02/04/2026
🏡 First-Time Homebuyer Program Nova Scotia
A new pilot program is helping first-time buyers purchase with as little as 2% down.
✅ Key Highlights
🔑 Lower Down Payment
First-time buyers need only to pay 2 % of the purchase price as a down payment — much less than the typical minimum (which starts at 5 % in Canada).
🏦 Government Guarantee — Not Mortgage Insurance
The Province acts as guarantor on these mortgages, so traditional mortgage insurance (i.e., CMHC, Genworth) is not required. This guarantee effectively replaces mortgage insurance at no extra cost to the buyer.
🏘️ Participating Lenders
Only credit unions currently offer this product. Buyers must apply through one of the participating institutions (e.g., East Coast Credit Union, Sydney Credit Union, Nova Scotia Teachers Credit Union, Mosaik CU, iNova CU, Coastal Financial, Valley CU, etc.).
💰 House Price Caps
To qualify, the home’s purchase price must not exceed:
$570,000 in the Halifax Regional Municipality (HRM) and Municipality of East Hants
$500,000 elsewhere in Nova Scotia
📑 No Separate Government Application
You don’t apply directly to the government — eligibility and enrollment are handled through your mortgage application with the credit union.
📋 Eligibility Criteria
To be eligible for the program, you must generally:
✔️ Have a total household income of less than $200,000
✔️ Be a first-time homebuyer (including those who haven’t owned in recent years — specific definitions apply locally)
✔️ Be a Canadian citizen, permanent resident, or approved immigrant with sponsorship
✔️ Live full-time in Nova Scotia
✔️ Have a credit score of at least 630 (credit unions may accept alternate evidence if you don’t have a long credit history)
✔️ Be financially able to pay at least 2 % down plus closing/legal costs
✔️ Pass the mortgage stress test and qualify for the mortgage
🛑 Restrictions & Important Notes
📍 Primary Residence Only
The property must be in Nova Scotia and used as your principal residence. Rental, seasonal, or investment properties are not eligible.
📉 Price Caps
If the home exceeds the regional caps ($570,000 or $500,000), you cannot use this program for that purchase.
🧾 Credit & Stress Test
You must satisfy the credit union’s lending standards, including obtaining mortgage pre-approval and passing the federally required mortgage stress test.
🔁 Transferability
If you later renew your mortgage with a bank or non-participating lender, the government guarantee does not transfer, and you may need to obtain traditional mortgage insurance.
Source:
https://novascotia.ca/first-time-home-buyers-program-pilot/?fbclid=IwZnRzaAPvEmdleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEe_QMyNEtxFbo7Cp0HI-5iwWG74lNmQcSgXDiBkDaJGgVKJfS85miOYUArEI0_aem_jX_9N5GZczfeNfaYK8SSRg
