Nova Scotia Mortgage Calculator 2021
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Mortgage Costs Over 5-Year Term
| Total Cost: | $117,876 |
|---|---|
| Principal | $75,298 |
| Interest | $42,578 |
Your land transfer tax could be lower if you are a first-time home buyer
| Month | Principal | Interest | |
|---|---|---|---|
June, 2021 | $450,000.00 | $1,217.71 | $746.89 |
July, 2021 | $448,782.29 | $1,219.73 | $744.87 |
Aug, 2021 | $447,562.56 | $1,221.75 | $742.85 |
Sept, 2021 | $446,340.81 | $1,223.78 | $740.82 |
Oct, 2021 | $445,117.03 | $1,225.81 | $738.79 |
Nov, 2021 | $443,891.22 | $1,227.85 | $736.75 |
Dec, 2021 | $442,663.37 | $1,229.89 | $734.72 |
Jan, 2022 | $441,433.48 | $1,231.93 | $732.68 |
Feb, 2022 | $440,201.56 | $1,233.97 | $730.63 |
Mar, 2022 | $438,967.59 | $1,236.02 | $728.58 |
Apr, 2022 | $437,731.57 | $1,238.07 | $726.53 |
May, 2022 | $436,493.50 | $1,240.13 | $724.48 |
Nova Scotia’s Land Transfer Tax
Also known as the “Deed Transfer Tax”, this is what the buyer must pay when land is bought and sold. Tax amounts are calculated by each municipality, meaning the province doesn't set a flat rate. Nova Scotia's land transfer tax in some of its biggest municipalities are:
| Municipality | Transfer Tax Rate |
|---|---|
| Dartmouth | 1.5% |
| Halifax | 1.5% |
| Cape Breton | 1.5% |
| Truro | 1% |
| Glace Bay | 1.5% |
| New Waterford | 1.5% |
Nova Scotia’s First Time Home Buyer Incentives
The province offers first time buyers who are purchasing newly built homes a rebate for 18.75% of the provincial portion of sales tax, up to $3000.
The province also has the Nova Scotia Down Payment Assistance Program, helping Nova Scotians with their down payment. Depending on meeting all the requirements, this program can provide you with a 5% interest free down payment loan.
For more information on both these programs, see WOWA’s First time home buyer incentives page.
Closing Costs
Including the cost of land transfer tax in the province, it is recommended that buyers save at least 3% of the sale price for closing costs. Common closing costs can include:
| Type of Cost | Expected Cost | What is it? |
|---|---|---|
| Home Inspection | ~$500 | To discover if there are unknown problems in the property. |
| Title Insurance | ~$200 | To protect against property disputes. |
| Property Survey | ~$450 | A survey certificate is required by lenders and your lawyer. |
| Lawyer & Legal Fees | ~$1000 | Cost to have a lawyer act on your behalf. |
| Estoppel Certificate | ~$100 | Information about the condo board. |
| Government Registration | ~$200 | Cost to file official government documents. |
Cost of Living in Nova Scotia
With modest housing prices and rental rates, the average cost of living in Nova Scotia is very reasonable compared to larger provinces such as Ontario or British Columbia. Especially when it comes to food costs, Nova Scotians spend the least on food in Canada, at $303 per month. This compares to the Canadian average of $344 per month. On the contrary, Nova Scotia has some of the highest power costs in Canada, with a cost of 17.1 cents per kilowatt hour (KWH). This compares to the Canadian average of 13.8 cents per KWH.
Although home prices rose 39.5%, it isn't as a result of rapid population growth. The population in Nova Scotia in 2020 grew by only 3551 people in 2020, or 0.36%. This was slightly lower than the overall Canadian population growth rate of 0.39%.
Nova Scotia Home Prices
In April 2020, the average sale price was $267,110. One year later in April 2021, prices were 39.5% higher, for an average price of $372,534!