Sales and listings both climbed, but prices showed only modest gains
Nova Scotia’s housing market posted its strongest September sales since 2021, with 994 homes changing hands through the MLS System.
That's a 4.9% increase from the same month last year, according to the Nova Scotia Association of REALTORS (NSAR). The province also saw a growth in new listings, reaching the highest September total in five years.
Despite the sales boost, activity remained slightly below longer-term trends—2.6% under the five-year average and 7.3% below the 10-year average for September. Year-to-date, sales edged up 1.9% to 8,645 units, suggesting a steady, if unspectacular, recovery from last year’s subdued levels.
Inventory and price trends diverge
The number of new residential listings jumped 10.9% year-over-year to 1,592, outpacing both the five- and ten-year averages for September.
Active listings climbed 9.2% to 4,961 units, marking the highest September inventory in more than five years.
Months of inventory—a key measure of market balance—stood at five, up slightly from 4.8 a year earlier but still below the long-run average of 5.5 months.
Price growth, meanwhile, showed signs of cooling. The overall MLS Home Price Index (HPI) composite benchmark price rose 4.7% year-over-year to $430,000.
Single-family homes saw a 5.5% increase to $425,000, while townhouses and apartments posted modest declines of 2.7% and 3.9%, respectively.
The average price of homes sold in September was $457,658, up 3.8% from last year, with the year-to-date average at $471,924, a 5% gain.
Regional disparities widen
The South Shore led the province with a 22.2% jump in sales and a 28.2% surge in average price to $500,565. Yarmouth doubled its sales year-over-year, while the Highland Region saw the steepest price increase at 20.2%. Halifax-Dartmouth, the province’s largest market, recorded a 4.1% dip in sales but a 1.2% rise in average price to $583,004.
Persistent affordability challenges and higher mortgage rates are factors tempering demand, even as inventory improves. Lukas Jasmin-Tucci, economist at Canada Mortgage and Housing Corporation, previously said that Nova Scotia should target 12,540 new housing starts annually through 2035 to reach pre-pandemic affordability levels.
In July, Halifax’s housing costs were on par with Toronto, according to Nova Scotia’s NDP, which urged the provincial government to act quickly on rising housing costs.
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