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7% to $256,888 Residential Sales: -11. 1% to 48 sales, Residential Average Rate: +47. 9% to $181,827 Residential Sales: +12. 9% to 524 sales, Residential Average Price: +36. 9% to $450,562 Residential Sales: +186. 7% to 43 sales, Residential Average Price: +2. 7% to $197,237 Residential Sales: +100% to 152 sales, Residential Average Rate: +60.
1% to 122 sales, Residential Average Rate: +29% to $265,906 Residential Sales: +31. 9% to 26 sales, Residential Average Rate: +64. 5% to $229,841 A Double-Edged Sword in Nova Scotia Realty? The Nova Scotia economy has been one of the greatest in the nation over the past year. Experts point to the province's handling of the COVID-19 public health crisis as a reason the east coast province has been weathering the storm about as efficiently as any place can.
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But, as the province starts to experience a population influx of move-over homebuyers from throughout the country, local experts state new homebuyers might be priced out of the marketplace. Kelvin Ndoro, a senior expert with the Canada Home Loan and Real Estate Corporation (CMHC), informed Reuters that property buyers who originated from significant metropolitan centres and offered their homes at a significant earnings have a great deal of equity, which many are utilizing to buy less expensive homes in smaller markets.
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The RE/MAX Halifax Real Estate Market Outlook (2021 ) projection that average property prices in the province's capital would increase 8 per cent to simply below $400,000. The report described Halifax as a seller's market amidst minimal supply, enhancing need and cheaper loaning costs. And, based upon the numbers, there is little relief in sight.
Without an infusion of inventory into the Nova Scotia market, growing need will only 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 property rates, could this soften need to more sustainable levels? In https://www.facebook.com/exprealtycanada/ , market professionals are keeping a close watch upon the sizzling provincial market to better comprehend what to expect throughout 2021 and beyond.