Nova Scotia makes changes to down payment assistance program
Posted Nov 23, 2022 11:45:00 AM.
The province says it's adopting the federal housing agency's broader definition of a first-time homebuyer for the provincial Down Payment Assistance Program.
The Canada Mortgage and Housing Corporation definition considers changing life circumstances and includes people who may have co-owned a home in the past with a partner and are now separated or divorced.
“We're pleased to make this change. It considers changing life circumstances and supports Nova Scotians who may have co-owned a home in the past with a partner and are now separated or divorced,” said Tory Rushton, Minister of Natural Resources and Renewables, on behalf of John Lohr, Minister of Municipal Affairs and Housing.
The province says the broader definition means more people who may need help to buy a home will be included under the down payment assistance program.
The C-E-O of the Nova Scotia Association of Realtors says it had expressed concerns about the previous, more restricted definition of a first-time buyer in discussions with the province and is pleased to see the update.
“This particular change will allow more families in Nova Scotia to access programs and support to achieve their dreams of home ownership,” said Roger Boutilier, CEO, Nova Scotia Association of REALTORS.
