First Time Home Buyer Guide to Mortgages in New Brunswick (2026)

First time buyers in New Brunswick can keep payments manageable in 2026 by combining a longer amortization with the tax free First Home Savings Account. First time buyers now qualify for a 30 year amortization on insured mortgages, which lowers the monthly payment, and the FHSA lets you save for a down payment while lowering your taxes. Choosing the right rate type for your budget is where a broker adds the most.

How much down payment do you need?

In Canada the minimum is 5% on the first $500,000 of the price and 10% on any portion above that, up to the insured limit. Insured mortgages are now available on homes priced up to $1.5 million, which helps buyers in higher priced markets.

What is the First Home Savings Account?

The FHSA lets a first time buyer contribute up to $8,000 a year, to a lifetime limit of $40,000. Contributions lower your taxable income like an RRSP, and withdrawals for a first home are tax free like a TFSA. It is one of the strongest tools available today.

Should you choose a 30 year amortization?

A longer amortization spreads your mortgage over more years, so each monthly payment is smaller. You pay more interest over the full life of the loan, but the lower payment can be what gets a young family into a home. First time buyers now qualify for this on insured mortgages.

Fixed or variable for your first mortgage?

A fixed rate keeps your payment steady for the term, which many first time buyers prefer for peace of mind. A variable rate can start lower but can move with the market. The right choice depends on how much change your budget can handle.

Getting started in New Brunswick

We help first time buyers across the province, in French and English, from getting preapproved to closing day. A preapproval tells you your budget and holds a rate while you shop.

Frequently asked questions

How much do I need for a down payment in New Brunswick?

At least 5% of the first $500,000 and 10% on the portion above that.

Can I use the FHSA and the RRSP Home Buyers Plan together?

Yes, many first time buyers combine both to build a larger down payment.

What is a preapproval?

A lender's confirmation of how much you can borrow, which also holds a rate for a set period while you shop.

 

Talk to Dean Brideau at Hypothèque Metro Mortgage, serving all of New Brunswick. Call 1.506.388.4990 or toll free 1.866.977.4990, or visit metrofinance.ca. Advice in French or English, at no cost to you.