Recent Changes in the Real Estate Market in Nova Scotia, Canada
Maximum amortization Periods have dropped from 40 years to 35 years to 30 years. This means larger monthly mortgage payments. As a result, it is more difficult for new buyers to afford a mortgage.
Nova Scotia prices have dropped 1% to 2% in the past year. A house that sold for $100,000 is now selling for $98,000 or $99,000. Even with the price drop, Nova Scotia housing is still overvalued by about 7%. This according to Benjamin Tal at a recent address on housing markets & local economic trends. Mr. Tal is a
renowned economic advisor.
Mortgage rates are expected to start rising in August. This will mean larger monthly payments and shrinkage in the number of people who can afford a mortgage. There will be downward pressure on prices of housing
These factors will likely keep the Nova Scotia market fairly stable, with no wild fluctuations up or down in the near future.