Down payment assistance program not keeping up
Jun 13, 2022 ·
14m 10s
A program to help Nova Scotia families afford their first home isn't keeping up with the housing market. The Down Payment Assistance Program saw the number of people accessing the...
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A program to help Nova Scotia families afford their first home isn't keeping up with the housing market. The Down Payment Assistance Program saw the number of people accessing the grant in 2021 drop by 50 percent over the year before. And so far in 2022, only 12 applications have been approved. That has Dartmouth-Cole Harbour MLA and former Halifax Regional Councillor Loralei Nicoll wondering if soon that will drop to zero. The program offers help for first time home buyers with an annual combined household income of $75,000. And only houses in HRM that are $300,000 or less are eligible. That number is $200,000 elsewhere in the province. And with the average house in Nova Scotia now selling for $452,000, it has the Liberal Housing Critic asking questions. Nicoll wants to know what changes will be made to the existing program given the challenges of entering the housing market right now. And she says if young people can't find a place to live that's affordable, they won't stay.
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