April 23, 2022

The Nova Scotia Association of REALTORS® (NSAR) is disappointed that last night, the Government of Nova Scotia passed the Non-Resident Deed Transfer and Property Tax legislation.

NSAR has been advocating against these taxes since they were introduced in the provincial election platform. We have met with the Honourable Allan MacMaster, Minister of Finance, as well as senior staff in the Finance Department, to share concerns about the proposed taxes.

NSAR also presented to the Law Amendments Committee on April 14, sharing our concerns that the increased taxes will not free up meaningful housing supply or have a significant impact on affordability. We believe these taxes will, however, have unintended and negative consequences on our economy. We are particularly concerned about rural Nova Scotia where local trades, services, restaurants, and tourism will feel the impacts of less out-of-province economic activity.

We have received over 70 letters from Nova Scotians, out-of-province residents, and REALTORS® who are concerned about the impacts these taxes will have on community members, local businesses, and our rural economies.

Although amendments were proposed to the new taxes they were voted down and the bill has passed through the Legislature. Unfortunately, our advocacy was unsuccessful and these taxes will become law shortly.

NSAR believes these taxes were created in an attempt to improve our housing spectrum, but they will have little impact on supply or affordability for Nova Scotians. We will continue to be the voice of real estate in Nova Scotia and work with all levels of government to ensure all Nova Scotians have a place to call home.


Contact: Tanya White, Communications Director
NSAR
twhite@nsar.ns.ca
(902) 468-2515