At 26, Meghan went from paying $1,200 a month for a one-bedroom basement apartment to owning a three-bedroom townhouse with a monthly mortgage payment of $1,205.
She bought the 1,666-square-foot home in St. John’s for $258,000 last month. The attached townhouse has 1½ bathrooms, a basement, a backyard and a two-car driveway. It sits on a cul-de-sac across from a park, about a 15-minute drive from her job.
As a single woman buying alone, Meghan said feeling safe in the neighbourhood was her “number one priority.”
The fact that rent and mortgage payments were nearly identical was a major appeal of buying. Meghan had initially considered upgrading to a larger rental, but she saw one-bedroom apartments in St. John’s listed for around $1,500 or more.
Of course, she realizes that mortgage payments are not directly comparable to rent since a homeowner also pays for property taxes, home insurance, utilities, maintenance and repairs, among other costs. But the idea of putting roughly the same monthly amount toward a home of her own was compelling.
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Getting to that point required a major career move with a much higher income.
In March, 2023, Meghan moved from Ontario to Newfoundland for work. At her previous job at a small airport, she earned around $21.50 an hour. Her new position as an airport duty manager pays more than $40 an hour, effectively doubling her salary.
Meghan arrived on the East Coast with very little money. But with a higher income, she started rebuilding her savings, putting away close to $25,000.
“This house is the physical proof that hard work pays off,” she said.
The move also put home ownership within reach in a way Meghan said it never had been in Ontario. Even before she was actively looking, she would browse listings in St. John’s and notice homes at prices she could realistically consider.
By the time she started looking seriously, the market had become more competitive. She lost out on several properties, including one for which she bid almost $30,000 over asking.
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When she found her 1970s townhouse, she was the only bidder. “I feel like I got a really good deal.”
To build her savings, Meghan contributed $500 every month to her tax-free savings account (TFSA). As she took on more overtime, she was able to save more aggressively, setting aside close to $1,000 some months.
But the habit of saving began early, according to her mother, who’d travelled to St. John’s to help Meghan move. When Meghan turned 18, her mother helped her open a TFSA and set up an automatic $100 monthly contribution to a bank-managed mutual fund.
Meghan did dip into the account over the years, but the habit stuck.
By early 2026, with her lease ending in September, Meghan started wondering whether she had saved enough to buy. She opened a first home savings account (FHSA) in February and transferred $8,000 from her TFSA into it. She also had around $13,000 in a regular savings account. For the purchase, she used the entirety of her FHSA, along with $7,000 from her savings to cover her down payment and closing costs.
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With help from a mortgage broker and realtor recommended by co-workers, she got a three-year fixed loan at 3.94 per cent from one of the big banks, amortized over 30 years. Beyond the $1,205 mortgage, she pays $150 a month for home insurance and there are other regular costs like utilities and property taxes that come with owning a home.
Meghan doesn’t know how long she will stay in her new home but plans to keep it even if she eventually leaves Newfoundland, potentially renting it out. For now, though, she wants to stay put.
Excited about this new chapter as a homeowner, she said, “Newfoundland and I are definitely not ready to part ways.”
Purchase price: $258,000
Down payment: Approximately $13,000 (5 per cent)
Home inspection: $800
Legal fees: $1,895
Repairs: The sellers covered repairs identified before closing and provided a $1,719 credit toward upgrading the electrical panel
Furniture: She expects to spend around $10,000
Moving: $0. Her mother, friends and co-workers are helping her move.
Monthly ongoing costs
Mortgage: $1,205
Home insurance: $150
Utilities: Has not paid her first bill yet
Property taxes: $611.52 for the remaining portion of the year
Advice: Meghan said finding a professional she trusted and to whom she felt comfortable asking questions was an important part of navigating her first home purchase.
Some details may be changed to protect the privacy of the people profiled. Are you a first-time homeowner who would like to share their story? Send us an e-mail.