What are the parties promising on Home purchases and ownership?

This is a page from the 2024 Nova Scotia general election.

Home purchases and ownership platforms

Here's what the 2024 Nova Scotia election parties are promising.

PC

Create a First Time Home Owners Program with credit unions to decrease down payments to 2%

"A re-elected PC Government will enter into a new agreement with participating credit unions to expand this program to first-time home buyers purchasing a home up to $500,000 in value. Whereas today these prospective homebuyers must provide a 5% down payment, they would only have to pay a 2% down payment under the PC Plan. Participating credit unions would assess the applicants to ensure their income is satisfactory to support the mortgage they want, and the provincial government would provide a loan guarantee to participating credit unions for any deficiencies in the event of a default." — pcpartyns.ca, retrieved 2024-11-10

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Liberal

Lower property taxes, especially in high-taxed areas

"Lower property taxes, especially in highly-taxed areas like the CBRM" — Better Deal for Nova Scotians, retrieved 2024-11-09

"Remove arbitrary and unfair penalties from our property tax system, like the drastic increase in taxes Hammonds Plains residents experienced after they lost their houses to wildfires" — Better Deal for Nova Scotians, retrieved 2024-11-09
Increase property taxes on vacant lots in urban areas

"Increase taxes on large vacant lots in our urban areas so that it is not profitable for developers to hold onto large, empty lots that are zoned for housing without building" — Better Deal for Nova Scotians, retrieved 2024-11-09
Eliminate the residential deed transfer tax, except for the 5% out-of-province tax

"Eliminate the residential deed transfer tax (except for the 5% provincial out-of-province tax) to help downsizing seniors, growing families, and those looking to buy their first home by lowering costs and easing bottlenecks in the housing market." — Better Deal for Nova Scotians, retrieved 2024-11-09
Reduce or eliminate tax increases on properties that build more housing for the next five years

"Ensure our property tax system incentivizes housing being built, which currently isn’t always the case. Currently, if you add more housing to your property whether by building or renovating, your assessment goes up and so do your taxes. For the next five years we’ll reduce or eliminate tax increases on properties that build more housing. This will incentivize more housing where it’s needed in Nova Scotia, and help bring down housing prices." — Better Deal for Nova Scotians, retrieved 2024-11-09

NDP

Create a Rent-to-Own Starter Homes Program to provide factory-built homes to home buyers with household income under $100K/year

"Creating a path to home ownership through a new Rent-to-Own Starter Homes Program that combines more home construction with lower up-front costs for first-time buyers. We'll work with the growing factory-built home construction industry to deliver high quality, energy efficient, affordable homes to first-time home buyers with a household income of less than $100,000 per year. Rents will be used to build equity in the home for the new owner." — Leadership You Can Believe In, retrieved 2024-11-16
Provide $900 housing rebates for low-income renters and homeowners

"Providing $900 housing rebates for low-income renters and homeowners by bringing in a new rent and mortgage tax rebate for low- and middle-income households. The Affordable Homes Rebate will help hundreds of thousands of renters and homeowners by providing an average annual rebate of $900 when their household incomes are under $70,000 a year - so it will benefit approximately half of all Nova Scotia households." — Leadership You Can Believe In, retrieved 2024-11-16

Looking for the parties' positions on other topics?

See our full 2024 Nova Scotia election platform comparison

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