Some Atlantic provinces saw summer gains, while others faced slower sales
Atlantic Canada’s real estate markets moved in different directions over the summer, with some provinces hitting new highs and others slowing down.
Nova Scotia’s housing market cooled off, with residential sales dropping 2.1% year-over-year to 1,078 units. “Active listings haven’t been this high in the month of August in more than five years,” the Nova Scotia Association of REALTORS said, as inventory jumped 10.8%. Despite fewer sales, the average home price climbed 7.1% to $467,148, and single-family homes rose 4% to $422,300. Townhouse prices held steady, while apartment prices dipped 1% from last August.
Even with the August slowdown, Nova Scotia’s year-to-date sales were up 1.6%, and average prices rose 5.2%. The total value of August sales hit a record $503.6 million, up 4.9% from last year. New listings increased 4.4%, and months of inventory reached 4.6, still below the long-term average. “Home sales were 7.3% below the five-year average and 9.2% below the 10-year average for the month of August,” the association said. Halifax-Dartmouth’s average price rose 5.8% to $603,650, while Cape Breton’s average fell 12% to $249,142.
Newfoundland and Labrador sets new records
Newfoundland and Labrador stood out with its sixth straight month of rising sales. The province saw 672 homes sold in August, up 6.3% from last year. “This was a new record for the month of August and was also the largest dollar value of homes sold for any month in history,” the Newfoundland and Labrador Association of REALTORS said.
The benchmark price jumped 12.2% to $337,600, and the average price rose 2.8% to $352,687. Active listings dropped 23.1% year-over-year, reaching their lowest August level in two decades. In St. John’s, single detached home sales surged 13.3%, and the benchmark price for single-family homes climbed 13.5% to $419,900. Months of inventory dropped to 4.2, well below the long-run average of 8.5.
Slower sales in New Brunswick, PEI
In New Brunswick, home sales fell by 7.2% year over year in August, dropping to 839 units. That was 13.7% lower than the five-year average, although home sales for the year so far are up by 3.4% over the same period in 2024. Saint John saw sales increase by 13.7%, but the Northern and Valley Regions, Fredericton and Greater Moncton all posted lower volumes.
"Sales cooled in August, slipping below the 1,000-home mark for the first time since spring, marking one of the quietest Augusts in years," said Justin Morehouse, chair of the New Brunswick Real Estate Board. "New listings pulled back slightly from July but were still not too far off what we would expect for this time of year."
On Prince Edward Island, August sales dropped 7.4% year-over-year to 199 units. The benchmark price for single-family homes edged up 1.3% to $377,400, while the average sale price held steady at $400,594. Active listings increased 1.2% to 1,342 units, and months of inventory rose to 6.7, signaling a slower pace and more balanced conditions.
