Select Page

For Immediate Release
June 3, 2024

Federal capital gains tax changes put housing for 3,000 Nova Scotia households at risk

More than 3,000 Nova Scotia households could lose their homes thanks to the federal government’s proposed capital gains tax changes.

That’s the major finding of a new survey by the Investment Property Owners Association of Nova Scotia (IPOANS).  More than 100 rental housing property owners responded to the survey asking what the impact of the federal changes will be.  Approximately 50 per cent plan to sell their properties to get ahead of the federal government’s tax hike.  These respondents reported ownership of more than 3,000 rental housing units, both single family homes and multi-unit residential buildings.

“The federal government’s capital gains tax hike is going to make the housing crisis worse and result in more homeless Nova Scotians,” said Kevin Russell, Executive Director of IPOANS.  “As existing property owners sell their housing units to get ahead of the new federal tax hike, new owners will be moving in, making renovations to older buildings or raising rents to pay for their mortgages and other operating costs.”

Russell sent a letter last week to all 11 Nova Scotia Members of Parliament, including Housing, Communities and Infrastructure Minister Sean Fraser, to report the survey results.

“It is clear the federal government did not consult with rental housing providers before bringing forward this tax hike,” added Russell.  “We urge Minister Fraser to do the right thing for affordable housing.  He needs to convince the Prime Minister and Finance Minister to put this tax hike on hold until there has been a full and comprehensive consultation with the people that provide one-third of housing to Canadians.”

Russell also shared a summary of sentiments expressed by respondents, including:

  • Impact on retirement plans;
  • Discouragement of investment;
  • Financial hardship;
  • Perceived unfairness;
  • Economic and social implications; and
  • Distrust in government.

– 30 –

c: Kevin Russell
t: 902-789-0946