Estimate your monthly mortgage payment based on Newfoundland and Labrador home prices. NL has one of the lowest average mortgage payments in Canada at $1,430/month, with affordable housing in St. John’s and throughout the province.
The average home price in Newfoundland and Labrador is approximately $290,000. With a minimum down payment of $14,500 (5%) and CMHC insurance, the total mortgage would be approximately $286,396. At a 4.25% interest rate over 25 years, the monthly mortgage payment would be $1,549.
5-year term summary:
25-year summary:
Newfoundland mortgage payment examples
| Home Price | Down Payment | Mortgage + CMHC | Monthly at 4% | Monthly at 5% | Monthly at 6% |
|---|---|---|---|---|---|
| $150,000 | $15,000 | $139,185 | $733 | $813 | $896 |
| $200,000 | $20,000 | $185,580 | $978 | $1,084 | $1,194 |
| $290,000 | $29,000 | $269,259 | $1,419 | $1,573 | $1,733 |
| $350,000 | $35,000 | $324,870 | $1,712 | $1,898 | $2,091 |
| $450,000 | $45,000 | $417,825 | $2,202 | $2,441 | $2,690 |
No land transfer tax in Newfoundland
Newfoundland and Labrador does not charge a land transfer tax. Instead, buyers pay a Registration of Deeds fee:
- $100 base fee + $0.40 per $100 of property value over $500
Example: On a $290,000 home, the registration fee would be approximately $1,259.
This is significantly less than land transfer taxes in Ontario ($4,025 on the same price), BC ($3,800), or Quebec ($2,950).
Newfoundland property tax rates
| Municipality | Approximate Tax Rate | Annual Tax on $290,000 Home |
|---|---|---|
| St. John’s | 0.88% | $2,552 |
| Mount Pearl | 0.83% | $2,407 |
| Conception Bay South | 0.85% | $2,465 |
| Corner Brook | 1.10% | $3,190 |
| Grand Falls-Windsor | 1.05% | $3,045 |
Newfoundland housing cost breakdown
| Cost Category | Typical Monthly Range |
|---|---|
| Mortgage payment (on average home) | $1,450 – $1,650 |
| Property taxes | $200 – $270 |
| Home insurance | $100 – $225 |
| Utilities & heating | $250 – $450 |
| Maintenance (1% of value/year) | $240 – $290 |
Total estimated monthly cost: $2,240 – $2,885
Newfoundland has among the lowest total housing costs in Canada. However, heating costs tend to be higher due to the climate, particularly for older homes.
Newfoundland-specific homebuyer considerations
- HST — NL charges 15% HST (5% federal + 10% provincial) on new construction.
- Heating costs — NL’s climate makes heating a significant expense. Oil heat is common, costing $2,500–$4,000/year. Electric heat and heat pumps are increasingly popular.
- Home insurance — Coastal properties may face higher insurance rates due to weather exposure.
- Water and sewer taxes — Some municipalities charge separate water/sewer taxes in addition to property taxes.
- First Home Savings Account (FHSA) — See the FHSA calculator.
Newfoundland housing market overview
- St. John’s — The main market, with average prices around $320,000–$350,000, making it one of Canada’s most affordable capital regions.
- Corner Brook — Western Newfoundland’s largest city, with prices around $200,000–$250,000.
- Labrador — Limited market with prices varying widely by community, from $100,000 to $300,000+.
For the latest data, see the Newfoundland housing market report.
How much income do you need to buy in Newfoundland?
Qualifying income estimates based on 25-year amortization and stress test rate (~6.25%):
| Home Price | Min. Down (5%) | Income Needed (5% down) | Income Needed (20% down) |
|---|---|---|---|
| $200,000 | $10,000 | $51,000 | $46,000 |
| $290,000 | $14,500 | $73,000 | $67,000 |
| $350,000 | $17,500 | $87,000 | $80,000 |
| $450,000 | $22,500 | $111,000 | $103,000 |
Newfoundland’s low average prices mean homeownership is within reach at salaries well below the Canadian median.
NL vs. Atlantic Canada comparison
| Province | Avg. Home Price | Transfer Tax/Fee | Avg. Property Tax Rate | Total Monthly Cost (avg. home) |
|---|---|---|---|---|
| Newfoundland | $290,000 | ~$1,260 (fee) | ~0.90% | $2,240–$2,885 |
| PEI | $365,000 | 1% | ~0.80% | $2,660–$3,290 |
| New Brunswick | $310,000 | 0.5–1.5% | ~1.45% | $2,500–$3,100 |
| Nova Scotia | $420,000 | 1.5% | ~1.05% | $3,100–$3,800 |
Newfoundland has the lowest average home prices and lowest transfer costs in Atlantic Canada, making it the most affordable province in the region.
Newfoundland first-time buyer programs
| Program | Benefit |
|---|---|
| No land transfer tax | Saves thousands vs. Ontario, BC, or Quebec |
| FHSA (First Home Savings Account) | Up to $40,000 in tax-deductible, tax-free contributions |
| RRSP Home Buyers’ Plan | Withdraw up to $60,000 per person ($120,000/couple) |
| GST/HST New Housing Rebate | Partial federal rebate on new construction |
| CMHC mortgage insurance | Enables 5% down payment on homes under $1.5M |
NL does not currently offer a provincial first-time buyer rebate, but the absence of land transfer tax is itself a significant saving compared to most provinces.
Related calculators
- Newfoundland Registration Fee Calculator — Calculate your NL registration fees
- Mortgage Affordability Calculator — How much house can you afford?
- Closing Costs Calculator — Estimate all purchase costs