Nova Scotia realtors question whether tax on non-residents will ease housing shortage
As of Friday, non-residents who buy a property and do not move to the province within six months of the closing date have to pay a transfer tax of five per cent of the property’s value. The province will also levy a
“I think Nova Scotia is in a very, very fortunate spot now where we’re actually seeing some real interest and desire to be here, so how do we handle it?”Finance Minister Allan MacMaster said Tuesday the taxes will bring in $81 million in the coming fiscal year and help make housing more available to Nova Scotians.
Though the new taxes are meant to bring in revenue and ease pressure on an already-strained housing market, Jacqui Rostek Holder with Royal LePage Atlantic said she doesn’t think they will have the desired impact.“I don’t know will stop anyone that would be planning to move here anyway,” Holder said in an interview Friday. “I’m not quite sure if it’s going to be a big deterrent, even if there is a small, extra fee, so I guess I’m skeptical.
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