First-Time Buyer in New Brunswick? Your Closing Costs, Explained

By Nick McMullin, REALTOR® · October 2, 2026

Budget roughly 1.5% to 2.5% of the price

On a $300,000 home, plan on roughly $4,500 to $7,500 in closing costs, depending on your lawyer, lender and the home. Here's where it goes.

• Real property transfer tax: 1% of the greater of the purchase price or the assessed value. On a $300,000 home, that's about $3,000. New Brunswick has no first-time buyer exemption.
• Legal fees and disbursements: your lawyer handles the title search, the transfer and the funds.
• Title insurance: often a few hundred dollars.
• Home inspection: plus water and septic testing on a rural home.
• Adjustments: you may owe the seller for property tax or heating oil they've prepaid.
• Moving and setup: movers, utility hook-ups and home insurance from closing day.

Federal programs for first-time buyers

• First Home Savings Account (FHSA): save up to $8,000 a year, $40,000 lifetime, tax-free for your first home.
• RRSP Home Buyers' Plan: withdraw up to $60,000 from your RRSP for your down payment, then repay it over time.
• First-time home buyers' tax credit: a $10,000 claim on your tax return, worth up to $1,500.

First-home checklist

1. Get pre-approved before you start looking.
2. Set aside closing costs on top of your down payment.
3. Budget for an inspection on every offer.
4. Ask about heating costs and the age of the roof, furnace and windows.

General information only, not tax or legal advice. Confirm program rules with the Canada Revenue Agency and your lender, and get exact costs from your lawyer.