Nova Scotia Real Estate Market Outlook 2023

Nova Scotia's real estate market is poised for a strong year in 2023, with a growing population, low supply, and high demand for housing.


One of the main drivers of the Nova Scotia real estate market is low housing inventory, which has made it harder for buyers to afford a home. The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 831 units in November 2022. This was a sharp decrease of 28.7% from November 2021. In a November 29, 2022 report, RE/MAX said it expects more price growth in Atlantic Canadian markets and expects average residential sale prices to spike 8% in Halifax.


Another factor contributing to the strength of the Nova Scotia real estate market is the growing population. Nova Scotia has seen an increase in both immigration and interprovincial migration in recent years, which has led to a higher demand for housing. This trend is expected to continue in 2023, as more people are attracted to the province's affordable cost of living and beautiful natural surroundings.


The high demand for housing in Nova Scotia is also being driven by the strong job market. The province has a diverse economy with a number of growing industries, including technology, tourism, and natural resources. This has led to job growth and an increase in the number of people looking to buy a home in the province.


Nova Scotia's real estate market is expected to have a strong year in 2023, with a growing population, and a high demand for housing. Whether you are a first-time homebuyer or an experienced investor, now is a great time to get involved in Nova Scotia real estate market. 


If you are looking to sell or buy property in Nova Scotia - we can help! 

Call Greg - 902.932.4082 - greg@remaxnova.ca




Location: Halifax, NS, Canada

Comments

Post a Comment

Popular posts from this blog

The Best Time to Sell a House: Market Timing for Maximum Profit

Image
If you're considering selling your home, you might wonder, "When is the best time to list my house?" Choosing the right time can make a significant difference in how quickly your home sells and at what price. The purpose of this blog post is to discuss the best time to sell real estate in Nova Scotia, Canada, market trends, and key factors that can help you maximize your profit. Understanding the Real Estate Market Cycles The housing market moves in cycles, and understanding these trends can help you make an informed decision about when to sell your home. 1. The Best Season to Sell a House Historically, spring and summer are the best seasons to sell a house. Here’s why: Higher demand – More buyers are actively searching, increasing competition. Longer daylight hours – The buyers have more time to view properties in natural light. Families want to move before the school year – Many families prefer to relocate in the summer to avoid disrupting their children's edu...
Read more

Thinking about moving to Halifax?

Image
There are many reasons to consider moving to Halifax, Canada. Here are a few reasons why you might want to call this beautiful city home: High quality of life: Halifax is consistently ranked as one of the top places to live in Canada. It has a thriving arts and culture scene, a vibrant food and drink scene, and a variety of recreational activities to enjoy. Beautiful natural surroundings: Halifax is located on the Atlantic coast, which means it has a beautiful natural setting with a variety of outdoor activities to enjoy. There are plenty of parks, trails, and beaches to explore, as well as opportunities for whale watching, kayaking, and more. Friendly and welcoming community: Halifax is known for its friendly and welcoming community. It is a diverse and inclusive city with a strong sense of community. It is also one of the safest cities in the world! Halifax is a great place to live, work, and raise a family. It has a high quality of life, a strong job market, and a beautiful natural...
Read more

Buying vs. Renting in Nova Scotia - Weighing the Pros and Cons

Image
Deciding whether to buy or rent a home is a significant life choice, and it often sparks a spirited debate among potential homeowners. Each option comes with its own set of advantages and drawbacks. In this blog post, we'll explore the pros and cons of buying and renting to help you make an informed decision based on your unique circumstances. Buying a Home: Pros and Cons Pros 1. Equity Buildup: with each mortgage payment, you're building equity and investing in a tangible asset that could be appreciated over time. 2. Stability and Control: homeownership provides stability and control over your living space. You can make modifications, personalize your home, and enjoy a greater sense of permanence. 3. Potential for Appreciation: real estate has historically appreciated over the long term, providing the potential for a profitable return on investment when you decide to sell. 4. Tax Benefits: homeowners may benefit from tax deductions on mortgage interest and property taxes, redu...
Read more