New Brunswick Mortgage Rates.

As of January 30th, 2023
Term Length
Mortgage Type
Sort By (Low to High)
Lender Variable RateFixed Rate
Mortgage Alliance
Mortgage Alliance
Neo Financial
Neo Financial
Dominion Lending
Dominion Lending

New Brunswick at a Glance

Home to the Bay of Fundy and the world’s longest covered bridge, New Brunswick has Canada’s second oldest population by median age and is Canada’s only bilingual province. Located on the east coast of Canada, New Brunswick is Canada's largest Maritime province by land area, and has a population of 781,476 as of July 1, 2020. Major cities include Moncton, Fredericton, and Saint John, with smaller cities being Dieppe, Edmundston, Campbellton, Bathurst, and Miramichi. The town of Shediac, NB is home to the world’s largest lobster sculpture and is also called “The Lobster Capital of The World”.

Francophones makeup a larger proportion of the population in the North-West and North-East of the province. 34% of New Brunswick's population speaks both English and French, with French being the first language for 32%. Moncton has the largest French-speaking population in the province, with 36% of Moncton-Richibucto speaking French.

New Brunswick's other major cities have a smaller francophone population, at 2% in Saint John and 4% in the capital city of Fredericton. Meanwhile, Francophones makeup 41% of Campbellton-Miramichi and 17% of Edmundston-Woodstock.

New Brunswick Mortgage Lenders

All of Canada’s Big Five Banks (RBC, TD, Scotiabank, BMO, and CIBC) operate in New Brunswick. National non-bank mortgage lenders, such as First National, MCAP, and CMLS, can also be found in the province, which helps to keep New Brunswick mortgage rates competitive. Most New Brunswick mortgage lenders are based in the major cities of Moncton and Fredericton, but there are still lenders available all across the province.

There are 9 credit unions and 15 caisse populaires in New Brunswick. New Brunswick’s largest credit union is UNI Financial, followed by Bayview Credit Union and OMISTA Credit Union.

List of New Brunswick Credit Unions
Credit UnionNumber of BranchesIncorporated In
UNI Financial Corporation43Caraquet/Bathurst
Progressive Credit Union3Fredericton
Citizens Credit Union1Fredericton
New Brunswick Teachers Association Credit Union (NBTA)1Fredericton
OMISTA Credit Union4Moncton
Advance Savings Credit Union4Moncton
Bayview Credit Union7Saint John
Beaubear Credit Union2Miramichi
Blackville Credit Union1Miramichi
The Credit Union1Campbellton/Dalhousie

UNI Financial

UNI Financial is New Brunswick’s largest credit union, with 43 branches throughout the province and over 146,000 members. This means that just under 19% of New Brunswick’s population is a member of UNI Financial, or almost 1 in 5 people. UNI Financial was also the first credit union to become federally regulated in Canada. As a federal credit union, UNI Financial can operate nationally.

Based in the town of Caraquet on the Acadian Peninsula, UNI Financial is a Francophone credit union that serves New Brunswick’s large Francophone population. In addition to being a major mortgage lender in New Brunswick, UNI Financial also operates UNI Business, UNI Wealth Management, and UNI Insurance, with subsidiaries AVie, Acadia Life, and Acadia General Insurance. UNI Financial outsources some of its services to Fédération des caisses populaires Desjardins du Québec (Desjardins).

A unique UNI Mortgage is the "5-in-1" Yearly Resetter Rate. With this mortgage, your mortgage term will be 5 years, but your mortgage rate will be fixed at 1-year rates that change every year of your term. This makes it act similar to a variable mortgage rate, but instead of having the rate change every time the prime rate changes, this 5-in-1 mortgage will change once per year.

Other unique mortgage options include a protected variable rate mortgage with a ceiling rate (cap). As of July 2021, UNI's current protected variable rate was 2.80%, with the ceiling rate at 4.74%. With this ceiling, your variable rate won’t go above 4.74% during your mortgage term.

UNI Financial's annual prepayment limit is 15% for UNI's closed mortgages. UNI Financial also has a 90-day rate guarantee for fixed mortgages, which is slightly less than the rate guarantees offered by some major banks.

In 2020, UNI Financial's residential mortgage portfolio was $1.681 billion, with most of UNI Financial's mortgage growth being in the Greater Moncton region. 41% of UNI Financial mortgages were CMHC-insured in 2020, slightly lower than 43% in 2019.

All caisse populaires in New Brunswick are all part of UNI Financial (UNI Coopération financière/Caisse populaire Acadienne), although 14 of these caisse populaires are individually incorporated. This includes the following regions:


  • Caisse populaire Beauséjour
  • Caisse populaire Dieppe-Memramcook
  • Caisse populaire Sud Est


  • Caisse populaire de Beresford
  • Caisse populaire des Fondateurs
  • Caisse populaire des Iles
  • Caisse populaire le Lien des deux Rivières
  • Caisse populaire de Néguac
  • Caisse populaire de Shippagan
  • Chaleur Credit Union/Caisse populaire Chaleur


  • Caisse populaire Restigouche


  • Caisse populaire Madawaska
  • Caisse populaire Trois Rives
  • Caisse populaire La Vallée de l’Érable

Bayview Credit Union

Bayview Credit Union was New Brunswick's first credit union, and today is the largest English-speaking credit union in the province. Bayview Credit Union operates in southern New Brunswick, branching out from their head office in Saint John to serve in seven branches stretching along the Bay of Fundy. While Bayview Credit Union claims to be the first community credit union in New Brunswick, opening on March 16, 1938, another credit union also asserts a similar title. Blackville Credit Union claims to be the oldest credit union in the province, with it operating since 1936.

Bayview's profit sharing program provides interest rebates for Bayview mortgage rates. You can withdraw your interest rebates once you turn 60 years of age and have been a member of the credit union for at least five years. In 2020, Bayview paid out $106,000 in profit sharing rebates and dividends.

Bayview Credit Union only offers closed mortgages, with terms available ranging from 6 months to up to 5 years. As of July 2021, Bayview Credit Union's prime rate was 2.95%. This is higher than the prime rate at most major banks in Canada, and means that Bayview’s variable mortgage rates can be higher than other mortgage lenders in New Brunswick. Bayview Credit Union only lends to members in Southern New Brunswick.

Bayview Credit Union's residential mortgage portfolio in 2020 was $241.65 million, and their commercial mortgage portfolio was $64.88 million. 12.8% of Bayview's mortgages were variable rate loans, with variable rates being as low as prime minus 1% to as high as prime plus 12.50% for some personal loans.

OMISTA Credit Union

OMISTA Credit Union has two branches in Moncton and two branches in Fredericton. Initially founded over 80 years ago for CN repair workers, OMISTA now is open to all residents of New Brunswick. In 2020, the volume of OMISTA loans grew to $234 million. OMISTA Credit Union offers both open and closed mortgages. For variable rate mortgages, OMISTA's current prime rate of 2.95% as of July 2021 is higher than the prime rate at Canada's major banks. For high-ratio insured mortgages, OMISTA allows you to get mortgage default insurance from CMHC or Sagen. You can also choose to have OMISTA collect your property taxes with your mortgage payments.

Advance Savings Credit Union

Based in Moncton, Advance Savings Credit Union has four branches in the Greater Moncton Area. This includes Riverview, Petitcodiac, and Rexton. Advance Savings Credit Union is unique by having a large mortgage prepayment limit, allowing closed mortgage borrowers to prepay up to 25% of their outstanding mortgage balance every year without penalties.

Advance Savings offers a variety of specialty mortgages, such as an "Income-Flex Mortgage" for self-employed borrowers with a down payment as low as 5%. For those looking to purchase an energy-efficient home, their Keep-it-Green Mortgage provides a 25% refund of mortgage insurance premiums and offers lower mortgage rates. Meanwhile, their Up-to-95 Mortgage allows a down payment as low as 5%, while their Lots-Down Mortgage is an option for borrowers that have a down payment of at least 20% or more.

Are mortgage amounts in New Brunswick the lowest in Canada?

New Brunswick has had historically low housing prices, which has kept the size of mortgages in the province low. In fact, the average size of a mortgage in New Brunswick is the lowest in Canada. The average value of new mortgage loans in New Brunswick in 2021 was $159,046, compared to the national average of $335,462. Mortgages are slightly higher in urban areas of the province due to their slightly higher home prices, with the average new mortgage in Moncton being $176,025, while the average new mortgage in Saint John was $166,851.

New Brunswick Real Estate

New Brunswick’s more affordable housing market makes it more attractive for home buyers. That's why the average price of a home in New Brunswick increased by 30.9% in June 2021 compared to a year earlier. Even as home prices increase, the average home price of $245,600 still remains comparatively affordable when looking at more expensive housing markets, such as Toronto or Vancouver.

The Greater Moncton Area had the province's highest number of home sales and the highest average home price in June 2021. Homes outside of New Brunswick's urban areas can have average prices almost half of the average price of homes in Moncton.

New Brunswick Real Estate Market - June 2021
Number of Home SalesAverage Home Price
Greater Moncton433$282,060
Northern Region193$155,838
Saint John340$271,160
New Brunswick1,319$256,418

Why are houses so cheap in New Brunswick?

With the cheapest homes in Canada and smaller mortgages required, why are houses still so cheap in New Brunswick? Home prices are slowly catching up to the rest of the country, with prices increasing over 30% year-over-year, but prices are still trailing behind the national average. A large reason for the lack of housing demand seen in other provinces is due to New Brunswick’s economy.

While New Brunswick homes might seem affordable to those in expensive housing markets, they might not be so affordable for locals. Employment opportunities in New Brunswick are relatively scarce for certain industries. New Brunswick’s low cost of living is coupled with the somewhat low incomes in the province. New Brunswick had among the lowest household incomes in the country, with the median household income of homeowners in 2019 being $68,700. Low incomes in the province have also been occurring for a period of time. In 2009, the average household income in New Brunswick based on 2019 dollars was $61,600. Household incomes of homeowners increased 11% over 10 years, but it still wasn’t enough to bring it up to the national average of $78,700.

Another large factor leading to New Brunswick’s sluggish housing market is due to demographics. Since 2015, there have been more deaths than births in New Brunswick, meaning that New Brunswick relies on migration for population growth, particularly interprovincial migration. Historically, however, New Brunswick has faced individuals leaving the province and moving to other provinces, with most of those leaving being youth and working-age individuals. From July 2010 to June 2020, New Brunswick lost a net total of 9,127 people due to migration. While New Brunswick lost working-aged individuals, the province gained more senior individuals.

New Brunswick Interprovincial Migration 2010-2020
Age CategoryNet Gain/Net Loss
0 - 17+1,134
18 - 24-8,993
25 - 54-4,842
55 and over+3,574

International migration has also lagged behind the rest of the country, as New Brunswick welcomed fewer immigrants as a proportion of their population. An increasingly large amount of international migration is from non-permanent residents, such as international students and temporary foreign workers. Non-permanent residents are less likely to purchase a home.

Is New Brunswick real estate outperforming other provinces?

There’s plenty of room for New Brunswick real estate prices to catch up, but it’s also limited due to less attractive job prospects. Even so, New Brunswick’s real estate market has outperformed other provinces in 2021.

From June 2020 to June 2021, average house prices in New Brunswick increased 30.9%. This is higher than the national average of 25.9%, and larger than the average of 22.1% in British Columbia and 26.1% in Ontario. Continued low mortgage rates in New Brunswick has helped to further spur home buying. It’s expected that NB mortgage rates will remain low over the next year.

Average Home Price Growth from June 2020 to June 2021
ProvinceAverage Home Price Growth (1 Year)
New Brunswick30.9%
Nova Scotia27.6%
Prince Edward Island27.0%
British Columbia22.1%
Northwest Territories19.1%
Newfoundland and Labrador11.6%
Souce: The Canadian Real Estate Association

The Maritime Provinces all topped the list in terms of annual home price growth, with New Brunswick having the fastest growing home prices in Canada. Cities in New Brunswick drove the province’s large price increases, and outpaced most other major cities in Canada.

Average Home Price Growth from June 2020 to June 2021 (Cities)
CityAverage Home Price Growth (1 Year)
Saint John25.2%
Quebec City15.9%
Souce: The Canadian Real Estate Association

Are New Brunswick immigration programs boosting New Brunswick real estate?

More buyers will naturally cause upward pressure on housing prices. New Brunswick has welcomed around 5,000 international migrants every year, which makes up for interprovincial migration out of the province and for declining birth rates. While net immigration spiked to 6,280 in 2018-2019 decreased during COVID-19 restrictions, it's expected that imigration levels will return to normal levels in the near future.

A significant proportion of immigrants move to Greater Moncton, with a net gain of 1,981 immigrants in 2019-2020. Fredericton had a net gain of 1,259 immigrants, while Saint John had 1,023. Moncton and Fredericton were the only areas in New Brunswick that had any natural population growth in the past 5 years. This means that the rest of the province heavily relies on migration to support population levels.

Many banks and mortgage lenders offer mortgage programs to help new immigrants get a mortgage, even if they have no credit history or little employment history. New Brunswick also has a variety of immigration programs and streams, such as the New Brunswick Provincial Nominee Program (NBPNP), NB Skilled Worker stream, NB Express Entry stream, Atlantic Immigration Pilot Project, and the NB Business Immigration stream, along with federal immigration programs. For a look at the province's immigration programs, visit the Government of New Brunswick's website.

Are mortgage rates higher in New Brunswick in comparison to Nova Scotia mortgage rates?

Mortgage rates in New Brunswick have been higher than Nova Scotia mortgage rates in the past, but now they have mainly been the same. That’s due to the availability of mortgage lenders in New Brunswick that has gradually made it easier for borrowers to compare New Brunswick mortgage rates, forcing lenders to offer more competitive rates.

It’s easy to forget just how small New Brunswick’s mortgage industry is. Moncton, the largest city in New Brunswick, has a population of just over 75,000, and a metro area population of 150,000. Meanwhile, Halifax in Nova Scotia has a population of 448,000, almost triple the size of Greater Moncton.

New Brunswick’s smaller market is also reflected in the number of mortgage lenders in the province. There are 39 licensed mortgage brokerages in New Brunswick, almost half of Nova Scotia’s 72 licensed mortgage lenders. These lenders, and the gradually increasing attention being placed on New Brunswick real estate as one of the last affordable markets in Canada, means that there is increasing competition as home buyers rush into New Brunswick. This equalization has led to New Brunswick mortgage rates being just as low as other provinces.

How to get the lowest mortgage rates in New Brunswick

Comparing rates online is the first step to getting the best mortgage rate in New Brunswick. This gives you an idea of which lenders are offering low rates, and it might also be from lenders that you haven’t heard of before.

Once you’ve found the lowest mortgage rate, it’s time to get into action. Mortgage lenders in New Brunswick offer mortgage rate holds which will guarantee you a fixed mortgage rate for 90 days to 120 days. If you’re getting close to your renewal date or closing date, a mortgage rate hold can lock-in current low mortgage rates to guarantee that you’ll be able to have today’s low rates. It can also be a good idea to work with a New Brunswick mortgage broker, which can help connect you to more lenders and access lower mortgage rates, all at no charge to you.

New Brunswick Mortgage Brokers

Mortgage brokers in New Brunswick are a valuable tool for you to use while mortgage shopping. Canada’s major mortgage brokerages, such as Dominion Lending Centres, operate in New Brunswick, helping borrowers access the lowest mortgage rates.

In New Brunswick, mortgage brokers are regulated and licensed by the Financial and Consumer Services Commission (FCNB) under the New Brunswick Mortgage Brokers Act. The four types of licenses in New Brunswick are:

  • 1. Mortgage Associate: This is a person that works for a mortgage brokerage
  • 2. Mortgage Broker: This is a person that works for a mortgage brokerage and can supervise mortgage associates
  • 3. Mortgage Brokerage: This is a company that solicits, negotiates, and arranges mortgage loans, and can also provide advice
  • 4. Mortgage Administrator: This is a company that collects and enforces mortgage payments, and send those payments to mortgage investors

Each mortgage brokerage will have a principal broker that supervises the brokerage and is the brokerage’s representative when dealing with the FCNB. New Brunswick mortgage associates have a different title in under provinces. For example, they're called mortgage agents in Ontario, sub-mortgage brokers in British Columbia, and Salespersons in Manitoba.

Most mortgage brokerages in New Brunswick are from other provinces. There are 13 mortgage brokerages based in New Brunswick, along with national mortgage brokerages with an office in New Brunswick. Moncton mortgage brokers include iQ Commercial Mortgage Strategy, Estate Mortgage, and Centum. Fredericton mortgage brokers include Verico and Front Gate Mortgages. Saint John mortgage brokers include Approved Mortgage Group Saint John.

Licensed Mortgage Brokerages Based in New Brunswick
Mortgage BrokerageCity
Verico Metro Mortgage CompanyDieppe
Verico AMC Atlantic Mortgage ConsultantsFredericton
Start VenturesSt. Andrews
iQ Commercial Mortgage StrategyMoncton
Centum A & E MortgagingMoncton
Centum Home LendersMoncton
Alternative Mortgage SolutionsDieppe
RCL Financial ServicesMoncton
Cormier & Cormier ConsultantsEdmundston
Estate MortgageMoncton
Front Gate MortgagesFredericton
Approved Mortgage Group Saint JohnSaint John
Multi-Prets Global MortgagesDieppe

Other mortgage brokerages operating in the province are headquartered in other provinces. This includes Dominion Lending Centres, CMLS, Spectrum-Canada Mortgage Services, Mogo, IG Wealth Management, The Mortgage Group, XMC Mortgage Corporation, MCAP, Invis, First National, Mortgage Intelligence, Mortgage Architects, CBRE, Radius Financial, Citadel Mortgages, and Nesto.

Meanwhile, there are 91 mortgage brokers in New Brunswick operating under various mortgage brokerages.

Are mortgage refinance rates higher than new mortgages in New Brunswick?

Yes, mortgage refinance rates in New Brunswick are higher than new mortgage rates. This phenomenon, which is also seen in other provinces, is due to them having different levels of risk. When you're comparing mortgage lenders using this mortgage rates page, you're able to select between rates for new mortgages, for switch/transfers, and for refinancing. You'll notice that new mortgage and switch/transfer mortgage rates are different from refinancing rates.

This is because when you are refinancing, you may choose to borrow more money using your home equity. This raises the amount of debt that you have, making mortgage refinances having a different rate.

Not all lenders will choose to have a different rate for refinancing. For example, Scotiabank's mortgage rates in New Brunswick are the same whether you are refinancing or purchasing a new home. Some lenders may even choose to offer a lower refinancing rate, such as MCAP.

Mortgage regulators in New Brunswick

Mortgages are regulated by the Financial and Consumer Services Commission (FCNB) in New Brunswick. It’s important to check to see if your mortgage brokerage and mortgage broker is licensed to operate in New Brunswick. You can search to see if they are licensed by using FCNB’s portal.

Credit unions also fall under the services of Atlantic Central, which provides services and support for credit unions in the Maritime Provinces. 9 New Brunswick credit unions are members of Atlantic Central.

In order to be a member of Atlantic Central, credit unions must keep at least 8% of their total liabilities as a liquidity reserve with Atlantic Central. Atlantic Central also provides funding to help with cash flow. For example, Atlantic Central provides a $10 million line of credit to Bayview Credit Union at an interest rate of prime minus 0.5%. New Brunswick Credit Union Legislation also requires credit unions to have equity that is at least 5% of total assets. This can include credit union membership shares and dividend surplus shares.

The New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) provides deposit insurance of up to $250,000 per eligible category. Only provincially regulated credit unions have NBCUDIC deposit protection. UNI Financial, a federal credit union that operates under federal laws, has deposit insurance from the CDIC instead. CDIC deposit insurance covers up to $100,000 per eligible category.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.