Newfoundland and Labrador mortgage calculator

Newfoundland and Labrador has no land transfer tax, and home prices in St. John's are among the most affordable of any Canadian provincial capital. The province's economy is tied to oil and gas, which creates boom-bust price cycles particularly in areas near major energy projects.

Newfoundland and Labrador does not charge land transfer tax — only land registration fees.

Alberta and Saskatchewan (and the territories) are the provinces that charge no land transfer tax — a real, significant saving versus provinces like Ontario or BC.

• FHSA — First Home Savings Account (federal)
• Home Buyers' Plan (federal)
• NL Home Purchase Program — down payment assistance for qualifying buyers

Programs and their terms change — verify current availability and eligibility with the official agency before relying on any of these.

• First Home Savings Account (FHSA) — also called CELIAPP in Quebec

  Combines RRSP-style tax deduction (contributions reduce taxable income) with TFSA-style tax-free withdrawal for a qualifying first home. The most powerful savings tool for first-time Canadian buyers.

  Unused annual room carries forward up to $8,000 extra per year. Open early even if you can't contribute much immediately.

• Home Buyers' Plan (HBP)

  Withdraw up to $60,000 from your RRSP for a first home purchase, tax-free — but it must be repaid to the RRSP over 15 years or the unpaid amount becomes taxable income. Can be combined with the FHSA for the same purchase.

  Unlike the FHSA, HBP withdrawals must be repaid. Best used when RRSP is already funded — don't contribute to RRSP just to withdraw for HBP as this rarely makes sense.

• Home Buyers' Tax Credit (HBTC)

  A $10,000 non-refundable tax credit for first-time home buyers, resulting in up to $1,500 in federal tax savings. Claimed on your personal tax return in the year of purchase.

• First-Time Home Buyer GST/HST Rebate (Bill C-4, 2026)

  Bill C-4 (Royal Assent March 12, 2026) eliminates GST on new homes up to $1 million for first-time buyers — replacing the old phasing-out rebate. Significant savings on new builds.

  Applies to newly constructed homes only, not resale. Check with your builder and lawyer whether your specific purchase qualifies.

• Mortgage Stress Test (Not a benefit — a requirement)

  All Canadian mortgages must be qualified at the higher of 5.25% or your contract rate + 2%. This means you may qualify for less mortgage than your actual rate suggests. Non-negotiable across all federally regulated lenders.

  Credit unions and some private lenders in certain provinces are not federally regulated and may not apply the stress test — but using them typically means higher rates or fees.

Limits and rules are set federally and can change with each budget — confirm the current figures with the CRA before relying on them.