Question 1

How long does it take to buy a home in St. John's?

Accepted Answer

From mortgage pre-approval to possession, plan for 60–90 days. The timeline depends on market conditions, inspection results, and how flexible both parties are on the closing date.

Question 2

What is the minimum down payment required in Canada?

Accepted Answer

For homes up to $500,000, the minimum is 5%. Between $500,000 and $999,999, it's 5% on the first $500K and 10% on the remainder. For $1M+, 20% is required. Putting down less than 20% triggers CMHC mortgage insurance.

Question 3

What is the mortgage stress test?

Accepted Answer

Canada's federal stress test requires you to qualify at the higher of your contract rate + 2% or 5.25%. It ensures you can still afford payments if rates rise after you lock in.

Question 4

What closing costs should I budget for beyond my down payment?

Accepted Answer

Budget roughly 1.5%–4% of the purchase price for closing costs: legal fees, deed registration, home inspection, title insurance, appraisal (if required), and moving expenses.

Question 5

Do I need a home inspection before buying?

Accepted Answer

Yes — a certified home inspector can uncover structural, mechanical, or moisture issues that aren't visible during a viewing. An inspection clause in your offer lets you negotiate repairs or walk away if serious problems are found.

Question 6

How competitive is the St. John's real estate market?

Accepted Answer

Demand is strongest in spring and fall. Well-priced homes in popular neighbourhoods like CBS, Paradise, and Mount Pearl often receive multiple offers. Having financing confirmed and a clear offer strategy puts you in a much stronger position.

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