First-time homebuyers in one market now have government down payment assistance.
announced a first-time buyer down payment assistance program, which will commence May 1.
“CMBA-Atlantic director, Janet McKeough has been advocating for government officials in Nova Scotia to recognize the challenges around first-time buyers entering the housing market and provide down payment assistance to help them overcome these challenges,” Samantha Gale
, CEO of CMBA British Columbia, told MortgageBrokerNews.ca. “We are pleased that the Nova Scotia government has listened to the concerns of our CMBA directors – this program represents a good start towards assisting first time home buyers.”
The program will enable first-time buyers to receive interest free loans of up to 5% of the purchase price of their home. The loans are repayable over te years and no payments are required within the first 12 months.
A total of $1.05 million has been allocated for the program, and the loans will be offered on a first-come first-serve basis.
"Saving up for a down payment remains one of the main hurdles for people who want to purchase their first home," Joanne Bernard, who represents Dartmouth North, said. "While we continue to help our most vulnerable citizens with housing supports, we can’t forget that many modest-income families want to buy homes so they can lay down roots here in Nova Scotia. When we help families, we help strengthen our province.
The program is aimed at modest-income Nova Scotians pre-approved for insured mortgages.
Loans are available for properties with a maximum price of $280,000 in Halifax and $150,000 in the rest of the province.
“This is welcome news for first-time homebuyers," Anne DaSilva, president of the Nova Scotia Association of Realtors, said. "This program will stimulate real estate activities, which have a positive impact on the Nova Scotia economy."
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