Your First Home
Is Closer Than You Think
Buying your first home can feel overwhelming — but it doesn’t have to be. Richard Wontorra has guided hundreds of first-time buyers through the process, and he’ll make sure you feel confident and informed every step of the way.
Book a Free First-Time Buyer Consultation →Greater Moncton is actually one of the best places in Canada to buy your first home. With average prices around $386,000 — compared to $1.1 million in Toronto — your first home here is genuinely attainable. And with Richard’s total 3% commission model, the seller’s costs are lower too, which can mean more flexibility in price negotiations.
Whether you have a 5% down payment saved up or you’re still figuring out your budget, Richard will give you an honest, no-pressure picture of where you stand and what your realistic path to homeownership looks like.
Your Step-by-Step Guide to Buying Your First Home
Here’s exactly what the process looks like — no jargon, no surprises.
Have a Chat With Richard First
Before you do anything else, book a free consultation with Richard. You don’t need to have everything figured out — that’s what the consultation is for. Richard will ask about your goals, your budget, your timeline, and what matters most to you in a home. From there he’ll give you a clear, realistic roadmap for your specific situation.
Get Pre-Approved for a Mortgage
A mortgage pre-approval tells you exactly how much a lender will loan you based on your income, credit, and savings. This is the single most important thing to do before you start viewing homes — it tells you your real budget, locks in a rate for 90–120 days, and shows sellers you’re serious. Richard will connect you with a trusted local mortgage broker who works with first-time buyers every day.
Figure Out What You Actually Want
Richard will help you build a simple list of must-haves vs. nice-to-haves. Things like: how many bedrooms, which neighbourhoods, how close to work or school, detached vs. condo, newer vs. older home. This saves enormous time and stops you from falling in love with something that doesn’t actually fit your life.
Start Viewing Homes
Richard sets up a custom MLS® search that alerts you the moment a matching home hits the market. When you find ones you like, he arranges viewings and comes with you — pointing out things you might not notice, like signs of water damage, older electrical panels, or heating systems that need replacing. His job is to make sure you buy the right home, not just any home.
Make an Offer
When you find the one, Richard prepares a written offer with a price based on comparable sales data — not gut feeling. He’ll explain every clause in plain English before you sign anything, and he’ll advise on what conditions to include (like a home inspection) to protect you. Then he negotiates on your behalf.
Get a Home Inspection
Once your offer is accepted, you’ll have a short window to arrange a professional home inspection. A good inspector will go through the entire property — roof, foundation, electrical, plumbing, HVAC — and give you a detailed written report. This is your opportunity to identify any serious issues before you’re legally committed to the purchase. Richard strongly recommends this for every first-time buyer.
Close & Get Your Keys
Your lawyer handles the final paperwork, title transfer, and mortgage registration. You’ll need to pay closing costs (land transfer tax, legal fees, etc.) a few days before possession. Richard coordinates everything behind the scenes to make sure closing day goes smoothly — and he’s always just a phone call away if anything comes up.
Government Incentives for First-Time Buyers
The federal and provincial governments offer several programs to help first-time buyers get into the market. Here’s what’s currently available to you as a New Brunswick buyer:
The FHSA lets you save up to $8,000 per year (lifetime max $40,000) in a tax-free account specifically for your first home down payment. Contributions are tax-deductible like an RRSP, and withdrawals are tax-free like a TFSA. One of the most powerful first-time buyer tools available.
The Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP tax-free to put toward your first home down payment (increased from $35,000 in 2024). You have 15 years to repay the amount back into your RRSP. Can be combined with the FHSA.
A federal non-refundable tax credit worth up to $1,500 on your tax return in the year you purchase your first home. Claim it on your T1 return — it’s straightforward and free money you shouldn’t leave on the table.
If you’re buying a newly constructed home in New Brunswick, you may be eligible for a rebate on the GST/HST paid on the purchase price. Applies to new builds and substantially renovated homes under $450,000. Richard will flag this if it applies to your purchase.
CMHC insurance allows you to buy a home with as little as 5% down on homes under $500,000. You pay a premium (added to your mortgage) but it means you don’t need to wait years to save a 20% down payment. On a $386,000 Moncton home, 5% down = just $19,300.
New Brunswick charges a flat 1% land transfer tax on all purchases — there is no first-time buyer rebate in NB (unlike Ontario or BC). On a $386,000 home that’s $3,860. Budget for this as part of your closing costs.
Common First-Time Buyer Mistakes — And How to Avoid Them
Richard has seen first-time buyers make the same avoidable mistakes over and over. Here’s what to watch out for — and what to do instead:
Falling in love with a home you can’t afford is heartbreaking — and surprisingly common. Without a pre-approval you’re guessing at your budget, and you won’t be taken seriously by sellers in a competitive market.
Many first-time buyers save exactly enough for their down payment — and then get blindsided by land transfer tax, legal fees, inspection costs, and moving expenses on closing day. These can add $6,000–$10,000 to your total costs.
In a hot market it can feel tempting to remove the inspection condition to make your offer more attractive. But buying a home without an inspection is one of the riskiest things a first-time buyer can do — especially with older homes.
Your bank can only offer you their own products. A mortgage broker shops your application across dozens of lenders — banks, credit unions, and monoline lenders — to find you the best rate and terms available. First-time buyers often save thousands by using a broker.
Once your mortgage is approved, your lender will do a final check before releasing funds. Changing jobs, taking on new debt, or making large purchases (like a car) between approval and closing can derail your mortgage at the last minute.
It’s easy to overlook red flags — a leaky basement, old wiring, a bad roof — when you’ve fallen in love with a home’s kitchen or backyard. Emotional buying is one of the most common and most expensive first-time buyer mistakes.
First-Time Buyer FAQs
Ready to Buy Your First Home in Moncton?
Book a free, no-pressure consultation with Richard. He’ll answer every question you have and give you a clear, honest picture of what your first home looks like.
