Real Estate Trends in Nova Scotia
By Nicole Salter
Travellers to Nova Scotia have long experienced the adventure and breath-taking beauty of a land and a people truly shaped by the sea. Renowned for the highest tides in the world at the Bay of Fundy, award-winning vineyards, nationally recognized chefs and over 700 festivals annually, Nova Scotia is a place of remarkable natural beauty and thriving culture. Tourists have the option to relax at Peggy's Cove fishing village, go on a whale watching trip, tour the Cabot Trail on Cape Breton Island, or take extensive tours. These historic waterfronts are home to some of the province's hottest action (think fresh-caught seafood at trendy restaurants, vibrant live indoor/outdoor music, historic attractions such as Pier 21 Halifax, all with the stunning harbour as a backdrop).

For centuries, Nova Scotia has also been the gateway to Canada, and many Canadians can trace their family tree there. With easy access to the Atlantic and one of the world's largest natural harbours, there's a reason why it has been the entry point for millions of Canadian immigrants. But is there a practical reason to actually stay, rather than visiting as a tourist or using it as a stepping stone to another province?

In the Fall of 2009, the Nova Scotia Association of REALTORS® announced that the average price for MLS® home sales from July to September was $192,826 - still extremely affordable, even though prices had gone up 4.7 per cent over the same three months in 2008. While the market is currently still leaning towards a buyer's market, the new residential listings on the MLS® system continue to decline - which will eventually lead to competition as buyers scramble to bid on the few homes available for sale. The lack of inventory should drive prices up, moving towards a sellers' market, until more sellers put their homes on the market to balance supply with demand. These real estate cycles can take years to achieve.

Linda Smardon, NSAR President, has an optimistic outlook for the immediate future of Nova Scotia real estate. "Towards the middle of 2009, consumer confidence began to build again and the recovery from double-digit decreases in sales and dollar volume indicates a brighter 2010 for the market than some previously thought."

If you are looking for Nova Scotia homes for sale, there is a wide variety of housing choices, ranging from urban to rural, condominiums to single family detached, income properties to lots of land. For an extensive list of properties currently on the market, visit the Multiple Listing Service website and select Nova Scotia.

All in all, Nova Scotia Real Estate is holding steady as a great opportunity for buyers to find affordable homes in a beautiful setting, and for sellers to achieve full market value for their homes.

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