How much house can you afford in Newfoundland?
Newfoundland and Labrador’s average home price is $348,366 as of January 2026, up 3.9% year-over-year. More notably, the MLS benchmark surged 9.7% YoY to $334,000 — the strongest benchmark growth of any province in Canada. The market is balanced with 5.8 months of supply.
Newfoundland: the benchmark growth story
NL’s benchmark growth outpaces every other province:
| Province | Benchmark Price | YoY Change |
|---|---|---|
| Newfoundland & Labrador | $334,000 | +9.7% |
| Quebec | $535,000 | +7.1% |
| Saskatchewan | $359,500 | +5.6% |
| New Brunswick | $329,400 | +4.8% |
| PEI | $371,700 | +1.7% |
| Nova Scotia | $417,700 | +0.6% |
| Ontario | $745,800 | -7.0% |
| BC | $886,200 | -4.9% |
| Alberta | $499,300 | -3.1% |
While Ontario and BC are falling, NL is accelerating. This is significant for buyers considering timing.
What your income buys in Newfoundland
| Annual Income | Max Home (20% DP) | Where in NL |
|---|---|---|
| $60,000 | ~$305,000 | Outside St. John’s, Corner Brook, Gander |
| $70,000 | ~$360,000 | Rural NL comfortably, near St. John’s average |
| $87,000 | ~$450,000 | Provincial average — most of St. John’s |
| $100,000 | ~$515,000 | Premium areas in St. John’s |
A single income of $87,000 covers the average home — making NL one of Canada’s most accessible markets for solo buyers.
How NL compares to other affordable provinces
| Factor | NL | NB | SK | MB |
|---|---|---|---|---|
| Average price | $348,366 | $329,850 | $333,574 | $373,802 |
| Benchmark | $334,000 | $329,400 | $359,500 | N/A |
| YoY growth (benchmark) | +9.7% | +4.8% | +5.6% | N/A |
| Months of supply | 5.8 | 5.5 | 4.9 | ~4.0 |
| Transfer tax on avg | Minimal | 1% ($3,299) | 0.3% (~$1,000) | ~$4,800 |
NL has the strongest growth, moderate supply, and among the lowest transfer costs.
Newfoundland market conditions — January 2026
| Metric | Value |
|---|---|
| Average home price | $348,366 (+3.9% YoY) |
| Benchmark price | $334,000 (+9.7% YoY) |
| Total sales | 288 (+8.9% YoY) |
| Months of supply | 5.8 |
| Market condition | Balanced |
See the Newfoundland housing market report for the latest.
Tips for Newfoundland homebuyers
- Benchmark growth is accelerating — At 9.7% YoY, delays cost real money. A 1-year wait at this rate adds ~$33,000
- Still affordable by any standard — $87,000 income covers the average home
- Minimal transfer costs — Among the lowest closing costs in Canada
- 5% down on $348K is just $17,418 — Very achievable savings target
- Compare mortgage rates — Shop for the best deal, even on smaller mortgages
First-time buyer programs in Newfoundland
| Program | Benefit | Notes |
|---|---|---|
| FHSA | Up to $40,000 tax-free savings | Contributions are tax-deductible |
| RRSP Home Buyers’ Plan | Up to $60,000/person ($120,000/couple) | Repay over 15 years |
| CMHC insurance | Enables 5% minimum down payment | On homes under $1.5M |
| No provincial land transfer tax | Saves $4,000–$9,000 vs Ontario | Only a small deed registration fee (~$1,000–$2,000) |
| GST/HST New Housing Rebate | Partial rebate on new construction | HST is 15% in NL |
| First Home Savings Account (FHSA) | $8,000/year max, $40,000 lifetime | Flexible — unused room carries forward |
NL’s biggest advantage for first-time buyers is the absence of a meaningful land transfer tax. On a $348,000 purchase, the closing costs are thousands less than comparable purchases in Ontario, Manitoba, or BC.
Closing cost comparison: NL vs other provinces
| Province | LTT on $350,000 Home | Total Closing Costs (est.) |
|---|---|---|
| Newfoundland | ~$1,260 (fee only) | $4,000–$6,500 |
| New Brunswick | $3,500 | $6,000–$8,500 |
| Saskatchewan | ~$1,000 | $4,500–$7,000 |
| Manitoba | $4,575 | $7,500–$10,000 |
| Ontario | $3,475 | $8,500–$12,000 |
| BC | $5,250 | $10,000–$15,000 |
Related calculators
- NL Mortgage Calculator — Estimate your monthly payment
- NL Mortgage Rates — Compare current rates
- NL Housing Market — Latest prices and trends
- Nova Scotia Affordability — Compare with neighbouring NS