In New Brunswick, the real property transfer tax is 1% of the greater of the transfer consideration or the assessed value, so a $350,000 home assessed at $320,000 owes $3,500. The Real Property Transfer Tax Act has no first-time buyer exemption, so the tax applies to first-time buyers too. Add $85 to register the deed and $85 to register the mortgage, including the assurance fee, and the provincial charges come to $3,670 before legal fees.

Buying a home in New Brunswick therefore means budgeting for a flat 1% real property transfer tax and checking the assessed value, because it can exceed the purchase price. The eight steps below take you from checking that you’re ready to closing with a lawyer, with the figures that matter at each stage.

To buy a house in New Brunswick, confirm your budget and real property transfer tax, save for the down payment and closing costs, get mortgage pre-approval, find a home, make a written conditional offer and close with a lawyer who registers the deed and mortgage. New Brunswick charges 1% of the greater of the transfer consideration or the assessed value.

Item	Example: $350,000 home assessed at $320,000
Real property transfer tax	$3,500
Deed registration, including assurance fee	$85
Mortgage registration, including assurance fee	$85
Provincial registration and tax charges	$3,670

Legal fees, title insurance, inspections and other closing costs are additional. The $84 Land Titles registration fee and $1 assurance fee reflect the Land Titles regulation as consolidated to April 1, 2025.

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Key Takeaways

• New Brunswick charges a 1% real property transfer tax on the greater of the transfer consideration or the assessed value.
• The Real Property Transfer Tax Act has no first-time buyer exemption, so budget for the tax as a closing cost.
• The Homeownership Assistance Program offers eligible households with income below $40,000 a repayable loan, and federal programs provide additional support.

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How Do You Buy a House in New Brunswick?

Buying a house in New Brunswick involves eight steps. Confirm you’re ready, work out what you can afford and save for the down payment and closing costs. Then choose a mortgage, get pre-approved, find a home, make an offer and close with a lawyer who registers the deed. The steps are the same for a single-family house, a duplex, a townhouse or a condo, although 3- or 4-unit residential properties may require a larger down payment, depending on whether the buyer occupies one of the units.

Step 1: Are You Ready to Buy a House in New Brunswick?

You’re ready to buy when your income, debts, credit and savings meet a lender’s requirements, and you can cover the down payment and closing costs at the same time. Owning also brings costs a landlord used to carry, including repairs, property tax and home insurance, so build them into your budget first. For current listings in a specific area, check Realtor.ca.

How Do Income and Employment Affect Your Mortgage Application?

Lenders assess both the amount you earn and how consistently you earn it. Stable income is easier to confirm through your income documents and usually supports a stronger application. Salaried employees document income with pay stubs and an employment letter. Self-employed buyers use tax filings, and lenders often average 2 years of results because earnings swing more from month to month. Lenders assess commission and contract income using the same documentation standards.

What Debt Ratios Do Lenders Use?

Lenders assess affordability using two debt service ratios. Gross debt service (GDS) is the share of gross income that covers housing costs. Total debt service (TDS) adds every other debt payment to that share. For a mortgage insured by the Canada Mortgage and Housing Corporation (CMHC), the limits are 39% for GDS and 44% for TDS. CMHC-insured mortgages are assessed at the greater of your contract rate plus 2 percentage points or 5.25%. A payment that looks comfortable at today’s rate can therefore still fail the test, and individual lenders may set stricter limits. Our walkthrough of GDS and TDS calculations shows the formulas.

How Much Down Payment Do You Need in New Brunswick?

The minimum down payment is 5% of the first $500,000 of the price plus 10% of the portion between $500,000 and $1.5 million. On a $300,000 home, that is $15,000. On a $600,000 home, it is $35,000: $25,000 on the first $500,000 and $10,000 on the remaining $100,000. Homes priced at $1.5 million or more cannot be insured and require at least 20% down on the full amount. A 3- or 4-unit residential property requires at least 10% down when the buyer occupies one of the units. If no unit is owner-occupied, the property is generally treated as an investment property and requires at least 20% down. Those are the CMHC Purchase eligibility rules for insured mortgages. A larger down payment reduces the amount borrowed. That can lower both the mortgage default insurance premium and the total interest paid over the amortization. Use nesto’s down payment calculator to understand how much you may need to set aside for your home purchase in New Brunswick.

Methodology: nesto calculated the minimum down payment using CMHC’s published rule for owner-occupied homes with 1 to 4 units: 5% of the first $500,000 of the lending value and 10% of the remainder. The examples use the purchase price as the lending value. They exclude closing costs and default insurance premiums.

What Credit Score Do You Need to Buy a House?

CMHC requires a minimum credit score of 600 for at least one borrower on an insured mortgage. Each lender sets its own minimum, and a higher score generally gives you more lending options and better rates. If your score is below a lender’s cutoff, you may still qualify for a different product at a higher rate. Our explainer on mortgage credit scores explains how credit reporting agencies use your credit history to build your score.

Step 2: How Much House Can You Afford in New Brunswick?

Your affordable home price is the lowest of three limits. Income sets the first through the GDS and TDS ratios, savings set the second through the down payment and closing costs, and your comfort with the monthly payment sets the third. Nesto’s mortgage affordability calculator can help you estimate your purchasing power, so you don’t shop above your budget.

Step 3: What Does It Cost to Buy a House in New Brunswick?

Budget for the down payment, the real property transfer tax, the registration fees and legal and other closing costs. The transfer tax is often one of the largest closing costs, and it is payable before the deed is registered.

How Much Is the Real Property Transfer Tax in New Brunswick?

New Brunswick’s real property transfer tax is 1% of the greater of the consideration for the transfer or the assessed value, under the province’s Real Property Transfer Tax Act. The person who tenders the deed for registration pays it before the deed is registered. The assessed value is the value at the time the deed is registered, taken or extrapolated from the current real property assessment list, so a home can be taxed on a figure above what you paid.

Take two purchases. On a $300,000 home assessed at $330,000, the assessed value is higher, so the tax is $3,300. On a $350,000 home assessed at $320,000, the price is higher, so the tax is $3,500.

Consideration	Assessed value	Greater figure	Tax at 1%
$300,000	$330,000	$330,000	$3,300
$350,000	$320,000	$350,000	$3,500
$450,000	$430,000	$450,000	$4,500

Methodology: nesto calculated the tax as 1% of the greater of an illustrative price and assessed value, using the rate in New Brunswick’s Real Property Transfer Tax Act. The figures are illustrative and are not based on actual tax bills. They exclude registration fees, legal fees and other closing costs.

Estimate the tax you may need to save for with nesto’s New Brunswick land transfer tax calculator.

Is There a First-Time Buyer Exemption in New Brunswick?

New Brunswick’s Real Property Transfer Tax Act has no first-time buyer exemption. Section 6 of the Act lists exemptions that cover situations such as transfers from an executor to beneficiaries, a change between joint tenants and tenants in common, transfers to a registered charity and leases of less than 25 years. Unlike Prince Edward Island, New Brunswick does not offer a first-time buyer transfer tax exemption.

What Other Closing Costs Should You Expect?

Beyond the real property transfer tax, budget for the registration fees, your lawyer’s fees, a home inspection, title insurance, property tax adjustments and home insurance. New Brunswick’s Land Titles regulation, consolidated to April 1, 2025, sets an $84 fee per parcel for each registered instrument, including a transfer and a mortgage. A $1 assurance fee also applies, for a usual total of $85 per parcel, according to Service New Brunswick’s registrar notice. A transfer and a mortgage on a single-parcel purchase therefore cost $170 in registration charges. If your down payment is under 20%, lenders add a default insurance premium to your mortgage.

Step 4: How Do You Choose a Mortgage Rate Type and Term?

You’ll need to choose between a fixed rate that stays the same for the whole term and a variable rate that moves with your lender’s prime rate. For reference, nesto’s 5-year fixed insured rate is currently 4.59%, and our 5-year variable insured rate is 3.41%. Rates change often, so check the live figures on our mortgage rates page and read our rate forecast for where they may be heading.

You can borrow from a lender directly or work with a mortgage professional who compares several lenders for you. Before you compare offers, settle five questions:

• How long do you want the term and amortization?
• Do you want a fixed or a variable rate?
• If you choose a variable rate, ensure you want a true variable rate vs an adjustable rate.
• Do you need an insured or an uninsured mortgage?
• How often do you want to make payments?

With a high-ratio insured mortgage, CMHC Home Start may offer a 30-year amortization if at least one borrower is a first-time homebuyer or the home is newly built and has never been occupied for residential purposes. Not every lender offers it, so confirm availability before you rely on it. A longer amortization lowers your monthly payment but increases the total interest you pay. A lawyer can review your mortgage terms for any unusual clauses before you sign.

Step 5: How Do You Get Pre-Approved for a Mortgage?

You get pre-approved by submitting required mortgage documents showing your income, debts and assets to a lender or mortgage professional, who then confirms how much you can borrow and at what rate. A pre-approval lets you bid on homes with a firm price ceiling. Expect to provide bank and investment statements, proof of income, debt details and government identification. A pre-approval tells you:

• The mortgage rate available to you
• Your maximum monthly payment
• The price range you can afford

A pre-approval isn’t final, since the lender still reviews the property before closing. Read nesto’s guide to the differences between a pre-approval and a pre-qualification to make sure you choose the right option for your needs and the housing market.

Step 6: Where Should You Look for a House in New Brunswick?

Start with communities that fit your pre-approval price ceiling and commute needs, then broaden your search if home prices run above budget. You can work with a real estate agent or search listings yourself. Five communities buyers often compare:

• Moncton: a southeastern city and the province’s largest.
• Saint John: a port city on the Bay of Fundy.
• Fredericton: the provincial capital.
• Dieppe: a city next to Moncton.
• Riverview: a town across the Petitcodiac River from Moncton.

Step 7: How Do You Make an Offer on a House in New Brunswick?

In New Brunswick, you make an offer by submitting a written agreement of purchase and sale, usually conditional on financing and a satisfactory inspection. Once the seller accepts and your conditions are met, the agreement becomes binding, and your lawyer starts the title work.

Step 8: How Do You Close on a House in New Brunswick?

In New Brunswick, you close by signing the mortgage and transfer documents with a lawyer. The lawyer searches the title, collects the transfer tax and registers the deed. New Brunswick identifies each property by a Parcel Identifier (PID). Once a parcel is converted to Land Titles, the province guarantees title under the Land Titles Act, but not the parcel’s boundaries. The lawyer also adjusts property taxes between you and the seller, and the closing date is the one written into the agreement.

What First-Time Home Buyer Help Is Available in New Brunswick?

First-time buyers in New Brunswick can combine a provincial loan with several federal tools. Our guide to first-time buyer incentives in New Brunswick covers each program in detail.

• Homeownership Assistance Program: a repayable provincial loan for low- and modest-income households, described below.
• CMHC Home Start: the 30-year amortization option described in Step 4, for eligible first-time buyers and buyers of newly built homes.
• Federal home buyers’ amount: a nonrefundable tax credit worth up to $1,400 for 2026, claimed on your federal return. It is 14% of a $10,000 claim amount.
• First Home Savings Account (FHSA): a registered account for tax-free saving toward a first home, up to $8,000 a year and $40,000 over your lifetime. Read nesto’s FHSA guide for the rules.
• Home Buyers’ Plan (HBP): lets you withdraw up to $60,000 from your registered retirement savings plans (RRSPs) and repay it over 15 years. If you make your first withdrawal in 2026, 2027 or 2028, repayment generally begins in the fifth calendar year after that first withdrawal. Nesto’s HBP explainer covers how to use it.

How Does the New Brunswick Homeownership Assistance Program Work?

Who qualifies: the Homeownership Assistance Program is for households with total income below $40,000 that are first-time homeowners or living in substandard housing. The household’s total debt service ratio can be no higher than 42%, and the home must be modest housing that qualifies for a 25-year conventional mortgage, or a 20-year mortgage for a manufactured home. Mini homes more than 15 years old and dwellings that could generate income do not qualify. You must also meet your financial institution’s lending requirements.

How to apply: call Housing NB at 1-833-733-7835. The program page does not state a deadline or a funding cap, so confirm availability when you call.

How the benefit works: when you buy a home, the program provides a repayable loan for 40% of the purchase price, closing costs and any modest repairs. The interest rate is 0% for households with income under $30,000 and rises by 0.5% for each additional $1,000 of income above $30,000, until it reaches the provincial borrowing rate. Loans are amortized over a period of up to 25 years, with one-year terms.

Frequently Asked Questions (FAQ) About Buying a House in New Brunswick

Final Thoughts

Buying a home in New Brunswick means budgeting for a flat 1% real property transfer tax, with no first-time buyer exemption. Check the assessed value of any home you like, because it sets the tax if it exceeds the price.

The calculators and examples on this page show how the pieces fit together, but they don’t replace a lender’s assessment of your file. If a purchase in New Brunswick is part of your homeownership plans, how you structure your down payment, term and rate type affects your cash flow and flexibility for years. Speak with nesto mortgage experts to compare options, review your homebuying strategy and find the approach that best fits your needs.

The information in our blog is for general discussion only and is not legal, tax or real estate advice. Nesto provides mortgage guidance. A New Brunswick lawyer can confirm how the transfer tax, registration fees and title insurance apply to your purchase, a qualified tax professional can confirm how tax credits apply to your situation, and a licensed real estate professional can advise on listings and pricing.

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Why Choose nesto

At nesto, our commission-free mortgage experts are salaried and regulated, with most licensed in multiple provinces. They are evaluated on client satisfaction and the quality of their advice, and they help you compare mortgage options and understand rates and qualification requirements. Once you’re ready to move forward, they work with you on a mortgage strategy that fits your situation.

nesto pairs expert advice with a 100% digital, transparent and seamless process, and a dedicated mortgage professional supports you throughout your purchase, renewal or refinance.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our knowledgeable mortgage experts to find your best mortgage rate in Canada.

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