Well... Where's the Nova Scotia Real Estate market going, anyways? We watched the craziness in western Nova Scotia as the Covid pandemic sent the Canadian marketplace into a frenzy. Here in our neck of the woods the fevered pitch was illustrated by out of province buyers often purchasing homes site unseen! Did they get a good deal? Sometimes they did and sometimes the 'reveal' was a little painful.
In the last quarter of 2023, we are certainly seeing the market soften to some degree. Price reductions, which were unheard of in 2021 and most of 2022, are creeping up. Homes are sitting longer on the market and the number of out of province buyers has diminished. A great part of the reason for this is the slooowwwwing of the Ontario market, from which many new Nova Scotia home buyers are coming. Whether it be to relocate or to purchase second homes, this coterie of keen buyers are being hampered by the realities at home. Real estate sales have cooled dramatically.
The dynamics that drove the frenzy throughout covid remain mostly intact;
Nova Scotia remains a fabulous place to live
The vast disparity in property values between Ontario, British Columbia and those of Nova Scotia remain.
You just can't get up and look at the ocean from Brampton :-)
The increase in interest rates will certainly place a governor on the throttle for, what has been, GO, GO and GO mode in real estate activity in Nova Scotia. However, at this writing (October 13th, 2023) 5.x% mortgage rates are still historically low and certainly manageable.
If you are considering a move to Nova Scotia but may not be ready, you can still start to gather data and keep an eye on what is happening here. I have some great tools and monthly market reports that can assist you in watching our market. PLUS...I am always here to answer your questions. Please feel free to use me as a resource whether you plan to move tomorrow, next month or maybe not sure yet.
Happy to help
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