Are you ready to buy?
Renting versus buying, checking your credit, building savings, and working out what you can comfortably afford — not just what a lender will approve.
Guide · Coming soon
First-Time Home Buyer
Free
Buying your first home in Newfoundland and Labrador, start to finish — knowing when you’re ready, getting pre-approved, finding the right place, making a strong offer, and what happens between an accepted offer and getting your keys.
Who it’s for
- First-time buyers in St. John’s and across Newfoundland and Labrador.
- Newcomers and new permanent residents buying their first Canadian home.
- Renters trying to work out whether they’re ready to buy.
What’s inside
Getting pre-approved
How mortgage pre-approval works, the mortgage stress test, fixed versus variable rates, and choosing between a bank and a mortgage broker.
Down payment and first-time buyer programs
Minimum down payment rules, mortgage default insurance, the First Home Savings Account, the RRSP Home Buyers’ Plan and the first-time home buyers’ tax credit.
Closing costs
The costs on top of the price — legal fees, registration, property tax adjustments, inspection and home insurance — so closing day holds no surprises.
Finding the right home
Neighbourhoods in St. John’s, Mount Pearl, Paradise and Conception Bay South, searching listings, and what to look for in older homes and Newfoundland winters.
Making an offer
How offers and conditions work, financing and inspection conditions, deposits, and negotiating in a competitive market.
From accepted offer to keys
Home inspection, appraisal, working with your lawyer, final walk-through and what happens on closing day.
Buying as a newcomer
Building Canadian credit, mortgage options for newcomers, and what the federal rules on non-Canadian buyers mean for you.
This guide is general information, not financial, legal or mortgage advice, and programs and rules change. Check current details with CMHC and talk to a mortgage professional and a real estate lawyer about your own situation. Felix Oyeleke is a REALTOR® with eXp Realty.
You may also like
Get notified when it’s ready
One email when the First-Time Home Buyer guide launches. Unsubscribe anytime.