Located on Canada’s east coast, Newfoundland and Labrador is known for its breathtaking scenery, welcoming communities, and affordable cost of living. With more than 29,000 km of coastline, it offers plenty of space and opportunity for homebuyers looking for comfort and value.
As of August 2025, the average home price in Newfoundland and Labrador was $352,687 — about $311,000 lower than the national average of $664,078. Despite recent economic challenges, this steady growth shows the province’s housing market remains resilient and affordable compared to most of Canada.
What’s Driving the Market
Historically, Newfoundland has offered some of the lowest housing prices in the country. While slower economic growth and limited job opportunities can be challenges, affordability continues to attract first-time buyers and returning Newfoundlanders.
The 2020 housing boom, fueled by record-low mortgage rates, sparked a surge in demand that carried into recent years. Even with the interest rate increases of 2022–2023, Newfoundland’s home prices have held steady compared to other provinces where affordability has sharply declined.
Economy and Income Snapshot
The province’s unemployment rate was 8.8% in mid-2023, still above the national rate of 5.4%, but trending downward. Meanwhile, the average household income reached $87,392 in 2023 — the highest in Atlantic Canada and well above Nova Scotia and Quebec, though slightly below the national average.
The Bottom Line
For those looking to buy or refinance, Newfoundland and Labrador remains one of Canada’s most affordable housing markets.
Stable home prices, competitive mortgage rates, and strong household incomes make this an ideal time to explore opportunities in the province — whether you’re a first-time buyer, returning resident, or simply looking for more space and a better quality of life.