More people in N.S. qualify for first-time homebuyer support

The province of Nova Scotia has “enhanced” it’s Down Payment Assistance Program, allowing more people to qualify for financial support.

The changes to the program includes homes in the Halifax Regional Municipality (HRM) and the Municipality of East Hants. People using the program can purchase homes in those area that are priced up to $570,000 — previously the limit was $500,000.

N.S. also increased the maximum available loan through the program from $25,000 to $28,500.

The household income needs to be $145,000 or less to qualify for the program.

Recent data from Realtors MLS Home Price Index shows the average sale price in HRM and East Hants is around $565,485.

“We are committed to regularly reviewing our programs and making changes that will allow more people to purchase their first home,” John Lohr, Minister of Municipal Affairs and Housing, said in a press release.

According to Lohr, the province needed to increase the financial support because the funding was not keeping up with the home prices in the area.

“We listened, and I am confident these changes will help more people and families purchase their first home so they can build a life here in Nova Scotia,” he said.

The program helps Nova Scotians who pre-qualify for an insured mortgage to buy their first home by providing a loan of up to five per cent of the purchase price.