St. John's Properties
Buying & investment guides
Your buying budget needs to answer three questions: how much cash you need before closing, how much you will pay each month, and how much you will keep available after you move in. The asking price alone cannot answer them.
For a first home in St. John's, it helps to put the amounts in one worksheet before arranging viewings. You can then compare homes against the same household budget and spot costs that a mortgage payment estimate leaves out.
Start with the down payment
The federal minimum for an eligible home purchase is 5% at prices up to $500,000, then 5% of the first $500,000 plus 10% of the remainder below $1.5 million. At $1.5 million or more, it is 20%. A lender may require more. Financial Consumer Agency of Canada
| Example purchase price | Minimum down payment under those rules |
|---|---|
| $300,000 | $15,000 |
| $400,000 | $20,000 |
| $500,000 | $25,000 |
| $600,000 | $35,000 |
| $800,000 | $55,000 |
| $1,500,000 | $300,000 |
These are calculations from the stated federal thresholds, not lending offers. For example, $600,000 requires $25,000 on the first $500,000 and $10,000 on the remaining $100,000.
For two-apartment buyers, confirm whether your plan is owner occupancy or a fully rented investment. CMHC's homeowner Purchase program covers eligible owner-occupied properties and sets requirements by unit count; it does not establish the terms for a fully rented investment purchase. CMHC Purchase
Add the costs of completing the purchase
Budget separately for expenses beyond the down payment. The federal buying guide identifies inspection fees, legal fees, property-tax adjustments and title insurance among possible upfront costs. Ask your own service providers which items apply and when payment is due. Federal home-buying guide
In Newfoundland and Labrador, ask your lawyer to explain conveyance and mortgage registration fees for the transaction. The provincial Registry of Deeds links to its fee schedule and registration-fee calculator. Registry of Deeds information
Your estimate should also address any appraisal or survey-related work, insurance due before possession, agreed adjustments, moving costs and utility setup. Some items may be paid before closing, others through the lawyer's closing statement. Ask for an itemized estimate rather than assuming one flat percentage will describe every purchase.
Account for the deposit without counting it twice
When you discuss an offer, ask how much deposit is proposed, when it would be due, who would hold it and how the agreement treats it. Your lawyer should explain the contract terms and how the deposit will be credited at closing.
If $5,000 is paid as a deposit and credited toward a $20,000 down payment, the remaining down payment is $15,000. The deposit is part of the $20,000 in that example. Closing costs and any agreed adjustments still need their own funding.
| Illustrative cash plan for a $400,000 purchase | Amount |
|---|---|
| Down payment at the stated 5% minimum | $20,000 |
| Deposit already paid and credited toward it | $5,000 |
| Down payment remaining for closing | $15,000 |
| Closing expenses and adjustments | Insert your itemized estimate |
| Moving and immediate work | Insert your quotes |
| Cash to retain after moving | Set your household reserve |
This worksheet deliberately leaves transaction expenses open for actual quotes. It is not an estimate of what a particular St. John's closing will cost.
Compare the full monthly cost
For each shortlisted home, write down the mortgage payment, property taxes, insurance, utilities, regular maintenance and any condo fees. Ask which figures are documented bills and which are estimates.
A home with a lower asking price can require immediate work. Another may have a different heating arrangement, ongoing fees or utility responsibility. Compare the same expense categories before deciding which monthly payment you can comfortably carry.
Use the site's buying-budget tool to explore scenarios, then confirm the financing with your lender. Change the interest-rate and expense assumptions to see how much room your household would have if payments or repairs cost more than expected.
Keep a reserve after closing
List the work you would want to do in the first year, and separate essential repairs from optional improvements. Obtain quotes where a major item could change your decision. Leave funds available for costs that arrive sooner than planned.
For a two-apartment home, add vacancy and rental repairs to that exercise. Work out whether you could cover the property for a period without rent and whether an expensive shared component would exhaust your remaining cash.
Questions first-time buyers often ask
Is the minimum down payment everything I need to save?
You also need to fund the transaction expenses, moving and any immediate work that applies to your purchase. Keep the amount you intend to retain after moving visible in the budget.
Can I assume the same closing costs as a friend paid?
Use their experience to identify questions. Get estimates for your own purchase, including its financing, document requirements and closing date.
Does a mortgage pre-approval settle my final buying budget?
Review the amount, expiry and conditions with your lender. Continue to budget for the actual property's costs and the lender's assessment of that property.
Build a search around a comfortable budget
Browse homes for sale after choosing a price range that leaves room for the transaction and ongoing expenses. For help narrowing the search, contact Felix with your target range, preferred locations, property type and buying timeline. Your lender can confirm the financing while Felix helps you compare the properties available within your plan.
Behind the guide
Sources & further reading
Official references researched on October 15, 2026. Confirm the requirements that apply to your property and financing with the relevant provider.
