Buying a home in Nova Scotia may soon be more expensive for people from outside the province.

Premier Tim Houston has instructed Finance Minister Allan MacMaster to implement a deed transfer tax on any property purchased by individuals who do not pay taxes in Nova Scotia.

In a September mandate letter, the finance minister was also asked to impose a levy of $2 per $100 of assessed property value on every non-Nova Scotian taxpayer with property in the province.

The letter did not provide a timeline for implementation, though finance, and treasury board spokesperson Gary Andrea said in an email that “the department is working on it.”

However, realtors believe the taxes — targeting investors in hopes of slowing down the market and helping maintain housing affordability for locals — will have a minimal impact and do little to address the market’s main problem: lack of supply…read more.