Nova Scotia

Real Estate

Nova Scotia’s real estate market has experienced steady growth over the years, with a robust demand for residential properties in both urban and rural areas. Halifax, as the primary urban hub, leads the housing market, offering diverse property types, including single-family homes, condominiums, and townhouses. Rural regions such as the Annapolis Valley and Cape Breton attract buyers seeking larger lots or second homes for seasonal use.

Most Popular Types of Property

Single-family homes dominate the market, particularly in suburban and rural areas. Condominiums and townhouses have gained traction in Halifax, offering affordable and low-maintenance options for first-time buyers, retirees, and investors. Waterfront properties and heritage homes are highly sought after, especially in picturesque regions like the South Shore.

Most popular housing options for Nova Scotia fall as follows:

• Apartments: 56%
• Single family homes: 35%
• Semi-detached: 6%
• Others: 3%

Nova Scotia is Canada’s second densest province and second-smallest province by area. Dense areas often favor apartments as they can be built vertically. Therefore, urban growth centres like Halifax are seeing more apartments. However, since majority of the province is rural, the second highest dwelling type is single family homes.

Real Estate Trends

The Nova Scotia market has shown resilience, with consistent growth in home prices. As of late 2024, the average home price in the province reached approximately CAD 444,067, representing a 5.7% year-over-year increase. In Halifax, the median sale price for residential properties is higher, often exceeding CAD 525,000. The benchmark home prices in Halifax was CAD 539,200 which is 1.9% higher year-over year and the average home price in Halifax was around CAD 578,675, which shows a 8.9% year-over-year increase.

 Demand for affordable housing continues to outpace supply, particularly for homes under CAD 500,000. This has led to competitive bidding in urban markets and a steady rise in housing prices in rural areas​.

Rural and Urban Areas

Urban areas like Halifax and Dartmouth provide diverse housing options, including new construction, condominiums, and high-end detached homes. Rural regions, such as the Annapolis Valley, Cape Breton, and South Shore, cater to buyers seeking tranquility, larger properties, and proximity to nature. These areas are particularly attractive for retirees and second-home buyers.

With its scenic beauty, Nova Scotia has been observing a significant interest from home buyers in Canada and realtors in Canada. With demand for apartments growing in Halifax and Dartmouth, rural areas are also receiving a lot of attention with the growth of remote working options. While rural homes are generally more affordable, their market has grown due to increased interest from remote workers and retirees​.

Financial Considerations(Mortgages and Interest Rates)

Nova Scotia offers various mortgage products, including fixed-rate and variable-rate options. As of 2024, mortgage rates in the province are stabilizing, creating more favorable conditions for buyers. Interest rates vary depending on the lender and the type of mortgage, with five-year fixed rates averaging between 5.5% and 6.5%. First-time homebuyers benefit from provincial programs offering rebates and financial assistance to reduce upfront costs. Nova Scotia’s market is also influenced by national trends, with buyers and sellers adjusting to the current rates and inventory levels.

As of late 2024, the lowest mortgage rate in Halifax was around 4.1% for a 5 year fixed mortgage. As of November 2024, the best 1-year fixed insured mortgage rate in Nova Scotia is 5.94%; the best 2-year fixed unsured mortgage rate in Nova Scotia is 4.69%; the best 3-year fixed insured mortgage rate in Nova Scotia is 4.69%; the best 4-year fixed insured mortgage rate in Nova Scotia is 4.49%; the best 5-year fixed insured mortgage rate in Nova Scotia is 4.19%; the best 5-year variable insured mortgage rate in Nova Scotia is 4.80%.

Property Registration and Taxes

In Nova Scotia, property registration is handled by the provincial land registry. Buyers are responsible for paying the deed transfer tax, which is typically around 1.5% of the purchase price, though rates can vary by municipality. Annual property taxes are based on the market value of the property, as determined by the provincial assessment agency. These taxes fund municipal services such as education, road maintenance, and waste management​.

Zoning and Land Use

Zoning and land use in Nova Scotia are governed by a combination of provincial and municipal regulations. Municipalities develop their own zoning bylaws, which outline permitted uses for residential, commercial, agricultural, and industrial properties. Environmental considerations are a significant factor, particularly in coastal and rural areas. Land development often requires adherence to strict guidelines to protect natural resources and preserve Nova Scotia’s scenic landscapes. Subdivision approvals and rezoning applications are managed collaboratively by local and provincial authorities to ensure sustainable growth​.