Big news out of Nova Scotia today: the Government of Nova Scotia has launched a new First-Time Homebuyers Program that cuts the minimum down payment to just 2% of the purchase price — less than half of what it usually is.
This four-year pilot initiative is designed to help people who are financially ready to buy a home but can’t save up the larger down payment that’s often a barrier to entering the market. It’s being delivered through a partnership between the provincial government, Atlantic Central and participating credit unions.
Here’s what this means for eligible buyers:
What the Program Does
- Lower Down Payment: Eligible first-time buyers can purchase with a 2% down payment instead of the standard 5% minimum.
- Government Guarantee: The Province acts as a guarantor on these mortgages, so buyers don’t have to buy separate mortgage insurance — saving even more up front.
- Credit Union Delivery: Mortgages are available through local credit unions that participate in the program.
Eligibility Highlights
To qualify, buyers must:
- Have a household income of $200,000 or less
- Pass the CMHC mortgage stress test
- Have a credit score of at least 630
- Be a Canadian citizen, permanent resident, or certain sponsored immigrants
- Buy a home priced up to $570,000 in Halifax/East Hants or $500,000 elsewhere in Nova Scotia
Previous homeowners who haven’t owned a home in four or more years may also be eligible under the program’s rules.
Why This Matters
This program addresses one of the most common hurdles first-time buyers face: saving enough cash for a down payment. With rental costs and wages out of sync in many markets, actually putting money aside for a down payment is often the hardest step for would-be buyers — even when they’re otherwise financially prepared.
In fact, we used to have zero down payment options available years ago — a time when many more people could start building equity sooner and lay down roots in their communities. Reducing or removing upfront barriers like down payments can make a real difference, especially for younger buyers and essential workers who have the ability to pay but lack the savings hurdle.
What This Means for Canada
While Nova Scotia’s program is a positive local step, it underscores a critical point I’ve raised many times:
Interest rates alone will not solve housing affordability.
Lowering borrowing costs helps with monthly payments — but people still need to get into the market first. Policies that reduce upfront barriers, encourage responsible lending, and expand access to capital are essential. We need similar creative solutions at the federal level so that first-time buyers from coast-to-coast can benefit.
There are already some federal supports — like the RRSP Home Buyers’ Plan and GST rebates on new homes — but more is needed to address the savings gap and ensure meaningful access to homeownership.
Let’s Talk About What’s Possible
Housing affordability isn’t just about rates — it’s about policy, support, and giving people real pathways to achieve their goals. As someone immersed in the financial and mortgage space, I’ve seen firsthand how these barriers impact real families and real futures.
If you’re thinking about buying a home, or want to explore how innovative program could help you today, Let’s work through your options together.
Angela Calla is a mortgage renewal and debt elimination expert with over 20 years of industry experience. She is also a multi-award-winning mortgage professional. Since beginning as a mortgage broker in 2004, Angela has helped thousands of Canadians optimize their mortgage strategies, eliminate debt, and build wealth through real estate.
She is the best-selling author of The Mortgage Code, which equips readers with the tools to make informed financial decisions. Additionally, she is the host of Canada’s longest-running finance radio show on CKNW, where she simplifies mortgage advice and empowers listeners to take control of their financial futures.
Angela has been recognized as Business Leader of the Year (2020) by the Tri-Cities Chamber of Commerce and Entrepreneur of the Year (2019) by the City of Port Coquitlam. She is also a sought-after speaker and educator, delivering accredited training for real estate boards across Greater Vancouver.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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