Province cuts minimum home Down Payments to 2%
Pilot aims to lower cash barrier for first-time home buyers
Nova Scotia’s government is placing a new bet on first-time buyers, launching a four-year pilot that cuts the minimum down payment on eligible mortgages to 2% and shifts much of the risk to the province.
Program reduces the required down from the usual 5% on homes up to $500,000 to 2% for qualifying borrowers.
Housing minister John White said the move responds directly to renters who watched ownership slip out of reach in a rapidly appreciating Halifax market. “This program is making it more affordable to come up with a down payment and easier to make the dream of homeownership a reality.”
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