Newfoundland and Labrador Mortgage Rates
The Best Mortgage Rates in Newfoundland and Labrador
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About Newfoundland and Labrador
More About: Living In Newfoundland & Labrador
Newfoundland and Labrador is the most easterly province in Canada, comprised of the island of Newfoundland and mainland Labrador, with a combined population of about 525,000. Here are some more fun facts about Newfoundland and Labrador:
- St John's (not to be confused with Saint John, new Brunswick!) is the capital city of Newfoundland and Labrador and has a metro-area population of about 200,000
- Because of its proximity to the Atlantic Ocean, summers are cool and winters are long, with many storms and high winds and plenty of fog and precipitation
- Newfoundland and Labrador's main exports are oil, fish products, iron and electricity. Fishing is an important industry, though overfishing has caused decline in fish populations in the Grand Banks
- Labrador is approximately two and half times as large as the island of Newfoundland, but is mostly forested and accounts for only about 8% of the population of the province. In Northern Labrador, the climate is subarctic
5 Things You Need To Know About Buying In Newfoundland & Labrador
- The average home price in Newfoundland & Labrador is roughly $265,000 – that's almost $150,000 cheaper than the national average
- Home prices in St. John's have doubled in the past decade, but growth is expected to moderate in coming months. This is not much comfort for those still struggling to break into the market as first time homebuyers – with average home prices hovering around $350,000, the capital city is not the friendliest market for newcomers
- Housing starts in Atlantic Canada are expected to slow in 2015. Newfoundland and Labrador home sales are also expected to dip, with prices moderating through 2015. Although home price increases in Newfoundland and Labrador have been slight, they are still the largest in Atlantic Canada in recent years
- Housing demand is expected to be supported by a strong economy, barring any restrictions to the province's resources
- Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise
Frequently Asked Question: Why are housing starts in Atlantic Canada expected to slow in 2015?
A housing start is a term used in the industry for a new home construction. A strong economy in Newfoundland & Labrador supported a boom in housing starts in recent years. Although the economy remains strong, growth is forecasted to slow, which should negatively impact housing demand. With not as much demand for housing, it makes sense that housing starts should decrease.
Newfoundland & Labrador Housing Statistics
Home prices in the capital city of Newfoundland & Labrador have increased significantly in the past decade, but the province remains one of the more affordable in Canada. A strong resource-based economy and a high quality of life continues to attract home buyers.
|Property Prices: Moderate||Quality of Life Index: High|
|Cost of Living: High||Traffic Index: Moderate|
Buying Property in Newfoundland & Labrador – Important Links
Thinking of buying a home in Newfoundland & Labrador? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Newfoundland & Labrador:
Get Newfoundland & Labrador regional housing statistics from the Canada Mortgage and Housing Corporation.
Ever wonder what everyday items will cost you in Newfoundland & Labrador? You can compare the cost of living across Canada and around the world here.
Are you new to Canada? Newfoundland & Labrador offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.
Health care varies from province to province. Find out all you need to know about the Newfoundland & Labrador health care system and how to qualify for coverage here.
Get up to speed on provincial politics – learn more about the Newfoundland & Labrador provincial government here.