The province of Nova Scotia announced Tuesday that it is adopting the definition of “first-time homebuyer” used by the Canada Mortgage and Housing Corporation (CMHC).
CMHC defines a first-time homebuyer as someone who has:
- never purchased a home before
- gone through a breakdown of marriage or common-law partnership, or
- has not occupied a home that either they or their current spouse or common-law partner owned in the last four years
The province says the change will give more people the opportunity to buy their first home through the Nova Scotia Down Payment Assistance Program.
"It considers 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 Minister of Natural Resources and Renewables Tory Rushton, on behalf of John Lohr, Minister of Municipal Affairs and Housing, in a press release. "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 the Nova Scotia Association of REALTORS (NSAR), says realtors have expressed concerns about the previous definition of a first-time buyer.
"We are pleased to see an updated definition today,” says Boutilier. “Any time levels of government align definitions and policies is a benefit to Canadians. This particular change will allow more families in Nova Scotia to access programs and support to achieve their dreams of home ownership."
The average price for a home in Nova Scotia last month was $385,756 -- an increase of 5.7 per cent year-over-year, according to the NSAR
Applications based on the new first-time homebuyer definition will be accepted beginning Jan. 1, 2023.
