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Evaluate all of New Brunswick’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $400,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 6.59% | 5.60% | 5.60% | 6.69% |
7.09%
|
| 2-year fixed rate | 5.94% | 5.50% | 5.50% | 6.04% |
6.39%
|
| 3-year fixed rate | 5.09% | 5.30% | 5.30% | 4.94% |
5.64%
|
| 4-year fixed rate | 5.09% | 5.20% | 5.20% | 5.09% |
5.49%
|
| 5-year fixed rate | 4.84% | 4.99% | 4.99% | 4.94% |
5.04%
|
| 7-year fixed rate | 5.60% | 5.90% | 5.90% | 5.65% |
5.90%
|
| 10-year fixed rate | 6.00% | 6.14% | 6.14% | 6.05% |
7.25%
|
| 3-year variable rate | 6.10% | 6.80% | 6.80% | N/A |
8.60%
|
| 5-year variable rate | 6.25% | 6.30% | 6.30% | 6.25% |
6.59%
|
| HELOC rate | N/A | 7.40% | 7.40% | 7.40% | N/A |
| Stress test | 5.25% | 6.79% | 6.79% | 5.25% | N/A |
Updated
New Brunswick is one of the country’s three Maritime provinces and the only one to have both English and French as its official languages. Roughly 33% of the province’s population is Francophone.
Like Nova Scotia, New Brunswick borders the Bay of Fundy, which attracts visitors worldwide for its whale-watching and extreme tides. The province’s urban centres support a diverse economy, while the rural areas rely mainly on forestry, mining, farming and fishing.
Mortgage rates in Atlantic Canada tend to be a little higher compared to other the more competitive markets like Western and Central Canada—and New Brunswick is no exception.
The province’s smaller population and regulatory climate mean substantially less competition from brokers and lenders, especially from those headquartered outside of the province.
As a rough ballpark, mortgage rates in New Brunswick can be roughly 0.05 to 0.25%-pts above those in the country’s hotter mortgage markets (e.g., Toronto and Vancouver). But there are still rate deals to be had if you diligently shop around.
It’s imperative for mortgage shoppers to take the time and contrast the mortgage options available to them.
The spread between New Brunswick’s best and worst mortgage rates can be over a full percentage point for the very same term. If you unknowingly accept a lender’s first rate offer, and it falls on the high side of that spread, you could end up paying thousands of dollars more than necessary versus had you explored the alternatives.
RATESDOTCA helps you compare the best New Brunswick mortgage rates from the most reputable mortgage providers in the province. We are the only site to display offers from all prime lenders that publicly advertise mortgage rates, as well as the top brokers licensed in the province.
The housing market in New Brunswick has traditionally lagged other Canadian markets, but that changed post-pandemic.
As of February 2021, house prices in the province averaged $224,785, a 20.9% increase over the previous year’s price. Meanwhile, home sales were up a record 36.4% year-over-year.
The Big 6 banks are the dominant mortgage lenders in New Brunswick, along with several big credit unions like OMISTA Credit Union, Advance Savings Credit Union and The Credit Union Ltd. The province’s lenders are concentrated in Fredericton and Moncton.
The best mortgage lender in Newfoundland can change on a monthly basis depending on rate promos. RATESDOTCA has up-to-date rate intel showing quick comparisons of each product’s main features.
Mortgage broker options are more limited in New Brunswick compared to other more populous provinces. Not all of the larger independent brokers that operate elsewhere in the country are licensed here.
Notable exceptions include True North Mortgage, which routinely offers some of the lowest broker rates in Canada.
Homebuyers in the province do, however, have access to most of the larger brokerage houses that operate in the country, including: Dominion Lending Centres, TMG the Mortgage Group and M3 Mortgage Group, which consists of Mortgage Alliance, Mortgage Intelligence, Verico and Invis. But these groups tend to consist mainly of traditional mortgage brokers who don’t engage in deep-discounting (a.k.a. “rate buydowns” in industry parlance).
Here’s a quick look at the path of New Brunswick mortgage rates, relative to the lowest national rates, as of year-end.
| Year |
NB 5-year Fixed |
Canada 5-year Fixed |
NB Variable |
Canada Variable |
|---|---|---|---|---|
| 2017 | 2.81% | 2.84% | 2.34% | 2.24% |
| 2018 | 3.44% | 3.50% | 3.04% | 2.76% |
| 2019 | 2.46% | 2.66% | 2.84% | 2.80% |
| 2020 | 1.69% | 1.52% | 1.70% | 1.17% |
| 2021 | 1.92% | 1.84% | 1.33% | 1.14% |
New Brunswick mortgage rates are forecast to follow the national average with somewhat of a premium due to the deeper economic downturn in the province. After falling to historic lows in 2020 and early 2021, rates began to rise steadily by the Spring of 2021.
Population: 747,101 (Source: StatsCan, 2016)
Capital City: Fredericton
New Brunswick's Largest City: Moncton
Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the café culture in Toronto or any other major city.
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