was $358,400 and the average sale price $366,918 in August 2026, according to the provincial REALTOR association figures compiled on CREA Stats.

Newfoundland and Labrador Mortgage Affordability Calculator (2026): Income Needed to Buy

Newfoundland and Labrador’s typical home prices and the income they need are shown below.

Most you can spend on a home

Down payment

CMHC insurance premium

Mortgage (with premium)

Qualifying (stress test) rate

Actual monthly payment

Income needed for a typical home

Area	Price measure	Price	Income needed, minimum down	Income needed, 20% down
Newfoundland and Labrador	MLS HPI benchmark	$358,400	$83,600	$72,100
Newfoundland and Labrador	Average sale price	$366,918	$85,500	$73,700

Prices: provincial REALTOR association figures on CREA Stats (August 2026). Incomes: this site's calculation, with the assumptions on the calculator page.

Closing costs

Closing costs are on top of the down payment: see closing costs in Newfoundland and Labrador.

Sources

The figures and rules on this page come from these sources, last checked against them between September 24, 2026 and September 25, 2026. How we check facts.

Bank of Canada: Data table
CMHC: Calculating GDS / TDS
CMHC: CMHC Purchase
CMHC: Home Start
CMHC: CMHC Improvement
CREA: creastats.crea.ca
Department of Finance Canada: Technical backgrounder mortgage insurance rules income proposals revised october 14 2016
Department of Finance Canada: Government announces boldest mortgage reforms in decades to unlock homeownership for more canadians
Department of Finance Canada: Straight switches and portfolio insurance
Department of Finance Canada: Boldest mortgage reforms in decades come into force today
Financial Consumer Agency of Canada: Down payment
Financial Consumer Agency of Canada: Buying home

6 more sources