Newfoundland & Labrador Mortgage Calculator 2021

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Mortgage Costs Over 5-Year Term

Total Cost:$117,876
Land Transfer Taxes and Other Costs
Your CMHC Premium is $13,950
Your Land Transfer Tax is $2,098
Did You Know:
Your land transfer tax could be lower if you are a first-time home buyer
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Newfoundland & Labrador Land Transfer Taxes

Also known in the province as the “Fees for the registry of deeds”, it is split into two categories. The first amount is determined by the value of the property, while the second is through the value of the mortgage amount. Each fee has a flat rate of $100 for the first $500 in purchase price, in addition to 40 cents for every $100 after. Below shows how a $400,000 homes fee would breakdown, with a 20% down payment ($320,000 mortgage amount).

Property FeesMortgage FeesTotal Taxes Due

Closing Costs in Newfoundland & Labrador

With lower transfer taxes than many other Canadian provinces, the overall home closing costs in Newfoundland will likely be lower than other provinces such as Ontario and Quebec. However, with much lower housing prices and many standard fees having fixed prices, your budget for closing costs should still be around 3%-4% of the purchase price. Closing costs to be aware of include:

  1. Home Inspections- This can help catch any hidden issues with the property, and usually cost ~$500.
  2. Title Insurance- Protects you and your lender in case of a property dispute, and costs ~$200.
  3. Property Appraisal- To get an accurate representation of the properties value, so your lender knows how much to lend. Costs ~$400.
  4. Property Survey- Provides you a property survey certificate that your lender and lawyer will need. Costs are generally ~$400.
  5. Lawyer & Legal Fees- Costs for a lawyer to finalize the mortgage and purchase on your behalf. Costs ~$1000.

Cost of Living in Newfoundland & Labrador

Atlantic Canada offers a very low cost of living compared to the mainland provinces, and Newfoundland & Labrador is no exception. Below shows how the low cost of living is similar with other east coast provinces for a 3 person family:

NewfoundlandPEINew BrunswickNova Scotia
Housing (2 Bedroom Apartment)$1202$1340$1193$1451

Newfoundland & Labrador is the only province in Canada to have had a net decline in the overall population over the last 5 years. The population of Newfoundland has gone from 528,800 people in the 1st quarter of 2016, to 520,438 people in the 1st quarter of 2021. This represents a decline of 8362 people over that time period.

Housing Prices In Newfoundland & Labrador

With the slowest annual increase in housing prices in all of Canada at 8.2%, the average price as of April 2021 is $286,900, versus $265,200 in April 2020. This may be because of the weak economy in the province, with Newfoundland’s unemployment rate being the highest in Canada, at 13.9% as of April 2021.