Provincial Aids for First Time Home Buyers!

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Last month, we outlined the Federal aids Canada has in place to help first-time homebuyers with down payments. Buying your first home is one of the biggest financial steps in your lifetime, and saving for a downpayment is one of the largest hurdles to overcome. Luckily, not only does our country support first-time homebuyers, but our province does too! Below we will describe the three provincial programs Nova Scotia has in place for its first-time homebuyers!



Down Payment Assistance Program


The Down Payment Assistance Program (DPAP) is an interest-free repayable loan from Housing Nova Scotia to assist first-time homebuyers with modest incomes. Loan amounts can cover up to 5% of the purchase price of the home if eligibility criteria are met. The loan is repayable over ten years, and participants may waive their payments for the first year. It should be noted that this loan cannot be used for financing or other closing costs, it must be used on the downpayment. To be eligible, you must meet the following criteria:


-The Property Must be in Nova Scotia

-The applicant is a first time home buyer

-The applicant is pre-approved for a mortgage

-The applicant’s household income is below $75,000

-The applicant is a Canadian Citizen

-The applicant has resided in Canada for the past twelve months.

-The purchase price of the home may not exceed $300,000 in Halifax or $200,000 in the rest of the province.


To apply, you can download your application form from Housing Nova Scotia by clicking here.



No Down Payment Mortgage with CUA


CUA (Credit Union Atlantic) is a full-service banking institution in Nova Scotia servicing 20,000 members annually. CUA has a great program for first-time homebuyers called a “No Downpayment Mortgage’. This is how CUA describes its program:


“The No Down Payment Mortgage can provide you with up to 5% of your home’s mortgage amount in the form of a loan or Line of Credit (LOC) to cover the costs of your down payment. 


On the closing day of your home’s purchase, you will receive 5% of the mortgage amount back in cash. You can use that amount to pay down your loan or LOC, nearly eliminating your down payment or you can make home improvements, purchase furniture, or cover closing costs.”


To qualify, you must first be pre-approved for a mortgage with CUA. You can start the process by filling out the form on this page!



Nova Scotia First Time Home Buyer’s Incentive


Nova Scotia’s First Time Home Buyer’s Incentive is a program through the Government of Nova Scotia which provides First-Time Home Buyers with a rebate equivalent to 18.75% of the provincial portion of the HST on the purchase price of a new-construction home. This maximum rebate amount is $3000.00. First-time buyers of capital stock in a housing cooperative may also qualify for a 1.3% rebate on the purchase price. Only the individual who paid the HST or price of capital stocks can qualify for this rebate. 


According to the Government of Nova Scotia’s website, you will qualify for the rebate if:

  • the newly constructed home will be used as your primary residence 
  • the newly constructed home will be used as the primary residence of a relation
  • the homeowners and relations that will occupy the newly constructed home all qualify as first-time home buyers.


We should note that only one owner may claim this rebate, even if there are multiple owners. To apply for this rebate, you must submit your application within 24 months from the date of sale. You can download the application forms by clicking here!


Our province and our country have many systems in place to support first-time homebuyers. If you have ever used one of these and have comments about their effectiveness, please let us know! First-time homebuyers, if you are looking to get started on your home buying journey, contact us today!


Andrew Perkins