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The average closing cost in Nova Scotia is roughly $6,271 after taxes or approximately 1–2.5% of the final home sale price.
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.
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.
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.
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.
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.
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.
Find out how much you might pay in closing costs in the city of Vancouver.
Find out how much you might pay in closing costs in the city of Toronto and the GTA.
Find out how much you might pay in closing costs in Calgary.
Find out how much you might pay in closing costs in the capital city of Ottawa.
Find out how much you might pay in closing costs in the Regina, Saskatchewan.
Find out how much you might pay in closing costs in the city of Halifax.
Find out how much you might pay in closing costs in the city of Montreal.
Find out how much you might pay in closing costs in the province of Prince Edward Island.
See how much closing costs are when you buy a home in this province.
