Best mortgage rates - Newfoundland & Labrador

RateSupermarket.ca offers a free to use, impartial search and comparison website, where property shoppers can quickly compare the best mortgage rates in Newfoundland and Labrador, and is the only Canadian site to compare rates from mortgage brokers, banks, credit unions, trusts and mortgage companies.

Home buyers searching from Mount Pearl, Corner Brook or St. John's, can use RateSupermarket.ca to find the latest up to date mortgage rates from both local and national mortgage lenders and brokers.

Best mortgage rates

You'll find the best mortgage rates on RateSupermarket.ca listed below by Rate type. Click on the "Get details" button to find out more, or you can compare mortgage rates now to find the best rate in your area.

Best variable closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable closed Search all	1 Year	2.60%		Full Feature Mortgage. Free Appraisals! 20%/20% Pre Payments.
	3 Years	2.10%		Full Service Mortgage. 20%/20% Pre Payment privileges.
	5 Years	2.00%		25%/25% Pre Payment Privileges. Full Service Mortgage. Free Appraisals!

mortgage rates updated: September 9, 2010 02:30:32

Best variable open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable open Search all	3 Years	3.75%
	5 Years	3.50%		Plus $750 cash back

Mortgage rates updated: September 9, 2010 02:30:32

Best fixed closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed closed Search all	6 month	3.95%
	1 Year	2.44%
	2 years	3.25%
	3 years	3.34%		60 Day Ratehold. Pre Approvals OK. Free Appraisals!
	4 years	3.59%
	5 years	3.69%		Full Service Mortgage. Free Appraisals!
	6 years	4.50%
	7 years	4.85%
	8 years	5.13%
	9 years	5.22%
	10 years	5.19%
	15 years	9.55%

Mortgage rates updated: September 9, 2010 02:30:32

Best fixed open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed open Search all	6 month	6.30%
	1 Year	6.30%
	3 years	6.30%

Mortgage rates updated: September 9, 2010 02:30:32

Newfoundland & Labrador housing and mortgage overview

The St. Johns region housing market had another fantastic year in 2007, as MLS sales exceeded 4,000 for the first time, as reported by CMHC. 2008 is expected to follow this trend The expectation for 2008 is for this trend to continue, wwith the Newfoundland and Labrador's positive economic situation continuing to support solid housing price growth and strong sales activity in the next 2 years.

GDP growth for the region is set to slow over the 2008-2009 period to 1.5% and 2.0% respectively, however, this is mainly due to reduced oil production. Employment is forecasted to grow by 1.1 in 2008, as a result of the addition of new energy investment activity.

Population declines should stop during the year as many Newfoundlanders begin to return from Alberta to support new megaproject construction activity, especially by 2009.

Newfoundland & Labrador house resale demand should remain high into 2009

Recent oil announcements have helped to bolster the resale market and home buying activity is expected to continue. Overall, the CMHC believe demand will remain high through to the end of 2008 and into 2009.

Newfoundland & Labrador house prices to grow by 7% in 2008

Although housing sales have been strong in the region for the past 2 years, there has been a large supply of homes for sale which has kept prices down from December 2005 through to May 2007. However, recent activity has seen the average price rise to $149,305 in 2007. 2008 and 2009 look favourable, with price forecast to grow by 7.2 per cent and 6.3 per cent, respectively.

Newfoundland & Labrador key stats

Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada
2007 E = estimated by the CMHC
* Canada calculation excludes Yukon and Northwest Territories
Data based on application received date
Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas
Quebec data is understated due to low response rate to the surveys in that province.
*Conventional Lending data only

Local Market Indicators

Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada
MLS = Multiple Listings Service