New Nova Scotia Program Makes It Easier to Buy Your First Home

The Government of Nova Scotia has launched an exciting new program designed to help first-time homebuyers get into homes sooner by reducing one of the biggest financial barriers the down payment.
 
What’s the Big Change?
 
Lower down payment: Eligible buyers need only a 2 % down payment on their home purchase price which is significantly less than the 5% that is normally required.
Province support: The province acts as a guarantor on the mortgages backed by this program. If a buyer defaults and the home sells for less than owed, Nova Scotia will cover 90 % of the shortfall for the lender, reducing lender risk. This means no CHMC fees (for mortgage insurance) which ultimately save the buyers roughly additional 4% of the total mortgage!
 
How the Program Works
 
Nova Scotia’s new program is a four-year pilot launched on February 3, 2026. The province is working with Atlantic Central and participating credit unions across the province to deliver the initiative.
 
Who Can Qualify
 
To take part in the program, buyers have to meet specific criteria:
Income limit: Total household income must be $200,000 or less.
Credit score: A credit score of at least 630 is required.
No recent ownership: Buyers who owned a home previously but have not owned one in the past four years may also qualify.
 
Home Price Limits
 
The program also sets caps on the price of the homes that can be purchased under the initiative:
·      $570,000 in the Halifax Regional Municipality and East Hants.
·      $500,000 elsewhere in Nova Scotia.
These caps help ensure the program targets typical starter homes that are more attainable for first-time buyers.
 
Why This Matters
 
Nova Scotia’s housing market has been challenging for many newcomers and younger residents, especially when it comes to saving enough money for a down payment. By reducing that upfront hurdle, the government hopes more people can transition into homeownership sooner and build long-term stability in their communities.
Housing Minister John White emphasized that the program is a direct response to the struggle homebuyers face in today’s rental and housing markets and aims to help make the dream of owning a home a reality for more Nova Scotians.
 
Now spread the word, these programs need to be used to last!