Nova Scotia's housing market has cooled from its pandemic surge but remains active, particularly in Halifax. The new 2% down payment pilot program (2026) makes Nova Scotia one of the most accessible provinces for first-time buyers.
Credit unions often offer rates 0.25–0.50% below major banks. They're member-owned and reinvest profits into better rates.
In Nova Scotia, like all of Canada, you must qualify at your contracted rate + 2% or 5.25% — whichever is higher. At a 4.89% rate, you'd need to qualify at 6.89%. This reduces your maximum purchase price by approximately 15–20%.
If your down payment is less than 20%, CMHC mortgage default insurance is required. Premiums range from 2.8% (15–19.99% down) to 4.0% (5–9.99% down). The premium is added to your mortgage, not paid upfront.
undefined. Budget for this as part of your closing costs when purchasing a home.
Nova Scotia residents can access the federal FHSA ($40K tax-free per person), RRSP Home Buyers' Plan ($60K per person), and the First-Time Home Buyers' Tax Credit ($1,500). Check provincial programs for additional savings.