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7% to $256,888 Residential Sales: -11. 1% to 48 sales, Residential Average Price: +47. 9% to $181,827 Residential Sales: +12. 9% to 524 sales, Residential Average Rate: +36. 9% to $450,562 Residential Sales: +186. 7% to 43 sales, Residential Average Rate: +2. 7% to $197,237 Residential Sales: +100% to 152 sales, Residential Average Rate: +60.

1% to 122 sales, Residential Average Price: +29% to $265,906 Residential Sales: +31. 9% to 26 sales, Residential Average Price: +64. 5% to $229,841 A Double-Edged Sword in Nova Scotia Realty? The Nova Scotia economy has been one of the strongest in the nation over the past year. Professionals point to the province's handling of the COVID-19 public health crisis as a factor why the east coast province has actually been weathering the storm about as efficiently as any location can.

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However, as the province starts to experience a population increase of move-over property buyers from throughout the country, regional professionals state brand-new property buyers could be evaluated of the market. Kelvin Ndoro, a senior analyst with the Canada Home Mortgage and Housing Corporation (CMHC), informed Reuters that homebuyers who came from major urban centres and offered their homes at a considerable revenue have a great deal of equity, which numerous are using to purchase cheaper houses in smaller markets.

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The RE/MAX Halifax Housing Market Outlook (2021 ) forecast that average property prices in the province's capital would increase eight per cent to simply below $400,000. The report described Halifax as a seller's market amidst restricted supply, enhancing need and cheaper borrowing expenses. And, based on the numbers, there is little relief in sight.

Without an infusion of inventory into the Nova Scotia market, growing demand will just lead to tighter market conditions. Still, Halifax and the wider province are considered to be undervalued Canadian housing markets. If tightened up conditions put upward pressure on Nova Scotia's genuine estate prices, could this soften demand to more sustainable levels? For now, here. are keeping a close watch upon the sizzling provincial market to much better understand what to anticipate throughout 2021 and beyond.