Halifax Real Estate FAQ

The minimum down payment depends on the purchase price.In Canada:• 5% on the first $500,000• 10% on the portion between $500,000 and $1.5 million• 20% for homes $1.5 million and up (mortgage insurance isn't available at that price)With less than 20% down, you'll need mortgage default insurance, which is added to your mortgage. First-time buyers can use the RRSP Home Buyers' Plan (up to $60,000 each) and a First Home Savings Account (FHSA) toward their down payment.

Buyers should budget for: • Closing Costs (1.5%–3% of the purchase price) – Land transfer tax, legal fees, title insurance, home inspection, appraisal. • Moving Expenses – Hiring movers, utility setup fees, home improvements. • Mortgage Insurance – If your down payment is under 20%, you’ll need CMHC insurance. • Property Taxes & Home Insurance – Ongoing homeownership costs to plan for.

The timeline varies, but generally: • Mortgage Pre-Approval: 1–3 days • House Hunting: A few weeks to months, depending on market conditions and preferences • Offer & Negotiation: 24 hours to a few days • Conditional Period (Inspection, Financing, etc.): 5–10 days • Closing (Final Paperwork & Possession Date): Typically 30–60 days after the accepted offer