An update from the Nova Scotia Association of REALTORS®
Lately, we have been hearing in the news that housing prices are coming down to pre-pandemic levels. While this may be true in larger markets across the country, it is a slightly different story here in Nova Scotia.
What’s happening in Nova Scotia
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® (NSAR) totaled 12,491 units to the end of December 2022, decreasing by 21.6% from the same period in 2021.
The median price for a residential property in Nova Scotia was $331,500 in December 2022, up by 0.5% compared to December 2021. The median price for a residential property year to the end of December was $365,600 up 15.8% over the same period in 2021.
In the Halifax-Dartmouth area, REALTORS® reported that asking prices continued to rise in the second half of 2022, bidding wars declined and sales were subject to more conditions such as inspections and financing. Sale prices were closer to the asking price.
Not the norm
NSAR CEO, Roger Boutilier, says, “The last two years have been an anomaly in real estate in Nova Scotia and across the country. Sales prices have shattered records and the number of homes on the market have plummeted. However, Nova Scotia was undervalued for a long time. Also, Nova Scotia is no longer Canada’s or North America’s best kept secret — the word is out.
In 2019, pre-pandemic, the average price of a home in Nova Scotia was $256,103. We saw this rise to $291,224 in 2020 and $359,225 in 2021.
Nova Scotia is one of only two provinces expected to see an increase in home sales in 2023. Sales are projected to increase by 1.7% and average home prices are projected to increase by a modest 2.3%. Housing affordability challenges and rising borrowing costs will impact housing demand going forward but not dampen it all together.
“Nova Scotia remains one of the most affordable places in Canada, matched with a coastal lifestyle and international transportation links,” says Boutilier. “Our Association will continue working with partners to ensure that every Nova Scotian has a place to call home.”
For more information on finding a REALTOR® to help you navigate the Nova Scotia housing market, visit:
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