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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 960,000. 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 430,000
  • 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
  • The average home price in Nova Scotia is roughly $245,000 – that's $155,000 cheaper than the national average!
  • There is an elevated inventory supply and homes are on the market for longer than normal

FAQ: 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. 

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
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