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Government of Nova Scotia makes it easier for first-time homebuyers
The Province is making changes to the Down Payment Assistance Program so that more Nova Scotians have an opportunity to buy their first home. The program provides eligible homebuyers with an interest-free repayable loan of up to five per cent of the purchase price of their first home.
“With the rising real estate prices and the increase in cost of living, home ownership has become more challenging and out of reach for many young Nova Scotian families,” said John Lohr, Minister of Municipal Affairs and Housing. “These changes better reflect current market conditions and will help more people achieve the dream of home ownership.”
The most significant change 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 across the province, 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.