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With lots of people seeking to purchase and inventory so low, it develops a market with bidding wars. Throughout the province over the in 2015, bidding wars have become more typical and frequently, homes are opting for $50,000 to $100,000 over the asking price something that puts young first-time house purchasers, who don't have the very same capital as homeowners or those who have been saving longer, at a drawback.

Story continues listed below ad Amy Mielke and Patrick Jerrette stroll their canine in Halifax's North End. The couple presently leases a put on the Halifax peninsula. The hope was to remain nearby, ideally in the North End, but with current home rates they say they're getting pressed out." One house we really liked, we learnt it had 12 deals, and I believe it wound up going $100,000 over, which simply priced us out," said Mielke.

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Currently the deed transfer tax is due within 10 days of closing on a house purchase and costs about 1. 5 per cent of the home rate. For a typical Halifax home, that's about $7,000." eXp Realty® Canada 've seen other provinces like P.E.I. or B.C. loosen up the rules," said Dauphinee. Story continues below ad "They might examine the cost of your home and customize the tax you pay to the point of perhaps waiving it or spreading it out over an extended amount of time." 2:04 Affordability and housing problems could increase the youth vote in Nova Scotia's summertime election Affordability and real estate problems could increase the youth vote in Nova Scotia's summertime election Jul 21, 2021 So far, it's not something that's been talked about by any of the political celebrations during this election.

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PC Leader Tim Houston has also discussed the requirement to increase real estate supply. Story continues listed below ad "We require to make certain we work with not-for-profits and developers alike to reward them to build and assist them build more stock," stated Houston on Tuesday. The NDP has actually taken a various method, promoting their lease control policy as a service to assist individuals conserve." How numerous individuals do we know that year after year, are forestalling their plans to get a down payment since their rent made it impossible for them to construct up a savings to be able to do that," said NDP Leader Gary Burrill.