Nova Scotia Home Prices Make Near-Record Jump Despite Falling Demand

Halifax real estate prices may have slipped last month, but the province went the other direction. Nova Scotia Association of Realtors (NSAR) data shows home prices surged in June, making the second-largest monthly jump on record. Fewer sales and more listings have pushed the province’s demand balance to its weakest June since at least 2019. However, that didn’t stop buyers from paying more—a lot more. Nova Scotia Home Prices Just Made The 2nd Biggest Jump On Record The price of a typical home across Nova Scotia, according to the CREA benchmark composite. Source: NSAR; CREA; Better Dwelling. Nova Scotia home prices just printed a new record high with a near-record climb. The price of a typical home in the province surged 5.2% (+$23k) to $463,430 in June, 6.2% (+$27k) higher than last year. To put that into context, last month’s abrupt jump accounted for 85% of the annual move. The only larger increase occurred in January 2021. Seven months after that jump, prices recorded the sharpest monthly decline in the province’s history, but that’s a discussion for another day. Most Canadian markets entered a mini-correction after the initial rate-hike shock in 2022. Nova Scotia was no except...