The five things first-time buyers plan for
Down payment
5% on the first $500,000 and 10% on the portion up to $1.5M. Under 20% requires default insurance.
Pre-approval
A written pre-approval confirms budget and holds a rate 90–120 days while you shop.
Closing costs
Legal fees, title insurance, deed transfer tax, adjustments — plan for 1.5–4% of price.
Inspection & offer
Inspection isn't required in NS but is strongly recommended. Include it as an offer condition.
Insurance & possession
Property insurance must be in place by closing. Older homes with knob-and-tube, oil tanks, or aging roofs may need extra shopping.
Government programs that may help
- Federal Home Buyers' Plan (HBP) — withdraw up to $60,000 from RRSPs tax-free for a first home, repayable over 15 years.
- First Home Savings Account (FHSA) — tax-deductible contributions, tax-free withdrawals for a first home.
- GST/HST New Housing Rebate — partial rebate on new-construction purchases; ask your lawyer or accountant.
- First-Time Home Buyers' Tax Credit — non-refundable federal tax credit.
- CMHC Green Home Program — partial premium refund on energy-efficient homes.
Program details, eligibility, and limits change. Confirm current rules with the CRA, CMHC, or a licensed professional before relying on them.
Deed transfer tax and legal fees
Nova Scotia municipalities charge deed transfer tax at closing — the rate varies by municipality (HRM is 1.5% at time of writing). Legal fees generally run several hundred to over a thousand dollars plus disbursements. Your lawyer will provide a Statement of Adjustments before closing.
Common questions from first-time buyers
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Information on this page is general and may change. Real estate, mortgage, tax, legal, insurance, and government-program requirements should be confirmed with the appropriate licensed professional or official source.