Nova Scotia Mortgage Rates

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About Nova Scotia

More About: Living In Nova Scotia

Nova Scotia is one of the three maritime provinces and has a population of about 950,000. Here are some more fast facts about Nova Scotia:

  • Nova Scotia is the second smallest province (next to PEI) and is comprised of the mainland, Cape Breton Island
  • Halifax is the capital city of Nova Scotia, with a population of about 420,000
  • Nova Scotia's main industries are manufacturing, agriculture, fisheries, mining, forestry, transportation and energy
  • Despite being surrounded by water, Nova Scotia has a continental climate rather than maritime. However, the temperature extremes typically seen in a continental climate are moderated by the ocean

5 Things You Need To Know About Buying In Nova Scotia

  1. The average home price in Nova Scotia is roughly $205,000 – that's almost $200,000 cheaper than the national average!
  2. Nova Scotia's economy has struggled in recent years and consequently, so has the housing market. Sales were down in 2014 (though prices remained steady), which can likely be attributed to a flailing economy, low migration levels, and subsequently low demand for housing.
  3. There is an elevated inventory supply and homes are on the market for longer than normal
  4. This does not mean that Nova Scotia is not primed for buyers – it is, it's just that no one is buying!
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: Why haven't Nova Scotia home prices been rising along with the rest of the country?

The housing market is directly impacted by the region's economy, and this situation is no different. Nova Scotia's economy has seen struggles in the past few years. For instance, 2013 saw a prolonged period of high unemployment rates (at one point as high as 9%), which has adverse effects on the real estate market, since housing demand and sales decreased, and in turn so did prices. Unemployment rates are just one indication of a region's economic health – there are many other factors that must be considered when evaluating the market. Positive gains in both the provincial economy and the housing market are expected through 2015.

Nova Scotia Housing Statistics

Nova Scotia's home prices have remained relatively steady in recent years, despite significant increases in other parts of the country. The economy and housing market are expected to improve in the coming year, and Nova Scotia remains a beautiful destination for home buyers.

Property Prices: Moderate Quality of Life Index: High
Cost of Living: High Traffic Index: Moderate

Buying Property in Nova Scotia – Important Links

Thinking of buying a home in Nova Scotia? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Nova Scotia:

Get Nova Scotia regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in Nova Scotia? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? Nova Scotia offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the Nova Scotia health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Nova Scotia provincial government here.

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Blog: MoneyWise


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