Nova Scotia's New Down Payment Program for First-Time Homebuyers

Wed February 4, 2026

Nova Scotia First Time Home Buyers

Nova Scotia’s New 2% Down Payment Program for First-Time Homebuyers

First-time homebuyers in Nova Scotia now have a powerful new way to enter the housing market.

The Province of Nova Scotia has launched the First-time Homebuyers Program, a four-year pilot that allows eligible buyers to purchase their first home with as little as a two per cent down payment. The program is designed to help buyers who can afford mortgage payments but struggle to save a traditional down payment.

What Is the First-time Homebuyers Program?

The First-time Homebuyers Program is a partnership between the Government of Nova Scotia, Atlantic Central, and participating credit unions. Through a provincial mortgage guarantee, buyers can reduce upfront costs and avoid traditional mortgage insurance.

Program highlights include:

Minimum 2% down payment
No mortgage insurance required
Mortgages offered through participating Nova Scotia credit unions only
Interest rates capped at prime plus two per cent

Who Qualifies for the 2% Down Payment Program?

You may be eligible if you:

Are a first-time homebuyer (or have not owned a home in the past four years)
Have a household income under $200,000
Have a credit score of 630 or higher
Can pass the standard mortgage stress test
Are a Canadian citizen or permanent resident living full-time in Nova Scotia
The home must be your primary residence and located within the province.

Home Price Limits in Nova Scotia

Purchase price limits depend on location:

Up to $570,000 in Halifax Regional Municipality and East Hants
Up to $500,000 elsewhere in Nova Scotia

While inventory may be more limited in Halifax’s urban core, many surrounding communities offer strong opportunities for first-time buyers.

Why This Program Matters for First-Time Buyers

Rising home prices and high rental costs have made saving for a down payment increasingly difficult. Many renters in Nova Scotia are already paying monthly rents comparable to potential mortgage payments.

This program helps bridge the gap—allowing qualified buyers to move from renting to owning sooner, while also easing pressure on the rental market.

Get Expert Guidance Before You Buy

Understanding how the 2% down payment program fits your finances—and which homes qualify—is critical.

For official program details, visit the Government of Nova Scotia’s website:

👉 https://novascotia.ca/first-time-home-buyers-program-pilot/

For personalized advice, neighbourhood insight, and help finding eligible properties, contact a REMAX NOVA agent today. Our local experts can guide you through the process and help you take confident steps toward homeownership.