Seventh in term of Canada’s GDP and population, the province of Nova Scotia is vital to the health and well being of the country. Real estate continues to be in high demand in the province, and many homeowners are moving to this Maritime province to take advantage of low housing prices and other opportunities. If you are interested in buying a home in Nova Scotia, we are the best resource for you. Our partnership with several Canadian lenders means that you always get the best Nova Scotia mortgage rates when you use our tools. All you have to do is choose a mortgage rate and fill out the form on this page to get started. It would be wise, however, to first consider the state of housing in the province. Read on to find out more about the Nova Scotia housing market, and then select a mortgage rate that will best fit your specific needs.
Factors That Influence the Housing Market in Nova Scotia
Every year, several factors influence the Nova Scotia housing market. We could list many influences, but the following prove to be the most significant:
• Economy — It is true that the recent recession affected Nova Scotia less dramatically than many of Canada’s other provinces and territories. Nevertheless, the province is still dealing with significant unemployment, which is expected to remain near 8.5 percent in the short term. Long-term economic prospects, however, look bright. Shipbuilding and natural resource mining and management are expected to add billions of dollars to the economy and thousands of jobs over the next couple of decades. Particular highlights include contracts to build combat vessels for the Royal Canadian Navy and the Deep Panuke project to tap natural gas reserves. These projects and many others should fuel housing demand.
• Tourism — Tourism is a significant part of Nova Scotia’s economy. As the health of the province’s tourism industry goes, so does the health of the provincial economy. Hundreds of thousands of cruise ship passengers pass through the province’s ports every year, and thousands of businesses are directly or indirectly dependent on tourism. There was a 14 percent growth in tourism in December 2011 over December 2010, which bodes well for the health of this sector in 2012 and beyond.
• Population — Nova Scotia remains the slowest growing of Canada’s Atlantic provinces when it comes to population. Total population growth was just under 1 percent from 2006 to 2011. Of course, any addition of residents increases the demand for housing, but the slow growth of Nova Scotia’s population may mean that demand will increase more slowly in the province than it will elsewhere in Canada. In any case, there is notable migration within the province to Halifax, which makes that city a great place to buy a home at the lowest mortgage rates in Nova Scotia.
The State of Nova Scotia’s Housing Market
Despite the mixed state of Nova Scotia’s economy, there are positive signs of growth in the provincial housing market. Housing starts are predicted to decline to 4,400 in 2012 from a high of 4,700 in 2011. In 2013, starts should increase to 4,900, so construction should not be in a downturn for long. Housing starts were 2,500 in the province during April 2012, which is below April’s historical average but in line with predictions of total starts for the year. About half of housing starts are in multiple-unit housing.
Housing should remain affordable in Nova Scotia over the next few years. Construction prices are expected to be relatively flat, increasing only about 2 percent in both 2012 and 2013. The average provincial home sale price should reach $220,000 in 2012 and slightly increase to about $228,000 in 2013. Consequently, Nova Scotia will continue to have some of the most affordable housing in the country. You can save even more money on a home if you choose one of the low mortgage rates in Nova Scotia.
In the first quarter of 2012, MLS sales were up more than 17 percent from the same period in 2011. Approximately 2,050 homes were sold in the province, including nearly 1,500 detached homes. This was the fourth consecutive quarter of home sales growth, which bodes well for the future of the housing market in the province. Total sales are expected to reach approximately 10,500 units. As in many of the other Canadian provinces and territories, the average mortgage interest rate will be 3— 6.5 percent for those who lock in a loan during the next few months.
Where to Buy a Home in Nova Scotia
If you have decided that now is the time to take advantage of low current mortgage rates, Nova Scotia has several towns and cities where buying a home is a good idea. Here are just a few of your options:
• Halifax, the provincial capital and most populous community in Nova Scotia, is one of the best places to live in Canada. A recent survey ranked it fourth overall for livability in the country. It is one of the most important economic centers in Eastern Canada, with the Department of National Defence and the Port of Halifax being major employers. Forestry and other industries based on natural resources also create many jobs each year.
• Liverpool is a smaller town, but it is the most populous community in Queens County. The business community is diverse, although tourism has become increasingly important to local economic growth in recent years. Many people move to Liverpool to work and to enjoy a good standard of living.
• New Glasgow is an important economic center in North Central Nova Scotia. Retail has a significant presence, but there are several large manufacturing plants that employ people as well. Housing should continue to be in demand in this town for some time to come.
Get The Best Nova Scotia Mortgage Rates
You are now prepared to choose the best place to live in Nova Scotia and buy a home before it appreciates out of your price range. Select a mortgage rate on this page to get started or fill out the online mortgage application form to speak to a mortgage expert who will provide you the lowest mortgage rates in the province of Nova Scotia.