Everything about Nova Scotia's real estate market continues its skyward ascent

7% to $256,888 Residential Sales: -11. 1% to 48 sales, Residential Average Price: +47. 9% to $181,827 Residential Sales: +12. 9% to 524 sales, Residential Average Rate: +36. 9% to $450,562 Residential Sales: +186. 7% to 43 sales, Residential Average Price: +2. 7% to $197,237 Residential Sales: +100% to 152 sales, Residential Average Cost: +60.

1% to 122 sales, Residential Average Price: +29% to $265,906 Residential Sales: +31. 9% to 26 sales, Residential Average Rate: +64. 5% to $229,841 A Double-Edged Sword in Nova Scotia Property? The Nova Scotia economy has been one of the strongest in the country over the past year. Professionals indicate the province's handling of the COVID-19 public health crisis as a reason the east coast province has been weathering the storm about as efficiently as any location can.

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But, as the province starts to experience a population increase of move-over property buyers from across the country, local experts state brand-new homebuyers could be priced out of the market. Kelvin Ndoro, a senior expert with the Canada Mortgage and Real Estate Corporation (CMHC), informed Reuters that homebuyers who originated from major metropolitan centres and offered their homes at a significant profit have a great deal of equity, which many are utilizing to buy less expensive houses in smaller markets.

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The RE/MAX Halifax Housing Market Outlook (2021 ) projection that typical domestic costs in the province's capital would increase 8 per cent to simply below $400,000.  visit now  described Halifax as a seller's market amidst restricted supply, enhancing need and cheaper loaning expenses. And, based on the numbers, there is little relief in sight.

Without an infusion of stock into the Nova Scotia market, growing need will only lead to tighter market conditions. Still, Halifax and the broader province are considered to be undervalued Canadian real estate markets. If tightened up conditions put upward pressure on Nova Scotia's realty rates, could this soften need to more sustainable levels? In the meantime, market experts are keeping a close watch upon the sizzling provincial market to much better understand what to expect throughout 2021 and beyond.