N.S. Liberal MLA proposes exempting 1st-time home buyers from deed transfer taxes

The Liberal MLA for Cole Harbour-Dartmouth wants first-time home buyers to be exempt from paying deed transfer taxes.

Lorelei Nicoll made the proposal in a private member's bill that had its first reading on March 24.

"The market is outlandish," said Nicoll. "People are losing hope. I'm hearing it all the time."

In Halifax Regional Municipality, deed transfer taxes are 1.5 per cent of the purchase price.

Nicoll said she first heard of the idea in 2015 when she was a municipal councillor.

She said it's a good time to consider the move because the provincial government plans to introduce new fees and increase deed transfer taxes for non-residents. That could create revenues of $80 million.

"Here's a great time for this government to explore taking that revenue and giving it to the people who already live here and want to buy their first home," said Nicoll. "It just seemed to make common sense to me."

HRM has issued a statement opposing the idea because it could "increase taxes or reduce services."

Coun. Tim Outhit, a former colleague of Nicoll, said he has mixed feelings about the proposal.

"We want to help first-time buyers but that money comes in handy when we're trying to improve services," said Outhit.

He said he doubts the proposal will be approved. Private member's bills seldom become law.

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