EXP Luxury Real Estate division expands to Nova scotia

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Exploring Nova Scotia's Luxury Real Estate Market:

What’s Behind the Buzz?

by Dawn Magee, Certified eXP luxury REALTOR®

Luxury Real Estate in Nova Scotia you ask? Absolutely! If you think of Nova Scotia as just a laid-back coastal sea shanties, think again. Nova Scotia’s luxury real estate market has experienced significant growth in recent years, evolving into a dynamic sector that attracts both local and international buyers.

Picture stunning luxury oceanfront estates, chic urban condos, and sprawling countryside manors. With more buyers catching on to what this beautiful province has to offer, let’s break down what makes Nova Scotia’s luxury real estate market so special.

What Types of Luxury Real Estate Are Buyers Flocking To?

When it comes to high-end properties, Nova Scotia, has something for everyone. Here are the top favorites:

Waterfront Estates: Who doesn’t dream of waking up to Atlantic waves crashing on the rocky shore or the panoramic views of Bras d’Or Lake? These homes are all about pristine pieces of paradise. Waterfront properties also often feature wharfs, boat houses perhaps and expansive outdoor living areas, making them ideal for entertaining or just enjoying the surrounding solitude.
Historic Homes: If you’re all about character, restored heritage properties—especially in historic towns like Halifax, Lunenburg and Annapolis Royal—are a dream come true. Many of these homes in the luxury price point have been meticulously renovated by skilled trades people. Molding modern convenience while preserving the original charm and unique architectural features that are hard to replicate today.

Modern Urban Residences: In Halifax and Dartmouth, the downtown vibe is the epitome of urban lifestyle.The high end harbour view condos and penthouses in the core takes luxury living to a whole other level. These properties are often equipped with high-end amenities like concierge services, rooftop pools, and state-of-the-art fitness centers, catering to professionals and retirees alike.

Where Are the Most Desirable Locations?

Some areas in Nova Scotia are shining standouts for luxury real estate:

South Shore: Mahone Bay and the Village of Chester (view Village Tour) offer that quintessential coastal charm paired with upscale living. These communities boast artisan shops, theatre and pubs. Known for a leisurely yet proactive vibe making them a favorite for retirees and second-home buyers. Golf, curling and volunteering are staple activities in Chester. This area of the South Shore is said to have some of the best sailing waters north of Nantucket.

Annapolis Valley: Think rolling vineyards, expansive estates, and peaceful patchwork fields.. This region around Wolfville (read more about Living in Wolfville) and Gaspereau is ideal for those looking to be immersed in local wines, fine dining and the academia culture of nearby Acadia University.

Halifax Regional Municipality (HRM): The South End of Halifax, with its waterfront proximity to the Northwest Arm has the most expensive real estate in Nova Scotia. (The Village of Chester has the most expensive homes per capita.) The area’s historic charm, proximity to top universities, hospitals, along with oceanfront potential makes it a prime choice for luxury lookers.

Cape Breton Island: Located 5 hours from Halifax, Cape Breton is as remote as it is breathtakingly beautiful, and perfect for those who want a slice of unspoiled paradise. Cape Breton offers luxury buyers privacy and access to world-class golf courses, like Cabot Links, and unparalleled highland views.

What About Taxes?

Buying luxury homes comes with some tax considerations, so here’s what to keep in mind:

Property Taxes: These vary depending on the municipality but are tied to the assessed value of the home. Luxury homes typically come with higher assessments, so property taxes can add up quickly.Homes on municipal services will have higher taxes rates as well.
Deed Transfer Tax: Usually between 0.5% and 1.5% of the home’s sale price, this one-time tax is an important cost to factor into your budget. This goes to the Municipality at the time of sale.
Capital Gains Tax: If it’s not your primary residence, 67% of any profit from the sale of the property that is over $250,000 is added to one’s income to be taxed. For luxury properties, this can be a significant amount, especially if the home has appreciated substantially in value. Consulting with a tax expert is crucial to strategize around this.

What’s New in the Luxury Real Estate Market?

Luxury real estate construction in Nova Scotia is upping its game. Here’s what’s increasing in popularity.:

Eco-Friendly Living: Builders are leaning into sustainable materials and energy-efficient designs. Smart homes with solar panels, geothermal heating, and energy-efficient windows are increasingly in demand, especially from buyers moving from places with more eco friendly building practices.
Customization: Buyers can work with developers to create their dream spaces—we’re talking home theaters, wine cellars, and bespoke kitchens with professional-grade appliances. At these price points, luxury homeowners are incorporating features and details that make their homes feel even more extravagant and personalized.

Recognized luxury builders and developers in Nova Scotia include:

Chester Builders: Various oceanfront developments including Bowens Brook and Skipper Hill, Chester Basin.
Viking Homes Builders in the Annapolis Valley for the past 35 years. Developments in Wolfville and coldbrook.
Stonewater Homes: Known for their premium properties and builder for QE2 home lottery grand prize
Rooftight Construction: 2 Time winner of Builder of the Year NS Home builders Association.
Marchand Homes: A respected name in high-end residential construction across HRM. NS Builder of the Year for 2024

Desirable architects such as Michael Napier Architecture and Omar Gandhi Architect are known for designing homes that harmonize with Nova Scotia’s natural beauty.

Luxury Market Report: Pricing Trends and Outlook

Nova Scotia’s luxury real estate market has seen significant growth in recent years:

Pricing Trends: As of Dec.2024, properties priced at $1 million or more accounted for 9.7% of listings in Nova Scotia, compared to 2.8% in Dec. 2019 and up from 9.4% in Dec. 2023.

Halifax Dartmouth had an increase to 15.9 % of their active listing over $1,000,000 in 2024 up from 13.4% in December 2023
Annapolis Valley has a decrease to 5.6% in December 2024 from 7.3% in Dec 2023;
South Shore had an increase to 12.1% from 11.4% in December 2023.
Northern region 4.4% up from 3.2%
Highland Region 10.5% up from 9.4%
Cape Breton Region 2.5% down from 5.8%
Yarmouth Region 4.5% up from 3.2%

It should be mentioned that 44% of the Village Chester’s listings are priced over $1,000,000 and 40% of Halifax’s south end is priced over $1,000,000

The Luxury market follows a similar track of the overall housing market in relation to percentage of change. Days on market are only 6 days longer in the Halifax Dartmouth area for properties that are selling over $1,000,000. While in the Annapolis Valley it has been taking 130 days to sell the million plus properties.

This comes down to pricing. The Halifax area is a busier market and has many more comparable sold properties to help determine the list prices of new listings.

Outlook: CMHC predicts steady demand in 2025, driven by continued interprovincial migration and immigration. Recent mortgage changes from CMHC will help more luxury buyers as well. For homes priced up to $1.5 million, buyers can now pay as little as 5% on the first $500,000 and 10% on the remaining balance, significantly lowering the initial costs compared to the previous 20% down payment rule previously.

Unemployment and inflation rates are the factors that will determine if the Bank of Canada will continue with basis point decreases into the second half of 2025 affecting the variable mortgage rate. The political climate will be a major factor in whether or not the fixed mortgage rate will rise or fall.

The Appeal of Nova Scotia's Luxury Real Estate Homes

Nova Scotia’s luxury real estate offer a unique combination of natural beauty, cultural richness, and relative affordability. The province’s diverse landscapes—from coastal vistas to lush valleys—provide stunning backdrops for luxury living. Coupled with a high quality of life and a welcoming community atmosphere, Nova Scotia will continue to stand out as an attractive destination for luxury homebuyers.

In conclusion, Nova Scotia’s luxury real estate market is poised for continued growth, driven by economic factors, design innovations, and the province’s inherent appeal. Buyers and Sellers should stay informed about market trends and engage with local professionals to navigate this evolving landscape productively.