Our PC government is taking action to make homeownership more accessible for more Nova Scotians with the launch of a new First-time Homebuyers Program. This pilot program tackles one of the biggest barriers people face when trying to buy their first home: saving for a down payment.
Nova Scotians have told us that the rising cost of living makes it difficult to put money aside for a down payment, even when they are ready to own a home. The high bar of savings required to put down on a home feels too far and impossible to overcome. This new program is designed to help close that gap.
Through the First-time Homebuyers Program, eligible buyers can purchase a home with a down payment as low as 2%, compared to the standard minimum of 5%. The program is being delivered in partnership with Atlantic Central and credit unions across Nova Scotia, helping first-time buyers move into homeownership sooner.
“Nova Scotians told us that in today’s rental market, they are struggling to save the down payment to buy a new home,” said PC Housing Minister John White. “This program is making it more affordable to come up with a down payment and easier to make the dream of homeownership a reality.”
The impact of this program is significant. Here’s the breakdown:
| On a home priced at $350,000: | |
| A 5% down payment requires $17,500 | A 2% down payment requires $7,000 |
By lowering the upfront savings needed by, in this example, more than $10,000, this program increases purchasing power and puts homeownership within reach for more first-time buyers.
Importantly, the program maintains existing mortgage stress tests and insurance requirements. This ensures the approach balances affordability with financial stability, helping buyers enter the market responsibly.
This pilot program delivers on our commitments to make housing more attainable and supports Nova Scotians who are ready to take their first step toward owning a home.
Nova Scotia launches two per cent down-payment option for first-time homebuyershttps://t.co/TetDEk8owB
— The Chronicle Herald (@chronicleherald) February 3, 2026
Who Is Eligible
To qualify for the First-time Homebuyers Program, applicants must be Nova Scotia residents and meet the following criteria:
- Household income of $200,000 or less
- Pass the Canada Mortgage and Housing Corporation (CMHC) stress test
- Minimum credit score of 630
- Canadian citizen, permanent resident, or immigrant with a sponsorship letter from the Nova Scotia provincial immigration program
- Purchasing a home priced at $570,000 or less in Halifax Regional Municipality and East Hants, or $500,000 or less in the rest of the province
- Previous homeowners who have not owned a home in the last four years may also be eligible
As part of the program, our PC government is acting as a guarantor for mortgages, covering 90 per cent of any shortfall if a home is resold for less than the outstanding mortgage. This added support helps reduce risk for lenders and expand access for buyers.
This initiative builds on the PC government’s strong record on housing. Housing starts are up 36 per cent over the past two years, and in the first two years of the government’s five-year housing plan, every target has been exceeded, creating the conditions for more than 68,000 new housing units across Nova Scotia.
This program is about opening doors for people who are ready to own a home but have been held back by rising costs. By lowering the upfront barrier, our PC government is helping Nova Scotians find stability, put down roots, and plan for the future with greater confidence. That’s Action for Housing.