Changes to down payment program

The province is making changes to the Down Payment Assistance Program.

The program provides eligible homebuyers with an interest-free repayable loan of up to five per cent of the purchase price of their first home.

The most significant change to the program is an eligibility increase to the total maximum market value as follows: Halifax Regional Municipality: $500,000 (up from $300,000); orthern and eastern regions (Cumberland, Colchester, Pictou, Antigonish, Guysborough and Cape Breton) and Yarmouth region: $300,000 (up from $200,000); Annapolis Valley/South Shore: $375,000 (up from $200,000).

Other changes to the program include increasing the total household income eligibility to $145,000 across the province, up from $75,000 and removing the sliding scale to provide five per cent down payment to all applicants.

Under these changes, the maximum down payment interest-free loan will be $25,000, repayable over 10 years. Repayment starts one month after the loan is issued.