Nova Scotia increases eligibility for down payment assistance program
Posted Jun 21, 2022 10:17:00 AM.
The province has announced changes to its down payment assistance program for first time home buyers.
The Nova Scotia Government is expanding the program by increasing the total maximum market value eligibility requirements.
The cap will increase from $300,000 to $500,000 in HRM.
In addition, in northern and eastern regional the cap will rise from $200,000 to $300,000, and from $200,000 to $375,000 for Annapolis Valley and South Shore.
“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.”
Other changes to the program include increasing the total household income eligibility to $145,000 across the province, up from $75,000, and removing the sliding scale to provide five per cent down payment to all applicants.
According to the province, 13 applications have been approved under the program since the beginning of fiscal 2022-23.