Yesterday the provincial government announced a new pilot program to provide assistance to low-income first-time homebuyers. The Nova Scotia Down Payment Assistance provides eligible recipients with an interest-free loans of up to five per cent of the purchase price of a home. Limits are set on the total household income and the price of the home. The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible.
UDI has been lobbying for assistance for first-time homebuyers for some time. While we believe there are ways to provide more comprehensive assistance than this pilot program (for instance a HST rebate on new housing for first-time buyers), we welcome the initiative and look forward to following its progress over the coming year.