A plain-English walk-through of how buying your first home in Atlantic Canada really works — the money, the steps, and the free help you’re owed.
1. Get pre-approved first. Before you shop, we confirm what you can borrow and lock today’s rate for up to 120 days. It’s free, and it tells you your real budget.
2. Sort your down payment. The minimum is 5% of the price (a little more on pricier homes — see below). This is your own money going into the home.
3. Know the extra costs. Put less than 20% down and you pay a one-time insurance premium that’s added to your mortgage. Also budget 1.5–4% of the price for closing costs.
4. Find your home and make an offer. With a pre-approval in hand, sellers take your offer seriously and you can move quickly.
5. Final approval, then keys. We send your accepted offer to the lender, they confirm the details, and you close. Welcome home.
Example: on a $500,000 home, your minimum down payment is $25,000.
FHSA — First Home Savings Account. Save up to $8,000 a year ($40,000 total). You get a tax refund on what you put in, and pull it out tax-free for your home.
RRSP Home Buyers’ Plan. Borrow up to $60,000 from your own RRSP, tax-free, and repay yourself over 15 years. Combine it with an FHSA for up to $100,000 toward your down payment.
First-Time Home Buyers’ Tax Credit. Up to $1,500 back at tax time, simply for buying your first home.
Lenders qualify you at a higher rate than your actual rate, to make sure your payment stays comfortable if rates rise. It doesn’t change your real payment, just the budget you qualify for.
Yes. Together they can put up to $100,000 toward your down payment, and the FHSA portion never has to be repaid.
Typically up to 120 days, with your rate held for that window while you shop.
Plan for roughly 1.5–4% of the purchase price: legal fees, title insurance, home inspection, and adjustments. Try the closing cost calculator for a personalized estimate.
Yes. As little as 5% down on homes up to $500,000. You’ll pay a one-time CMHC insurance premium that gets added to your mortgage, not paid out of pocket.
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