Nova Scotia Real Estate

February Update on Nova Scotia’s Real Estate Market

Homebuyers and Sellers (and REALTORS®) are waiting with baited breath for mortgage rates to come down, but they will be waiting a while longer as the Bank of Canada reported on March 6th that they will be maintaining the status quo of 5% interest rate for the time being.

Nova Scotia Homes Currently for Sale

The inventory of homes for sale in Nova Scotia is up by about 30% compared to last year. Month over month, the number of active residential listings has pretty much flatlined over the past 3 months. With minimal increases and decreases across the region. Nova Scotia has 2259. This is approx. 1300 less than pre-pandemic numbers. 

There are a number of homes that are overpriced sitting on the market that are keeping inventory numbers up. 

Homes with Accepted Offers in February

Pending sales have bumped up by about 11–13% across Nova Scotia year over year. From January to February, we saw an increase from 580 to 646 pending sales for Nova Scotia as a whole. Each area has its own story, with Halifax-Dartmouth having 30 more sales. Annapolis Valley had an additional 5 sales, South Shore saw 16 more sales,  Northern Region had the most at 20 additional sales, and Highland Region had just 6 extra sales. Slow increase from December’s numbers, which were the lowest for a month at 379 in the last 5 years. 

Halifax-Dartmouth 295 to 325

Annapolis Valley  76 to 81

South Shore 42 to 58

Northern Region 78 to 98

Highland Region 16 to 28

Days on Market-How Fast are Homes Selling?

Homes are selling faster, with the median days on market (DOM) in Nova Scotia at just 18 days in February. Halifax-Dartmouth is leading the charge, with homes flying off the market in just 13 days. Although places like Yarmouth are taking a bit longer, it’s clear that the market is heating up.

Annapolis Valley was 42

South Shore was 82 

New Listings to the Market in February

Even though more homes are up for grabs, we’re seeing fewer new listings popping up in February compared to last year. It’s a bit of a mixed bag, with some areas like Yarmouth seeing a little bump in new listings, but overall, the numbers are down. Even though many homeowners have substantial equity in their homes, economic unease, and high costs of living, many have gone into saving mode and don’t want to jeopardize their low interest rate. 

The number of new listings for Feb was up year over year by about 12.3% for Nova Scotia, only up 3.5% in Halifax-Dartmouth and down 8% in Cape Breton. This is not the case when compared to last month, January. The number of new listings was actually down all across NS, except for Yarmouth, where they saw an increase of 7 extra listings. For Nova Scotia as a whole, there were 842 new listings, which is down 47 from January. 

Inventory Levels and List-to-Sale Price Ratios

Talking about inventory, it feels like there’s more room to breathe compared to last year, with inventory levels jumping up. Nova Scotia has 2.9 months worth of inventory, and Halfiax has 2 months. Other regions, such as Annapolis Valley and South Shore, have 4 months worth of inventory, and the Highland region is well into a buyers market. 

The list-to sale ratio is inching back up to selling for the list price, which is great news for sellers. Nova Scotia homes are selling at 97.4% of list price, with Halifax Dartmouth almost hitting the mark at 99.2%. The Annapolis Valley is sitting at 94.2%, and South Shore is getting 92.4% of the original list price. 

What are Homes Selling for In Nova Scotia?

Sold prices are all over the place, influenced by all sorts of factors, mostly the location and condition of the property being sold. Yarmouth has seen a dip in prices, while places like the Highland region and South Shore are seeing prices go up. It’s a real mix, showing how diverse our market is. 

Homes in Yarmouth are selling $180,000 which is down Year over year and from January’s price of $210,000

Highland region is sitting at $322,500, which is up from January. 

Cape Breton is also up from January, sitting at $217,500.

Northern Region is down from last month and is sitting a $260,000

South Shore was up year over year and month over month  and is sitting at $369,450

Annapolis Valley is actually down 2% from last year and down $50,000 in January. Home prices here are $300,000. 

Nova Scotia as a whole is up 7.7 % from 2023 and up $11,000 from January, sitting at $410,000

Keep in mind that a year-over-year increase of 6% is pretty standard in pre-covid times. 

Halifax came in at 545,000, which is up from jan’s $527,000 and up 13.9% from 2023

Bedford $688,000

Clayton Park: $645,000

Waverly $723,250

Sackville $400,500

Timberlea Tantallon: $620,000

Dartmouth $447,500

Hammonds Plains: $655,000

Hfx Central: $476,000 condos

Hfx South: $740,000

Hfx north $610,888

Hfx West: $586,750

Wolfville $531,000

Kentville $360,000

Berwick $288,750

Greenwood $404,950

Chester $502,000

Lunenburg $520,250

Bridgewater $480,000

Liverpool $150,000

Economic Factors Affecting Home Sales

Diving into some economic insights, the Bank of Canada reported on March 6th that they would be continuing their policy of quantitative tightening. The governing council wanted to see core inflation fall on a sustainable basis before making any adjustment to the interest rate of 5%. Global growth has slowed, but Canadian economic growth came in higher than expected, which could be attributed to the increase in population. 

The upcoming federal budget report and the next Bank of Canada report are slated for April. Depending on whether the government has more spending as part of this budget and thus causes inflation to rise again like it did with the COVID cheques, this will be a determining factor as to whether or not the Bank of Canada will consider any interest rate reductions in the near future. 

For full Blog article about factors affecting the Nova Scotia Housing Market Read More HERE

IN Summary:

~ The spring market does start to gain momentum in March with the peak of new listings happening by May.

~ Daily price amendments happening at a rate of close to 50% of the number of new listings that come to market each day.

Dawn Magee

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