Today is National Housing Day, and more Nova Scotians will get an opportunity to buy their first home with changes to the Provincial Down Payment Assistance Program.
The province is adopting the definition of first-time homebuyer used by the Canada Mortgage and Housing Corporation which will expand eligibility for the program.
CMHC defines a first-time home buyer as someone that has never purchased a home before, people that have gone through a divorce or break up, and someone who has not occupied a home that either they or their current spouse or common law partner owned in the last four years.
“We’re pleased to make this change. It considers life changing life circumstances and supports Nova Scotians who may have co-owned a home in the past with a partner and are now separated or divorced.” said Tory Rushton Minister of Natural Resources and Renewables on behalf of Minister of Municipal Affairs and Housing John Lohr. “A broader definition means more people who need help from this program and are looking to buy a home will be included.”
Roger Boutilier, the CEO of Nova Scotia Association of REALTORS welcomed the announcement saying the change will allow more families in Nova Scotia to access programs and support to achieve their dreams of home ownership.
In June, changes to the Down Payment Assistance Program increased the maximum price of eligible properties and the total household income threshold as of October 31st 108 applications have been approved under the program.
Applications based on the new definition are being accepted until January 1st.
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