Big, BIG news for first-time homebuyers in Nova Scotia.
A brand-new First-Time Homebuyers Program launched today is making it easier and faster for people to get into their first home by cutting the minimum down payment to just two per cent of the purchase price. That’s less than half the usual requirement and a game changer for many renters who are ready to buy but struggling to save.
The Province is partnering with Atlantic Central and credit unions across Nova Scotia to deliver this pilot program, helping remove one of the biggest barriers to homeownership.
If you’re a Nova Scotian resident with a household income of $200,000 or less, a credit score of 630 or higher, and you pass the CMHC stress test, you may be eligible. Even better, people who owned a home in the past but haven’t owned one in the last four years can also qualify.
There are clear price caps to keep the program focused on attainable homes: up to $570,000 in HRM and East Hants, and up to $500,000 in the rest of the province. Borrowers won’t need separate mortgage insurance, and interest rates will be capped at prime plus two per cent.
This is part of a bigger plan that’s already delivering results. Housing starts are up 36 per cent over the past two years, and more than 68,000 new housing units are in the pipeline as barriers are reduced and development speeds up.
If homeownership has felt just out of reach, this program could be the step that gets you there. To learn more or apply, contact your local participating credit union or visit novascotia.ca/first-time-home-buyers-program-pilot.
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