First-time home buyers in Newfoundland and Labrador: the programs, provincial and federal
What Newfoundland and Labrador offers a first-time buyer, what the federal government adds, and the down payment on the September 2026 average price.
What help is there for first-time home buyers in Newfoundland and Labrador?
NL Housing’s First-time Homebuyers Program grants 50% of legal closing costs, up to $1,500, and lends up to 5% of the price, interest-free for five years, under price caps by region. There is no land transfer tax to exempt. The federal layers stack on top: the FHSA ($8,000 a year to $40,000), the Home Buyers’ Plan (up to $60,000 from an RRSP), the $10,000 Home Buyers’ Amount and a 30-year insured amortization.
Every program a first-time buyer in Newfoundland and Labrador can use
| Program | What it gives, and who qualifies |
|---|---|
| First-time Homebuyers Program (NL Housing) | A grant of 50% of legal closing costs (up to $1,500) plus a loan of up to 5% of the price, interest-free for five years; full loan under $85,000 of household income, price caps of $350,000 in the St. John’s area and Labrador, $300,000 in regional centres and $250,000 elsewhere. First-come, first-served while funding lasts. |
| First Home Savings Account (federal) | Contributions of $8,000 a year, up to $40,000, deductible going in and tax-free coming out for a first home. |
| Home Buyers’ Plan (federal) | Up to $60,000 from your RRSP toward a first home; repayment starts in the fifth year after the withdrawal year for withdrawals made 2026–2028, over 15 years. |
| Home Buyers’ Amount (federal) | A $10,000 non-refundable tax credit in the year you buy. |
| First-time buyer GST/HST rebate (federal) | Up to $50,000 on a new home: the federal part of the HST in full up to $1,000,000, phased out to $1,500,000. |
| 30-year insured amortization (CMHC) | First-time buyers can take 30 years instead of 25 on an insured mortgage, lowering the payment. |
The published fee schedule has no first-time buyer exemption; only the Crown and non-profit airport authorities are exempt.
Go deeper
The detail, if you want it
The down payment on the September 2026 average price
The insured minimum is the same across Canada: 5% of the first $500,000 and 10% of the remainder (1–2 units). On $372,633 that is $18,632, and the 4% CMHC premium is added to the mortgage, making it $368,161. The deed registration and mortgage registration — $3,160 — must be cash.
What lenders look for
An insured mortgage needs a credit score of 600 or more for at least one borrower, housing costs within 39% of gross income and all debts within 44%, measured at the stress-test rate. Program money still has to clear those ratios.
Closing, start to finish
A lawyer closes: title searching here is complex, and the deed and mortgage are registered at the Registry of Deeds, where the first valid interest registered has priority.
Why a broker
Licensed, independent, paid by the lender
- Licensed across Atlantic Canada Indi Mortgage brokerage licences in NS, NB and NL (PEI has no licensing regime); Riley Oickle, Associate Mortgage Broker, NS 3001134
- $0 broker fee On a standard residential mortgage the lender pays, not you
- 33 lenders, one application Banks, credit unions, monolines; one credit check
Questions people ask
Do first-time buyers pay land transfer tax in Newfoundland and Labrador?
The published fee schedule has no first-time buyer exemption; only the Crown and non-profit airport authorities are exempt.
What is the minimum down payment for a first home in Newfoundland and Labrador?
The federal rule: 5% of the first $500,000 and 10% of the remainder (1–2 units), on an insured mortgage under $1,500,000. On the September 2026 average price of $372,633 that is $18,632.
Is there a down payment assistance program in Newfoundland and Labrador?
First-time Homebuyers Program (NL Housing): A grant of 50% of legal closing costs (up to $1,500) plus a loan of up to 5% of the price, interest-free for five years; full loan under $85,000 of household income, price caps of $350,000 in the St. John’s area and Labrador, $300,000 in regional centres and $250,000 elsewhere. First-come, first-served while funding lasts.
Can I use the FHSA and the Home Buyers’ Plan together?
Yes, for the same qualifying home: up to $40,000 from an FHSA and up to $60,000 from an RRSP under the Home Buyers’ Plan, which is repaid over 15 years.
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