Non-Resident Tax to Greatly Increase Homeownership Costs in Nova Scotia

We were informed this afternoon in a news release from the Nova Scotia Assocation of Realtors regarding the new tax rules that will significantly increase costs for home buyers who are not residents of Nova Scotia. 

The directly quoted news release from NSAR is included below:

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"Budget 2022/2023 – New taxes that impact your clients

This afternoon the Provincial Government released a budget that included newly created Deed Transfer Taxes and increased Property Taxes for out-of-province buyers and owners. NSAR has continually expressed concerns that the increased taxes will have unintended and negative consequences on Nova Scotia’s economy, tripling owners' taxes and…

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Are we adding gasoline to a real estate market already on fire?

Buyer fatigue is fast becoming a reality and who can blame them?  Countless offers written over several days or weeks, often in competition with dozens of people vying for the same property.  Multiple failures and a lack of hope.  The average sale price of a home skyrocketed in January and increased again in February, but ironically, the average list price of a home went down in that same period.

Sellers, probably guided by their Realtors, are choosing to list far below market value to create feeding frenzies. This is why homes are now selling at an average of 122% of the list price.  In this model, the goal is to have as many showings as possible over several days before the Seller…

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