The Atlantic province of Nova Scotia has been upgraded to a “bucolic paradise” by remote workers stampeding to relocate.
Longstanding Pattern of “Go West” Upended by COVID & Climate Migration
Long seen as Canada’s “poor cousin,” Nova Scotia’s housing market in quite rural Eastern Canada transitioned from “humming along” to “a stampeded of people” from Toronto and other urban centers in Canada,” said John Duckworth, broker and co-owner of Duckworth Real Estate. “Properties were picked off at a tremendous speed,” many of which were sold from virtual tours, sight unseen in real time.
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
Donna Malone, president of the Nova Scotia Association of Realtors, said that Nova Scotia’s rural, low-density, laid-back environment created tremendous appeal to remote workers. “Large family homes…became popular with buyers, as did waterfront properties.”
Duckworth said, “Historically, the movement was from Nova Scotia to Ontario and west. A lot of people who live in Toronto are from Atlantic Canada…who came back to where they were brought up and (bought) a place for half of what they sold their house in Toronto. I guess we are not looked at as the poor cousin anymore.”
Demand & Prices Soared
The median price of a single-family home has gone from 234,900 Canadian (US $183,546) in 2020 to 289,900 Canadian (US $225,790) in 2021 to 340,000 Canadian (US $265,669) in 2022.
The range for waterfront homes stands at approximately $4M Canadian (US $3.15M) depending upon size and property conditions. Prices for cottages go up to about $1.5M Canadian (US $1.2M). Fixer-uppers start at about $100,000 Canadian (US $79,000).
As inventory became more and more limited in January 2022, Alexandra Valle, a real estate advisor with Engel & Volkers Halifax, said “…prices pushed even higher,” by +23.2% y/y. On the South Shore, an area that offers “privacy and peacefulness, and a 10-minute walk from Hirtle’s Beach and Gaff Point in a nature reserve on a narrow peninsula that juts into the Atlantic, prices have increased +56.1% y/y.
The capital of Nova Scotia, Halifax, is drawing foreign and Canadian buyers due to its growing technology hub, four universities and the presence of eastern Canada’s government sector. Halifax condominiums range from $240,000 – 2.5M Canadian (US $190,000 – $1.95M.)
Smaller condo markets throughout the province have prices that range up to $500,000 Canadian (US $390,000).
Nova Scotia’s Elsewhere Markets
Buyers wanting more acreage or coastline properties are drawn to any number of areas surrounding Nova Scotia’s 3,000 lakes and beaches. Some of those areas include Chester, a yachting community, Mahone Bay, the historic towns of Lunenberg and Kingsburg and Annapolis Valley.
According to Malone, many Europeans are lured to Cape Breton on the province’s eastern end with its affordability and vibrant Celtic fiddle scene. The median price of a house in Cape Breton is $173,250 Canadian (US $135,344) compared to the median price in Halifax, $479,00 Canadian (US $375,000).
Who’s Buying in Nova Scotia
Adding to the mix of relocating Canadians are buyers from the UK, US, Germany, Holland, Austria and Switzerland.
Duckworth said that oceanfront and ocean-view homes and land are being sold to buyers from Turkey, Caicos, Gibraltar, Kazakhstan, Dubai, Singapore, Bermuda and the South Pacific. According to the Canadian premier’s office in 2020, landed newcomers to Nova Scotia relocated from India, China, the Philippines, Korea and Britain.
Key buyers’ basics – there are no restrictions on real estate purchases by foreigners and purchases are made in Canadian dollars.
Are you ready to learn what your DISC personality style is? You know it’s critical that you understand what your natural personality style is. Once you have obtained this knowledge everything in your business and personal life will change for the better. Tim and Julie Harris are making it super simple for you to have this powerful info. Now, text the word YOU to 47372, and when you do you will instantly receive a special exclusive text link. Next, you will complete your own DISC personality test.. the results will be shared with you instantly once you complete the simple and fun test, no strings attached. Simply text the word YOU to 47372 and click the link.
P.S. (Limited time: no charge to take the complete test)
* 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt06
Thanks to The New York Times.