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Closing costs in Nova Scotia

What you might pay in closing costs when you buy a home in this province.

The average closing cost in Nova Scotia is roughly $6,271 after taxes or approximately 1–2.5% of the final home sale price.

Closing cost stats in Nova Scotia

  • Average home sale price. $358,291 (Varies from $201,943 in Cape Breton to $463,409 in Halifax-Dartmouth.)
  • Average total closing cost. $6,271*
  • Expected closing cost range. $3,583–$8,958*
  • Percentage of closing cost to home sale price. 1–2.5%

Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether you’re paying in cash.

Compare mortgage lenders and rates available in Nova Scotia

1 - 4 of 4
Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
CASHBACK
nesto Mortgages
4.54%
5 Year Fixed Rate
680
All of Canada
Get 1% cashback on your mortgage value (up to a total cashback of $9,250).
BMO Mortgages
6.49%
5 Year Fixed Rate
Varies
All of Canada
Lock in a rate for up to 130 days - the longest of any major bank in Canada.
Meridian Mortgages
6.29%
5 Year Fixed Closed Rate
600
ON
Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.
Homewise Mortgages
Varies
Varies
600
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
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Compare up to 4 providers

How much does tax affect the closing cost?

Buyers in Nova Scotia are fortunate to pay a nominal amount in taxes on the closing cost through a Land Transfer Tax (LTT) also called a Deed Transfer Tax. In Nova Scotia, there is no fixed transfer tax rate as it differs between each municipality but it ranges between 0.5%–1.5%. For example, if you purchase a property for $375,000, the minimum amount you’ll pay is $1,875 while the maximum amount is $5,625.

Please note that this does not include the 15% Harmonized Sales Tax (HST) that is enforced on the sale of new properties in Nova Scotia.

*Harmonized Sales Tax (HST)

Nova Scotia has a Harmonized Sales Tax (HST), which is essentially a combination of the GST (5%) and the PST (10%). The HST is 15% and is only payable on the sale of brand new properties or properties that have been substantially renovated.

Is there an HST rebate?

Yes, there is a rebate that is available to first-time homebuyers in Nova Scotia. If you purchase a home with a sale price of $350,000 or less, you are eligible to receive a 18.75% rebate on the PST portion of the HST up to $3,000 and a 36% rebate on the GST portion of the HST up to $6,300.

For example, if you bought a brand new property in Nova Scotia for $350,000, you would need to pay $52,500 HST. This cost can be broken down into $35,000 for the PST portion (10%) and $17,500 for the GST portion (5%).

On the PST portion of $35,000, you would be eligible to receive an 18.75% rebate. This is $6,563, but you only receive the maximum rebate of $3,000. On the GST portion of $17,500, you would be eligible to receive a 36% rebate. This is $6,300, which is also the maximum GST rebate you can receive. Combine the two rebates, and you should be able to earn back a total of $9,300 on your $350,000 property.

How do closing costs in Nova Scotia compare with the rest of Canada?

The closing costs for buying a home in Nova Scotia are among the lowest in Canada because of its relatively low average housing prices. Unlike a few other provinces in Canada that only charge GST on the sale of new properties, Nova Scotia charges HST, a higher tax rate, that can significantly drive up the closing costs.

Bottom Line

Closing costs are inevitable when you’re buying a property. The exact amount will vary depending on what the final sale price is on your property in Nova Scotia. Not factoring in the HST, it is safe to budget 1–2.5% of the final sale price for closing costs as most of it will be going to the LTT. In cases where you buy a brand new property, you will have to pay HST and this can raise your closing costs as high as 16-18% (not taking into account the rebate).

Want to learn more about mortgages? Head to our guide here.

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