Real estate impacts our province economically, environmentally and socially. From over $670 million in spin-off spending to our efforts to ensure every Nova Scotian has a place to call home, REALTORS® play a part in the success of our communities.
NSAR continues to work on addressing issues related to housing supply in our province with key stakeholders.
NSAR’s submission, We All Play a Part, REALTOR® Solutions to Nova Scotia’s Affordable Housing Crisis, to Nova Scotia’s Affordable Housing Commission is focused on increasing supplies across the housing spectrum.
Improving Deed Transfer Taxes (DTT)
DTT can be an expensive addition to home buying costs, especially for first-time home buyers. REALTORS® are proposing that municipalities amend their policies for the collection of Deed Transfer Tax to either be:
Waived for first-time buyers on the purchase of their first home OR Extended over a five year payment period
Fixing the Capped Assessment Program (CAP)
The current CAP on property taxes has created inequalities in tax burden for homeowners across the province. New homeowners, including first-time buyers and seniors who are downsizing, pay significantly more in taxes than their neighbours. NSAR is participating in the committee to review the CAP and has partnered with other stakeholders to create a CAP Map to demonstrate the impacts of this taxation.
Cancellation of the Non-Resident Property Tax, After months of advocating against new taxes that would target out-of-province owners and harm rural economies, NSAR was thrilled to see the Government of Nova Scotia cancel the Non-Resident Property Tax. We applaud the Government of Nova Scotia for hearing the concerns of REALTORS® and community members about this tax.
Down Payment Assistance Program, a 10-year interest free loan created by NSAR and Housing Nova Scotia. In 2022 purchase price limits were increased to help more Nova Scotians purchase their first home. So far, it’s help 700 families in Nova Scotia.
Canada Greener Homes Grant, was advocated for by REALTORS® to allow homeowners access to grants and funding to make their homes more energy efficient and keep energy costs affordable.
Home Buyers Plan withdrawal limit increased from $25k to $35k and expanded to help during marital or common-law breakdowns.