Deed transfer tax hike won’t hurt cottage demand, real estate agency says
Posted Mar 31, 2025 07:35:40 AM.
Last Updated Apr 1, 2025 12:09:59 PM.
A major real estate agency says the province’s move to increase the deed transfer tax won’t hurt demand for recreational properties.
Starting Tuesday, the deed transfer tax for non-resident homebuyers increases to 10 per cent from 5 per cent.
This comes as part of the province’s previously announced budget measures.
Despite the hike, Matt Honsberger, president of the Halifax office of Royal LePage Atlantic, still believes demand for cottages and recreational properties will remain strong.
He says he’s bullish on the real estate market because most waterfront properties in Atlantic Canada — which can sell for under $500,000 — are significantly cheaper than in other parts of the country.
Meanwhile, the Nova Scotia Association of Realtors opposes the increase, saying the tax will drive prospective buyers away to neighbouring provinces such as New Brunswick.
