Nova Scotia Association of REALTORS® on affordability predictions, programs, and advocacy
If you’ve been to a dinner party recently, you’ve likely heard this question come up: “Is home ownership attainable for our children?”
In truth, every generation has asked a version of this. The high interest rates of the 1980s, the recession and inflation of the 1990s, and the housing shortage during the pandemic all fueled the same conversation. Still, there’s no denying that today’s concerns are grounded in reality—influenced by global uncertainty, rising costs, and local supply challenges.
But what if, instead of focusing on fear, we equipped ourselves with better information—and a little hope?
What REALTORS® are seeing
The Nova Scotia Association of REALTORS® (NSAR) represents over 2,000 REALTORS® across the province. NSAR President Suzanne Gravel says the key is pairing preparation with expert guidance.
“Buying your first home can be daunting, for sure,” she says. “However, selecting the right REALTOR® for your needs will make things run a lot smoother. Your REALTOR® knows the community, knows what other homes are selling for, and can give you advice on what homebuying programs are available.”
What the data tells us
According to the Halifax Partnership and the Canadian Mortgage and Housing Corporation (CMHC), Halifax has seen considerable fluctuation in housing construction over the past few years. The elimination of HST on purpose-built rental housing, combined with several interest rate cuts, has helped renew activity.
Among Canada’s 10 benchmark cities, Halifax ranked fifth in affordability, with a benchmark home price of $537,617, up 3.3% from 2023. Locally, NSAR reports that September 2025 saw the highest number of MLS® home sales since 2021. The overall MLS® Home Price Index (HPI) benchmark price for Nova Scotia reached $430,000 in September—a 4.7% increase from 2024. These shifts suggest a more balanced market is beginning to emerge.
Looking ahead
The Canadian Real Estate Association (CREA) notes that Halifax continues to perform well. After the extremes of 2022 and 2023—marked by record population growth, skyrocketing prices, and inflation levels unseen in decades—2024 brought welcome moderation. Inflation cooled, interest rates began to drop, and Halifax saw a rebound in household well-being. The city led benchmark markets in household income per capita growth, and unemployment remained low.
Programs that can help homebuyers
NSAR continues to advocate for affordability through collaboration with government and industry partners. “Our REALTORS® bring expertise, advice and data to help develop programs that make homes more accessible across the entire spectrum,” says Gravel.
Here are key programs available for Nova Scotians entering the housing market:
Provincial program
Down Payment Assistance Program (DPAP): Interest-free loan of up to 5% of the home’s price for first-time buyers, repayable over 10 years. Learn more atnovascotia.ca/apply-loan-help-down-payment-your-first-home-down-payment-assistance-program
Federal programs
• Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSP ($120,000 per couple) tax-free to use as a down payment, repayable over 15 years.
• First-Time Home Buyer Incentive (FTHBI): Shared-equity program offering 5% or 10% of the purchase price to help reduce mortgage payments.
• First Home Savings Account (FHSA): Save up to $8,000 annually (lifetime max $40,000) tax-free toward your first home.
So…Is home ownership attainable?
While affordability challenges are real, the outlook isn’t all grim. Nova Scotia’s housing market shows signs of balance returning, interest rates are softening, and new programs are making first-time ownership more achievable.
Every generation faces its own housing hurdles. What’s different today is the range of tools, data, and professional support available to help buyers navigate them.
So yes—with planning, informed decisions, and continued advocacy for affordability—home ownership for our children is still within reach. It might look different than it did a generation ago, but the dream is far from over.
Learn more about the Nova Scotia Association of REALTORS® at:
