Just as a point of reference I am not going to delve into all the items on the 2022 budget here in NS, but only how it effects the real estate market. It doesn’t matter the political strip of the government just the details on how it effects your ability to purchase property here in NS.
The new 2022 budget was announced yesterday and in it includes a revenue generating plan to tax foreign buyers of real estate. By foreign buyers this covers anyone who will not be a resident of Nova Scotia after they purchase the property. It turns out that there are approximately 27,000 non resident property owners here in Nova Scotia. This covers those who have cottages, condo’s or investment properties here but live elsewhere.
The first new tax will increase the deed transfer tax for foreign buyers from 1.5% of the purchase price to 5%. The change is scheduled to take effect April 1st/2022 and will apply if you don’t move here within 6 months of purchasing the property. The second will be an increase in the property tax to $2 per $100 applied to properties of 3 units or less bought by foreign buyers. They expect the changes will result in over 80M of new revenue for the province.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here