Nova Scotia making changes to the Down Payment Assistance Program so more Nova Scotians can buy their first home
The program provides eligible homebuyers with an interest-free, repayable loan of five per cent of the purchase price of their first home.
“From the initial launch of the program in 2017, REALTORS® have been partners and advocates for down payment assistance.
With the changing market in Nova Scotia, and the demand for housing continuing to rise, REALTORS® are thrilled to see meaningful and impactful changes to the Down Payment Assistance Program.
This program will allow more Nova Scotians to achieve their dreams of home ownership,” says Roger Boutilier, CEO of the Nova Scotia Association of REALTORS® (NSAR).
NSAR has been advocating for the changes announced to help buyers keep up with rising housing costs and the average income in Nova Scotia.
The most significant changes to the program is an eligibility increase to the total maximum market value as follows:
• Halifax Regional Municipality: $500,000 (up from $300,000)
• Northern and Eastern regions (Cumberland, Colchester, Pictou, Antigonish, Guysborough and Cape Breton) and Yarmouth region: $300,000 (up from $200,000)
• Annapolis Valley/South Shore: $375,000 (up from $200,000).
Other changes to the program include:
• increasing the total household income eligibility to $145,000, up from $75,000
• removing the sliding scale to provide five per cent down payment to all applicants.
Under these changes, the maximum down payment interest-free loan will be $25,000, repayable over 10 years.
Repayment starts one month after the loan is issued. Talk to your REALTOR® to learn more.
Contact: Tanya White, NSAR Communications Director
firstname.lastname@example.org or (902) 468-2515