© Robson Fletcher/CBC Nova Scotia government officials are reviewing the down payment assistance program so it better aligns with the current housing market. The Nova Scotia Liberal Party is calling on the provincial government to increase the cap on home purchase prices that qualify for the down payment assistance program. Given the state of the province's housing market, which is being fuelled by bidding wars on properties and an average sale price of $452,000, the down payment program has become borderline obsolete and needs to be revisited, Nicoll said. "There should be some kind of indexing that's an automatic thing that's done as the market changes," she said. The department doubled the program budget to $4.2 million this year in anticipation of upcoming changes, the spokesperson said.

Source: CBC News June 10, 2022 20:10 UTC