Nova Scotia's Real Estate MarketWondering what is going on in Nova Scotia's real estate market? If you are making the choice to buy or sell a home, a REALTOR® can help you to understand the current state of the real estate market and to set expectations for your buying or selling experience. Please take a look at the articles below to learn more about Nova Scotia's spring real estate market. Residential Real Estate Sales, Listings and Average Price See IncreasesJune 21, 2010 – Nova Scotia: Residential real estate listings sold through the Multiple Listing Service® System (MLS®) from March to May 2010 are up 16.2 per cent when compared to the same three months in 2009. The Nova Scotia Association of REALTORS® (NSAR) also reports a 3.4 per cent increase in listings. “As expected, the spring market drove up the number of listings,” says NSAR President Karen Edwards. “While there are more listings from which buyers can choose, the decision still comes down to personal needs, preference and price. Today’s buyers don’t make hasty decisions, so we may still see properties sit on the market for a while.” Areas that saw the highest increase in sales were the South Shore and Yarmouth, which also experienced the largest increases in listings. Over half the regions reported a decline in average pricing, but Nova Scotia as a whole saw a 4.6 per cent increase in average price for the period. Yarmouth reported the largest decrease in average price, something that may indicate the spring real estate market has been affected by the cancellation of the CAT Ferry. “It may be too soon to tell just yet but it’s something to watch,” notes Edwards. “While average can be useful in establishing trends over time, it does not indicate actual prices in centres comprised of widely divergent neighbourhoods. It also does not account for price differentials between geographical areas.”
Strength in Nova Scotia's Real Estate Market Expected to Increase ListingsApril 26, 2010 – Nova Scotia: For the sixth month in a row, the real estate market in Nova Scotia continues its trend of increases in sales and small decreases in listings, though the number of listings are expected to increase as we move further into spring. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold across the Province through the Multiple Listing Service® (MLS®) System from January to March was up 23.2 per cent compared to the same three months last year. Listings were down only 0.1 per cent. Average price in the province was up 12.3 per cent, with larger increases in Yarmouth and the South Shore. Average prices from January 2010 to March 2010 in regions across the Province:
Home Sales Continue to IncreaseMarch 2, 2010 – Nova Scotia: The real estate market in Nova Scotia exprienced a increase in sales from December 2009 to February 2010, reports to the Nova Scotia Association of REALTORS®. The number of residential units sold across the Province through the Multiple Listing Service® (MLS®) System from December to February was up 12.5 per cent compared to the same three months last year. Listings were down by 4.5 per cent. Average Prices from December 2009 to February 2010 in regions across the Province:
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| Region | Price: Nov 2009 - Jan 2010 | Compared to Nov 2008 - Jan 2009 |
| Cape Breton | $108,795 | Up 8.2% |
| Halifax-Dartmouth | $237,571 | Up 1.9% |
| Highland Region | $139,252 | Up 22.6% |
| Northern Region | $118,916 | Up 19.4% |
| South Shore | $149,902 | Up 2.2% |
| Yarmouth | $111,924 |
Down 6% |
| Annapolis Valley | $146,429 | Up 17% |
| Provincial | $193,847 | Up 8.5% |
January 14, 2010 – Nova Scotia: Nova Scotia’s real estate market in 2009 ended with single digit decreases in both sales and listings, while average price showed an increase of 3.9% when compared to 2008. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold through the Multiple Listing Service® (MLS®) was down 7.7% in 2009.
2009 average prices in regions across the Province:
| Region | Price: 2009 | Compared to 2008 |
| Cape Breton | $111,239 | Up 7.4% |
| Halifax-Dartmouth | $236,125 | Up 3.8% |
| Highland Region | $140,734 | Up 12% |
| Northern Region | $116,504 | Up 2.9% |
| South Shore | $155,965 | Down 1.7% |
| Yarmouth | $109,319 |
Down 11.5% |
| Annapolis Valley | $146,120 | Up 2.9% |
| Provincial | $194,398 | Up 3.9% |
December 22, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the number of residential properties sold through the MLS® System from September to November 2009 is up 8.6 per cent over the same three months in 2008. The dollar volume of residential sales in Nova Scotia from September to November 2009 was just over $474.2 million, up 14.5 per cent over last year.
Average prices from September to November 2009 in regions across the Province:The Nova Scotia Association of REALTORS® announced today that the number of residential properties sold through the MLS® System from September to November 2009 is up 8.6 per cent over the same three months in 2008. The dollar volume of residential sales in Nova Scotia from September to November 2009 was just over $474.2 million, up 14.5 per cent over last year.
Average prices from September to November 2009 in regions across the Province:
| Region | Price: Sept - Nov 2009 | Compared to Sept - Nov 2008 |
| Cape Breton | $117,769 | Up 18.2% |
| Halifax-Dartmouth | $232,008 | Up 1.3% |
| Highland Region | $146,063 | Up 28.2% |
| Northern Region | $117,589 | Up 4.8% |
| South Shore | $160,788 | Down 2.0% |
| Yarmouth | $110,367 |
Down 14.8% |
| Annapolis Valley | $139,464 | Up 3.4% |
| Provincial | $189,328 | Up 5.4% |
November 19, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the number of houses sold through the MLS® System from August to October 2009 is up 1.4 per cent over the same three months in 2008. After a long period of reporting year-over-year decreases, an increase is a positive step in the right direction and an expected one.
Average prices from August to October 2009 in regions across the Province:
| Region | Price: August - October 2009 | Compared to August - October 2008 |
| Cape Breton | $114,033 | Up 8.1% |
| Halifax-Dartmouth | $230,050 | Up 2.11% |
| Highland Region | $147,095 | Up 33.9% |
| Northern Region | $117,635 | Up 5.5% |
| South Shore | $169,733 | Up 2.3% |
| Yarmouth | $115,443 |
Down 5.2% |
| Annapolis Valley | $139,390 | Up 3.4% |
| Provincial | $187,966 | Up 4.5% |
October 28, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the average price for MLS® home sales from July to September was $192,826, up 4.7 per cent over the same three months in 2008.
“We have continued to see moderate increases in the average price of homes sold in Nova Scotia. This is positive as it does indicate strength in our market, but at the same time it can also create unrealistic expectations among sellers who don’t fully understand what average price really means,” says Linda Smardon. “Some believe if average price is up five per cent from the previous year, the property they bought one year ago is now worth five per cent more. This is not so.”
Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas. “In smaller areas where fewer homes are sold, the sale of even a few low end or high end properties can skew numbers greatly for the entire area, and even the province. Statistics should only be used as a guide over time to help show trends in the market. A REALTOR® is the only individual that has the expertise and access to specific market information and tools that will help sellers set a fair and effective pricing strategy for their home,” adds Ms. Smardon.
Average prices from July to September 2009 in regions across the Province:
| Region | Price: July- September 2009 | Compared to July- September 2008 |
| Cape Breton | $114,480 | Up 4.2% |
| Halifax-Dartmouth | $233,343 | Up 2.4% |
| Highland Region | $154,161 | Up 31.4% |
| Northern Region | $120,610 | Up 6.5% |
| South Shore | $171,754 | Up 3.9% |
| Yarmouth | $109,125 |
Down 18.5% |
| Annapolis Valley | $143,886 | Up 5.6% |
| Provincial | $192,826 | Up 4.7% |
A total of 3068 homes sold through the MLS® System in Nova Scotia from July to September 2009, down 5.4 per cent from one year earlier. The dollar value of these home sales totalled $591.6 million during the period, down one per cent year-over-year.
While Nova Scotia’s market is currently still leaning towards a buyer’s market, the new residential listings on the MLS® system continue to decline. At 6502 units, they are down 7.8 per cent from July to September 2008.
September 16, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the average price for MLS® home sales from June to August was $197,007, up 5.7 per cent over the same three months in 2008.
A total of 3436 homes sold through the MLS® System in Nova Scotia from June to August 2009, only down 3.5 per cent from one year earlier. The dollar value of these home sales totalled $676.9 million during the period, up two per cent year-over-year.
“We are pleased to see the numbers coming close to what they were during this period last year. It’s the highs and lows in real estate that seem to get the most attention among media and the public, but it’s balance that we as an Association enjoy reporting most,” says Linda Smardon, President of the Nova Scotia Association of REALTORS®. “When we achieve balance in the market it means good opportunities for buyers and sellers and ultimately, that’s what makes for a healthy market and strong economy.”
While Nova Scotia’s market is currently still leaning towards a buyer’s market, the new residential listings on the MLS® system continue to decline. At 7542 units, they are down 6.9 per cent from June to August 2008.
| Region | Price: June - August 2009 | Compared to June - August 2008 |
| Cape Breton | $109,783 | Down 2.8% |
| Halifax-Dartmouth | $236,507 | Up 4.2% |
| Highland Region | $143,998 | Up 10.2% |
| Northern Region | $122,430 | Up 7.8% |
| South Shore | $159,577 | Up 1.6% |
| Yarmouth | $116,627 |
Down 7% |
| Annapolis Valley | $147,609 | Up 4.5% |
| Provincial | $197,007 | Up 5.7% |
In Halifax-Dartmouth, there were 2072 MLS® home sales from June to August, an increase of 0.8 per cent from the previous year. The total value of sales was $490 million, up five per cent year-over-year.
In the area covered by the Annapolis Valley Real Estate Board, there were 423 MLS® home sales from June to August, a decrease of 3.9 per cent. The total value of these home sales amounted to $62.4 million, a 0.5 per cent increase from the dollar volume of one year earlier.
August 18, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the average price for MLS® home sales from May to July was $202,676, up 5% over the same three months in 2008.
A total of 3492 homes sold through the MLS® System in Nova Scotia from May to July 2009, down 9 per cent from one year earlier. The dollar value of these home sales totalled $707.7 million during the period, a decline of 5.2 per cent year-over-year.
The last two releases issued by the Nova Scotia Association of REALTORS® reported double digit year-over-year decreases in both units sold and total value of sales. The President of the Association says that things appear to be looking up.
“We are seeing that the year-over-year decreases in the number and value of sales are consistently getting smaller. If we look at the month of June alone, Nova Scotia actually saw in increase in the number of sales as compared to June of 2008,” comments Linda Smardon, President of the Nova Scotia Association of REALTORS®. “On top of that, sellers and buyers continue to be reassured by the strength of housing prices in almost all regions of the Province.”
| Region | Price: May - July 2009 | Compared to May - July 2008 |
| Cape Breton | $113,486 | Up 1.4% |
| Halifax-Dartmouth | $241,600 | Up 3.5% |
| Highland Region | $143,366 | Up 9.2% |
| Northern Region | $122,058 | Up 4.9% |
| South Shore | $156,216 | Up 4.9% |
| Yarmouth | $122,848 |
Down 0.9% |
| Annapolis Valley | $153,456 | Up 2.3% |
| Provincial | $202,676 | Up 5% |
To add more balance to the market, new residential listings on the MLS® system were down 6.9 per cent from the same three months last year, at 7542 units.
In Halifax-Dartmouth, there were 2160 MLS® home sales from May to July, a decrease of 6.2 per cent from the previous year. The total value of sales was 521.9 million, down 3 per cent year-over-year.
In the area covered by the Annapolis Valley Real Estate Board, there were 466 MLS® home sales from May to July. The total value of these home sales amounted to $71.5 million, a 5.5 per cent decline from the dollar volume of one year earlier.
July 21, 2009 – Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the average price for MLS® home sales from April to June was $196,915, up 4.7% over the same three months in 2008.
“The moderate year-over-year average price increases that Nova Scotia has been continuing to experience are reassuring for sellers,” says Linda Smardon, President of the Nova Scotia Association of REALTORS®. “We are in a slight buyers market because there are more properties from which to choose, but sellers who use a REALTOR® to effectively price and market their home are still in a great position to sell for a fair price and within a reasonable timeframe.”
Average Prices from April to June 2009 in Regions across the Province:
| Region | Price: April - June 2009 | Compared to April - June 2008 |
| Cape Breton | $104,276 | Up 5.5% |
| Halifax-Dartmouth | $236,079 | Up 4.7% |
| Highland Region | $127,265 | Up 1.5% |
| Northern Region | $113,866 | Up 4.5% |
| South Shore | $141,278 | Down 1.5% |
| Yarmouth | $130,460 |
Up 14.7% |
| Annapolis Valley | $157,031 | Up 3.3% |
| Provincial | $196,915 | Up 4.7% |
A total of 3371 homes sold through the MLS® System in Nova Scotia from April to June 2009, down 14 per cent from one year earlier. The dollar value of these home sales totalled $663.8 million during the period, a decline of 10 per cent year-over-year.
“Many potential buyers who delayed purchasing decisions late last year and earlier this year when economic uncertainty peaked are now returning to the housing market,” comments Smardon. “We are still down compared to last year but the year-over-year decreases are getting smaller.”
New residential listings on the MLS® system numbered 8790 units, down seven per cent from last spring.
In Halifax-Dartmouth, there were 2078 MLS® home sales from April to June, a decrease of 14 per cent from the previous year. The total value of sales was $490.6 million, down 10 per cent year-over-year.
In the area covered by the Annapolis Valley Real Estate Board, there were 454 MLS® home sales from April to June. The total value of these home sales amounted to $71.3 million, a 7 per cent decline from the dollar volume of one year earlier.
June 23, 2009 – Nova Scotia: The average price for MLS® home sales from March to May was up 2.6% over the same three months in 2008, according to the Nova Scotia Association of REALTORS®. The average price of an MLS® single family home in Nova Scotia this spring was $200,301.
“When looking at average prices for a single month, it’s important to consider that the sale of a few very high end homes can skew monthly results when comparing year over year. This can be misleading and create unrealistic expectations of sellers,” says Linda Smardon, President of the Nova Scotia Association of REALTORS®. “It is best to consider the two months prior to the current month to get a better sense of what’s really going on in the market and to see trends over time.”
The Nova Scotia Association of REALTORS® reports that while the provincial average price continues to rise and break records, it is rising at a slow and steady pace. Homes are certainly holding their value and buyers are still purchasing at prices they can afford.
Average Prices from March to May 2009 in Regions across the Province
| Region | Price: March - May 2009 | Compared to March - May 2008 |
| Cape Breton | $105,985 | Up 5% |
| Halifax-Dartmouth | $239,134 | Up 3.4% |
| Highland Region | $136,213 | Up 6.5% |
| Northern Region | $113,243 | Down 2.5% |
| South Shore | $159,454 | Up 5.2% |
| Yarmouth | $123,700 |
Up 4.1% |
| Annapolis Valley | $156,292 | Up 2.5% |
| Provincial | $200,301 | Up 2.6% |
New residential listings on the MLS® system numbered 7348 units, down seven per cent from last spring. Active listings continue to rise in Nova Scotia, but may be reaching a plateau as fewer new listings come onto the MLS® resale market and activity draws down inventories.
“Improving consumer confidence and lower interest rates are drawing buyers to the housing market,” said Linda Smardon. “While inventories are high, they are in step with rebounding sales activity.”
A total of 1647 homes sold through the MLS® system in Halifax-Dartmouth from March to May 2009, down 21 per cent from one year earlier. The dollar value of these home sales totalled $393.9 million during the period, a decline of 18 per cent year-over-year.
In the area covered by the Annapolis Valley Real Estate Board, there were 1053 MLS® home sales from March to May. The total value of these home sales amounted to $58.3 million, a 14 per cent decline from the dollar volume of one year earlier.
April 17, 2009 – Nova Scotia: Though Nova Scotia’s March real estate sales activity was down 15 per cent from activity last March, it was still the highest level of housing sales activity in the province in five months, as reported by the Nova Scotia Association of REALTORS®. The Provincial Association representing more than 1,600 REALTORS® also reports that year-over-year declines in activity continue to get smaller. In January 2009, the year-over-year decline was 32 per cent.
The value of all residential transactions recorded through the MLS® system in Nova Scotia totalled $130.5 million in March 2009, a 16 per cent decrease from year-ago levels. The total value of all MLS® sales activity in Nova Scotia was $137.4 million, a year-over-year decline of 17 per cent from March 2008.
“Despite the downturn, a number of buyers and sellers are taking advantage of the increased affordability the current market has to offer,” says the President of the Nova Scotia Association of REALTORS®, Linda Smardon. "Activity during the rest of the spring market will depend heavily on what happens with interest rates and the consumer response to the federal budget incentive programs," she added.
The average price for MLS® home sales in Nova Scotia was down slightly in March 2009 compared to levels one year earlier. Edging down one per cent from March 2008, the provincial average price for home sales was $188,651. The national MLS® residential average price in March 2009, by comparison, was down by eight per cent year-over-year.
The MLS® average price rose by 1.6 per cent in Halifax-Dartmouth, to $229,548. The small decrease in provincial average price was in part the result of fewer sales in this region, where homes are priced higher than in other markets across the province. Sales activity was down by 19 per cent year-over-year in Halifax-Dartmouth, compared to the 15 per cent provincial decline. This resulted in fewer transactions at the higher end of the price spectrum being included in the calculation of the provincial average price.
The number of active listings continues to increase in Nova Scotia, but year-over-year gains are slowing as demand begins to recover and new listings trend lower.
“Home sellers are adjusting to the changes in the market and are working with their REALTOR® to price homes realistically, and when that happens properties will sell. We anticipate a fairly strong April market,” Linda Smardon says.
New listings posted the third year-over-year decline in as many months in March 2009. New residential listings numbered 1,835, down four per cent on a year-over-year basis. The number of active listings increased by 10 per cent from March 2008 to 7,759 units, the smallest year-over-year increase in 10 months.
For more statistics on the real estate market in Halifax-Dartmouth, South Shore, Yarmouth, Cape Breton and Highland region, Northern Nova Scotia and the Annapolis Valley view the full press release.
March 25, 2009 – Nova Scotia: There are still opportunities in Nova Scotia's real estate market for buyers and sellers. MLS® home sales in Nova Scotia were up in February 2009 from where they stood over the past three months but remained below levels reported one year earlier, according to statistics released by the Nova Scotia Association of REALTORS®.
Home sales from January to February increased 48 per cent in 2009, which is the largest jump for that period in a decade. As a result, seasonally adjusted residential sales rose 13 per cent in February compared to January.
Residential sales activity in February 2009 remained below February 2008 levels in all regions of the Province with 581 MLS® home sales recorded for the month. While this remains 23 per cent below levels reported in February 2008, the year-over-year decline was smaller than the 32 per cent drop observed in January. Nationally, home sales were down 31 per cent on a year-over-year basis in February 2009.
“It’s no surprise that the market has been slower than last year,” says Linda Smardon, President of the Nova Scotia Association of REALTORS®. “However, it appears that many potential buyers are getting over the initial shock of the economic downturn and are starting to realize that there are great buying opportunities out there. We expect things to pick up as usual as we move into spring.”
For buyers, this market means more options from which to choose. With low interest rates, the new renovation rebate and the increase in the Home Buyers’ Plan, it’s an appealing time to buy. Websites like www.nshomeguide.ca and www.realtor.ca are excellent for searching properties, and REALTORS® provide value in finding homes based on buyers’ wants and needs.
Prices are remaining steady. The MLS® residential average price for home sales in Nova Scotia was virtually unchanged in February 2009 from levels reported one year earlier. The average price was up 2.7 per cent in Halifax-Dartmouth. Nationally, the MLS® residential average price declined nine per cent year-over-year in February.
For more statistics on the real estate market in Halifax-Dartmouth, South Shore, Yarmouth, Cape Breton and Highland region, Northern Nova Scotia and the Annapolis Valley view The Reality of Real Estate in Nova Scotia press release.
Halifax, March 4, 2009: Homebuying intentions in Atlantic Canada have increased over last year surpassing 2007 levels, according to the 16th Annual RBC Homeownership Survey. The poll found that 25 per cent of Atlantic Canadians were likely to purchase a home within the next two years, up from 20 per cent in 2008 and
24 per cent in 2007.
“We’re likely to see increased home buying activity in Atlantic Canada over the next two years, with purchase intentions springing back from last year,” said Craig Bannon, regional manager, Mortgage Development RBC. “The change in sentiment may be due to more favourable mortgage rates and housing prices, which have many in the region convinced it’s a buyer’s market.”
The survey, conducted by Ipsos Reid, found that a majority (58 per cent) believe it is a buyer’s market right now. Given current housing prices and economic conditions, most Atlantic Canadians (56 per cent) believe it makes more sense to buy now, rather than wait until next year.
An overwhelming 84 per cent of those polled in Atlantic Canada said that buying a home is a good or very good investment. On average, homeowners in the region approximate the value of their home at $181,555. They also estimate that the market value of their homes increased by 14 per cent over the last two years.
Click here to read the full press release.
MSN Finance has ranked the real estate market in Halifax-Dartmouth Nova Scotia as one of the 10 healthiest housing markets in Canada. Click here to view the slideshow.
