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HALIFAX — The Nova Scotia Association of Realtors wants the provincial government to back away from a plan to double the deed transfer tax for non-resident homebuyers.
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Suzanne Gravel, who will assume the association’s presidency at the end of March, says the move would effectively add a “tariff” on Canadian buyers at a time when the country is trying to reduce interprovincial trade barriers.
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The 2025-26 provincial budget would increase the tax to 10 per cent from five per cent as of April 1, with officials estimating the increase would raise an additional $13 million.
Earlier this month, Finance Minister John Lohr said the move would give Nova Scotians a “slight advantage” in bidding for properties against out-of-province competition.
But Gravel says the tax increase will drive potential buyers away and reduce investment, particularly in rural areas.
She says she is scheduled to appear before a hearing of the legislature’s public bills committee on Monday, where she will voice objections on behalf of the more than 2,000 members of her association.
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The deed transfer tax applies to all residential properties, or to a portion of a property considered residential with three dwelling units or less. It also applies to residentially zoned vacant land.
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