Compare the total cost of buying a home across Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland. See where your closing dollars go furthest.
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Get KOHO Free — Use Code 45ET55JSYAWhen comparing home purchase costs across Atlantic Canada, the deed transfer tax (or lack thereof) is the most significant variable in closing costs. Beyond the transfer tax, legal fees, title insurance, and home inspection costs are similar across all four provinces. Here is a comprehensive breakdown of what Atlantic home buyers pay:
| Cost Component | Nova Scotia | New Brunswick | PEI | Newfoundland |
|---|---|---|---|---|
| Deed/Land Transfer Tax | 1.5% of price | 1.0% of assessed | 1.0% of higher | ~$100 flat |
| Legal Fees | $1,000–$1,800 | $1,000–$1,800 | $1,000–$1,800 | $1,000–$1,800 |
| Title Insurance | $200–$400 | $200–$400 | $200–$400 | $200–$400 |
| Home Inspection | $400–$600 | $400–$600 | $400–$600 | $400–$600 |
| CMHC Insurance | If <20% down | If <20% down | If <20% down | If <20% down |
When evaluating total home buying costs, consider both the purchase price and closing costs. Here are approximate average home prices across Atlantic Canada's major markets:
| City/Market | Avg. Price Range | Est. Transfer Tax | Total Closing |
|---|---|---|---|
| Halifax, NS | $450,000–$600,000 | $6,750–$9,000 | $9,500–$13,000 |
| Moncton, NB | $320,000–$450,000 | $2,600–$3,600 (est.) | $5,400–$8,000 |
| Fredericton, NB | $280,000–$400,000 | $2,200–$3,200 (est.) | $5,000–$7,000 |
| Saint John, NB | $220,000–$320,000 | $1,800–$2,600 (est.) | $4,500–$6,300 |
| Charlottetown, PEI | $340,000–$480,000 | $3,400–$4,800 | $6,000–$8,800 |
| St. John's, NL | $310,000–$450,000 | ~$100 | $2,500–$4,500 |
If you put less than 20% down, Canada Mortgage and Housing Corporation (CMHC) mortgage insurance is required regardless of province. The premium is added to your mortgage, not paid upfront, but it increases your total cost of homeownership. Rates range from 2.8% (10–14.99% down) to 4.0% (5–9.99% down) of the insured mortgage amount.
On a $400,000 home with 10% down ($40,000), the insured mortgage is $360,000 and CMHC insurance adds $10,080 (2.8%). This is the same across all provinces, so it does not change the relative attractiveness of one Atlantic province over another. However, lower purchase prices in markets like Saint John and St. John's mean lower absolute CMHC premiums.
Beyond closing costs, annual property taxes affect the ongoing affordability of homeownership. Property tax rates vary by municipality and property assessment. Halifax's HRM charges competitive rates given its urban services. New Brunswick municipalities have varying rates. Newfoundland communities often have lower assessed values, resulting in lower absolute tax bills even if rates are similar to other provinces.
The best approach to saving for an Atlantic Canada home purchase is to separate your down payment savings from your closing cost savings. Use EQ Bank's high-interest savings account for your down payment fund and a separate KOHO savings pocket for closing costs. Track both amounts monthly and update your target as your target home price becomes clearer.
A general rule: save an additional 2–3% of your target purchase price for closing costs in Nova Scotia, PEI, or New Brunswick. In Newfoundland, 1–1.5% is typically sufficient given the absence of deed transfer tax.