HALIFAX: The Tim Houston government has proposed out-of-province ownership taxes that are causing serious concern for the Nova Scotia Association of REALTORS® (NSAR) and their 1,900 members across the province.
The NSAR says these taxes will have unintended and negative consequences on Nova Scotia’s economy, tripling owners’ taxes causing a serious impact on construction and service industries, particularly in rural Nova Scotia. Despite a government promise to remain open and transparent, the Association’s efforts to consult on these proposed taxes have fallen on deaf ears.
“We’ve heard from REALTORS®, current homeowners, and potential buyers,” says Roger Boutilier, CEO of NSAR. “We believe the government’s intent is to increase housing supply, but none of the stakeholders we have spoken to think this taxation is going to meaningfully increase supply.
“What it will do is penalize people who have retirement, rental, or vacation properties in Nova Scotia.”
John Duckworth, Broker of Duckworth Realty is one of the many who is expressing his concerns.
“There will be less construction, less renovation, less purchasing at local restaurants and shops,” he said. “And it will result in Nova Scotia getting the reputation that you will be penalized if you want to have a second home here.
“We’re telling these people to go somewhere else; we don’t want you here.”
NSAR has continuously reached out to the Premier and Minister of Finance’s offices to facilitate conversations around the proposed measures.
Replies from the province indicate that staff are exploring policy and implementation options and will have conversations with key stakeholders in the future.
“It’s disappointing that our new provincial government is creating policy without consulting experts and the people impacted by it.” says Boutilier, “What we need is meaningful consultations and collaborative solutions from all levels of government.”
