Nova Scotia housing market – how is it faring?

The market’s supply had large double-digit declines on an annual basis

Nova Scotia housing market – how is it faring?

While Nova Scotia’s home sales continued to moderate from the record highs seen last year, the market still saw its second-strongest August activity on record, according to the province’s top real estate professionals’ group.

A total of 1,362 homes were sold across the province in August, according to data from the Nova Scotia Association of Realtors. This was 11.1% lower on an annual basis, but 6.1% higher than the five-year average and 25.1% above the 10-year average for the month of August.

Year to date, home sales reached a record-high 11,257 units, up by 30.9% from the same period in 2020.

Read more: Inside Nova Scotia’s housing boom

The market saw a total of 1,605 new residential listings in August, down by 15.2% from a year ago. This level was also 4.4% below the five-year average and 7.1% below the 10-year average for August.

Active residential listings fell by 27.1% annually to 3,104 units, a level of scarcity that hasn’t been seen for the month of August in more than 15 years, the NSAR said. Active listings stood at 49.5% below the five-year average and 63.4% below the 10-year average for the month of August.

Nova Scotia’s average home sales price last month was $350,463, representing a 18.2% gain over August 2020. The dollar value of all home sales in the market last month reached a new record high of $477.3 million, up by 5.1% annually.

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