Mortgage Rates in New Brunswick

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Mortgage Rates in New Brunswick

When buying a home, finding the best mortgage rates in New Brunswick will save you tens of thousands of dollars over the life of your mortgage. Making smart financial decisions calls for knowledge of the real estate market and the best mortgage rates and terms available. 

However, factors such as your credit rating and the right type of mortgage based on your risk threshold must also be considered. Here we offer a comprehensive overview of mortgage rates in New Brunswick, with a glimpse at the real estate market to help bring you one step closer to meeting your home ownership goals.  

Best New Brunswick Mortgage Rates - Fixed Mortgage Rates

Here are some of the best fixed New Brunswick mortgage rates available right now based on a five-year, $380,000 mortgage:

Rate

Provider

Payment/month

5.04%

CIBC

$2,308

5.09%

RBC

$2,319

5.09%

BMO

$2,319

5.74%

Tangerine

$2,468

4.89%

Laurentian

$2,274

4.99%

HSBC

$2,296

5.09%

TD Bank

$2,319

5.74%

Scotiabank

$2,468

Best New Brunswick Mortgage Rates - Variable Mortgage Rates

Here are some of the best variable New Brunswick mortgage rates available based on a five-year, $380,000 mortgage:

Rate

Provider

Payment/month

6.39%

BMO

$2,621

6.45%

RBC

$2,635

6.54%

CIBC

$2,657

6.90%

Tangerine

$2,744

6.15%

HSBC

$2,564

6.65%

TD Bank

$2,683

6.65%

Laurentian

$2,683

6.90%

Scotiabank

$2,744

New Brunswick Mortgage Rate Comparison

Here is an overview of the average insured fixed and variable mortgage rates in New Brunswick:

Fixed

  • 1-year: 5.95%
  • 3-year: 4.99%
  • 5-year: 4.59%

Variable

  • 1-year: NA
  • 3-year: 5.85%
  • 5-year: 5.75%

About New Brunswick

New Brunswick is the only Canadian Maritime province where English and French are the official languages. There are approximately 33% Francophones living in New Brunswick. The province is located east of Quebec on the Bay of Fundy, making it a hot spot for whale watchers. It is also known for its extreme tides and abundant natural beauty. It is a diverse area of the country when it comes to the economy, as it is not heavily reliant on just one industry. Instead, rural areas have many natural resources, including forestry, mining, farming, and fishing.

New Brunswick Housing Market

In April 2023, New Brunswick sold 761 units, a decrease of 27% from the previous year. Overall, April home sales dropped 15.5% from the five-year average and 1.6% below the 10-year average. Year over year, home sales declined across the province, including Greater Moncton (-21.8%), Fredericton (-28%), Northern and Valley Regions (-28.5%), and Saint John (-32.9%.). April’s average housing price was $299,964, a 5.8% decrease year over year. Combined with a decline in listings by 30.4%, it’s surprising that prices haven’t risen. New listings were drastically down,18.9% below the five-year average and 29.3% below the 10-year.

Lowest Mortgage Rates in New Brunswick

As an Atlantic province, New Brunswick tends to see slightly higher mortgage rates as the area is less competitive than Central and Western Canada. With a small population of just under 750,000 and considering the province’s regulatory climate, home buyers in New Brunswick will not have as much negotiating power when it comes to getting the lowest mortgage rates in the country.

Also, because of its size, New Brunswick doesn’t have major lenders headquartered in the province. As a result, mortgage rates in New Brunswick will usually be higher than areas like Toronto and Vancouver by about 0.05 to 0.25%-pts. Being diligent and shopping around will help you get the lowest mortgage rates in New Brunswick.

How to Get the Best Mortgage Rate in New Brunswick

When shopping for a mortgage in New Brunswick, you’re more likely to get better rates by working with a broker. Although you can do some comparison shopping on your own, a mortgage broker is well-connected with a wide variety of lenders, allowing them to leverage their relationships to find the best rates on your behalf. Instead of sharing your story with multiple lenders, you can discuss your finances and needs with a single mortgage expert who will then use that information to find the best deal based on your credit history.  

Frequently Asked Questions About Mortgages in New Brunswick

Yes! A mortgage broker is your direct line to the best mortgage rates in New Brunswick. They work on your behalf to find the best deals and suitable mortgages based on your credit history, needs, and budget.

Let’s use an example. If you have a $500,000 mortgage with a 20-year amortization period and your mortgage rate is 3.50%, the amount of interest you pay is $79,028 in the first five years. However, a change of just .25% to an interest rate of 3.25% saves you $5,778 in interest in that same five-year term. Over the life of your mortgage, those savings are even more impressive.

Generally speaking, the Big Six banks tend to dominate the mortgage market in New Brunswick. However, there are also some heavy hitters when it comes to credit unions that can offer exceptional rates when you shop around. If your credit score is weak, or you haven’t established a credit history, you might do better with private lenders. A mortgage broker can compare rates based on your needs.

Mortgage brokers are less widely available in New Brunswick than they are in larger provinces. However, at Citadel, we operate nationwide and can help you find the lowest interest rates in New Brunswick. We work on your behalf to negotiate better rates than you’d see going directly to banks or credit unions.

The average mortgage for recent purchases in New Brunswick hovers around $285,000, a far cry from the national average of about $660,000.

The current prime rates in New Brunswick are about 6.95% based on Canada’s prime.

Find the best mortgage rates from Citadel Mortgages. Get yours approved today!

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC.png

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

Best Mortgage Rates in Canada

citadel-mortgages.png

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

citadel-mortgages.png

5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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DISCLAIMER

Citadel Mortgages operates an information-based website that displays mortgage rates from its partners. While the company strives to provide the best possible rates, it cannot guarantee their accuracy at all times. Therefore, Citadel Mortgages accepts no liability for the precision of the information presented and is not accountable for any damages resulting from its use. Terms and conditions apply, and it is necessary to speak with a mortgage broker for further details. Please note that the rates displayed in this article are for article use only.

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Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

BMO 5-year Fixed Mortgage Rate

5.64%

BMO Mortgage Rates - Citadel Mortgages

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

6.09%

HSBC.png

3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

7.00%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

5-Year Variable Mortgage Rate

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No

Pre-approval

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10%

Pre-approval

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10%

Lump sum pre-payment

Citadel 3 Year Variable High Ratio Mortgage Rate

6.10%

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3-Year-Variable

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No

Pre-approval

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20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year High Ratio Variable Mortgage Rate

5.90%

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5-Year-Variable

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

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Citadel 4-Year Fixed Mortgage Rates

6.44%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4-Year Fixed Mortgage Rates

6.44%

citadel-mortgages.png

4-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment