Looking at Halifax’s skyline from a distance, the signs of growth are hidden, but a closer inspection shows construction cranes dotting the downtown area where apartments and condos will go on the market.
“We know we need to do more for first time homebuyers,” says Nova Scotia’s Housing Minister John Lohr.
Some help to achieve that goal came in Thursday’s federal budget where billions of dollars have been committed to helping people find a home.
“I think there’s some good things there, the savings plan I think it’s a very smart idea is there a commitment to investing in housing is something help Canadians can certainly help Nova Scotia so will work with him on a number of those programs,” he says Premier Tim Houston.
Help is coming for people looking to purchase their first property in the form of a First Time Homebuyers Savings Account.
“Opportunities for first time home buyers is important to us. I think it’s an innovative program, but I’m not sure if it does everything that it needs to do,” says Lohr.
The plan allowed individuals to set aside $8,000 a year and up to a maximum of $40,000.
“I do think people should recognize that this savings program is more powerful than a RSP or A TFSA because it has tax-free on the way in and on the way out which is a combination of the two programs,” says James Laird, mortgage specialist.
However, the program doesn’t really help those currently hoping to buy a home.
“I’d say it’d be more the people who are thinking of buying in three years as opposed to people buying this spring. There’s nothing in this budget that is going to make your home easier to purchase next month,” Laird says.