What It Means for Nova Scotia's Housing Market

Beginning September 30, 2024, Nova Scotia will implement significant new regulations for short-term rentals, including platforms like Airbnb, as part of an effort to address the province's growing housing crisis. These regulations are designed to increase the availability of long-term housing by reining in the number of properties being used as short-term rentals. But what could this mean for the broader housing market in Nova Scotia?

Starting this August, the dream of owning a brand-new home is set to become more attainable for many young Canadians. In a groundbreaking move announced in Budget 2024, the federal government is rolling out new mortgage rules that allow up to 30-year terms for first-time buyers of newly built homes. This initiative is aimed at providing a much-needed boost to both aspiring homeowners and the housing market.

What’s Changing?

Beginning August 1, 2024, the updated Canadian Mortgage Charter will enable first-time homebuyers to enjoy an additional five years to pay off their mortgages. This extension translates to lower monthly payments, making it easier for younger Canadians to step onto the property ladder. It's a thoughtful gesture to balance generational equity in the housing market.

Hey Nova Scotians! The latest housing market report is in, and July 2024 has been an exciting month for real estate across our beautiful province. Here’s a friendly breakdown of what's happening in our housing market:

Home Sales are Booming

Great news for sellers! Home sales are up by 12.2% compared to last year. A total of 1,150 homes found new owners this July. Whether you're buying or selling, the market is buzzing with activity.

The Bank of Canada slashed its target for the overnight rate to 4.5%, aligning the Bank Rate at 4.75% and the deposit rate at 4.5%. The Bank persists in its balance sheet normalization policy.

Interior design trends of 2024? Buckle up because the ride’s wild. It’s all about spaces that not only look stellar but feel like an extension of you. From beadboard overtaking shiplap to bold hues and serene curves, 2024 is a year of self-expression and practical elegance. Ready? Let’s plunge into the chaos.

The real estate market is always evolving, and keeping up with the latest trends is crucial for both buyers and sellers. The Nova Scotia Association of REALTORS® has released its housing market snapshot for June 2024, providing valuable insights into the current state of the market. Let's explore the key statistics and trends from the report, offering a comprehensive analysis to help you make informed decisions.

Halifax is undergoing significant changes in its zoning regulations to meet the growing demand for housing. These changes are part of a larger plan to speed up housing development and enhance the urban landscape. This article delves into the new zoning regulations, the introduction of the Accelerator Fund, and the anticipated impacts on Halifax's housing market.

How Property Taxes are Calculated in the Halifax (HRM), Nova Scotia Area

Property taxes in Halifax Regional Municipality (HRM) are calculated by multiplying the tax rate by the assessed value divided by 100. The Province of Nova Scotia assigns this value to the property each year for tax purposes only, and it cannot be used to establish the market worth of real estate. However, it is critical to understand how property taxes are calculated in the HRM, especially if you are acquiring a new home here. There are two types of evaluations in the HRM: capped rate assessments and current market value assessments.

The Canadian government has introduced new legislation known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, to address housing affordability and accessibility issues in Canada. The Act which went into effect on January 1, 2023 and forbids non-Canadians from purchasing Canadian residential property for two years. This legislation is a response to the high housing costs which have been a major source of anxiety for many Canadians trying to buy a home in recent years. The legislations’ purpose is to ensure that Canadian residential properties are largely sold to Canadian buyers.

What’s included in Residential Properties?

On April 1, 2022, the Province of Nova Scotia implemented a new non-residential deed transfer tax called the Non-Resident Provincial Deed Transfer Tax. This tax will affect property transactions in Nova Scotia.

Non-Resident Provincial Deed Transfer Tax

The Non-resident Deed Transfer and Property Taxes Act applies to the transfer of ownership of non-residential properties, such as commercial and industrial properties, within the province of Nova Scotia. This new tax will be applied at a rate of 2% of the purchase price of the property, with certain exceptions. The purpose of this tax is to make non-residential property ownership more accessible to Nova Scotians, as it is believed that non-resident ownership has contributed to the increase in property prices in the province. This new tax will be administered by the Department of Municipal Affairs, and will be collected at the time of the transfer of ownership. It is important for anyone considering the purchase of a non-residential property in Nova Scotia to be aware of this new tax, and to factor it into their financial planning.