Nova Scotia Launches New Program to Make Homeownership More Accessible in 2026

Owning your own home is one of the most meaningful financial and personal milestones many people strive for — especially in a competitive housing market. For aspiring buyers in Nova Scotia, there’s exciting news that could make that dream much more achievable.


On February 3, 2026, the Government of Nova Scotia unveiled a brand-new First-time Homebuyers Program designed to reduce one of the biggest hurdles to homeownership: the down payment.

What’s the Big Change?

Under this new pilot program, eligible first-time buyers can purchase their first home with a down payment as low as 2 % of the purchase price — that’s less than half the typical 5 % minimum. For many people, especially renters who’ve been saving up while rents continue to climb, this reduction could be a game-changer.

Why It Matters

Saving for a down payment is often the biggest challenge for first-time buyers — particularly young adults just starting their careers or individuals who are restructuring their finances after life changes such as separation or divorce. This new program helps remove that barrier by dramatically lowering upfront cash requirements, so renters can move into homeownership sooner rather than later.

Here’s why the program is significant:

Much lower upfront savings needed: Buyers only need 2 % down, compared to the traditional 5 % required for homes under $500,000.


More buyers can qualify: The program is open to Nova Scotia residents with household incomes up to $200,000 and a credit score of 630 or higher.


The province acts as a guarantor: If a buyer runs into trouble and the home sells for less than the mortgage balance, the government will cover most of the lender’s loss — helping lenders feel comfortable offering the lower down payment.


Caps on home price eligibility: Eligible properties must fall under price limits — $570,000 in the Halifax area and East Hants, and $500,000 elsewhere in the province.

Who Qualifies?

To participate in this program, you must meet a few key criteria:


 Be a Nova Scotia resident

Have a household income of $200,000 or less

Pass the mortgage stress test

Have a credit score of 630 or higher

Be a first-time buyer, or someone who hasn’t owned a home in the last four years

Be a Canadian citizen, permanent resident, or have a valid immigration sponsorship certificate


If you meet these requirements and are thinking about buying a home — whether you’ve been renting, saving, or are ready to start fresh — this could be the opportunity you’ve been waiting for.

How to Get Started

To explore this program further or to find out if you qualify, your first step is to contact a participating credit union or mortgage professional. They can walk you through the application process and help you understand how this program could work for your unique situation.

Considering Your Next Move? We’d Love to Help

Whether you’re renting and ready to plant roots, taking your first steps into homeownership, or rebuilding financially after life changes, Assist 2 Sell is here to guide you with trusted expertise and local market insight.


📞 Reach out today to talk about how this new down payment program could open the door to your first home.


More Information for First-Time Home Buyers


First-Time Home Buyer Programs in Canada


How to Become a Homeowner on a First-Time Buyer’s Budget


10 Tips For First -Time Home Buyers



Sources


Government of Nova Scotia https://news.novascotia.ca/en/2026/02/03/new-first-time-homebuyers-program-reduces-minimum-down-payment