The frenzy to buy homes in Nova Scotia is starting to slow.
The housing market exploded during the pandemic, as many saw our province as a haven from COVID-19 and the restrictions that came along with it.
Nova Scotia Association of Realtors South Shore Regional Director Bobbi Maxwell says the market is still strong but is shifting from the frantic buying we saw in the last few years.
“We started to see shift happen when gas prices were going up every two or three days, then the cost of groceries started going up, then the interest rate started going up,” says Maxwell. “So everybody I think has decided to step back and see how it settles.”
However prices are still climbing for housing in Nova Scotia according to NSAR’s MLS System.
They say the average price of homes sold in Nova Scotia in July 2022 was $380,760, up 9.4% compared to July of last year.
Maxwell discussed why prices are still climbing.
“The cost of living is not going down, the cost to build is not going down so the cost of resale of homes is going to probably continue to rise some, it’s just we’re not in the frenzy of everything jumping off the market.”
Maxwell says people have discovered the beauty of Nova Scotia and now the secret is out.