While Nova Scotia does not rank very high among the most expensive provinces in Canada, homes in this province still fetch a few hundred thousand dollars. That’s a lot of money to play with, so making a sound purchasing decision is your best bet.
Let’s take a closer look at the average price of homes in Nova Scotia right now to help you make an informed purchasing decision when buying a home.
Average House Price In Nova Scotia 2024
In Nova Scotia, the average price for a home is $398,700. That’s a 4.9% increase from last year.
The average price for a home province-wide may differ from some of the individual centres across Nova Scotia. Consider the following areas in the province, along with their respective price tags for homes:
- Halifax-Dartmouth: $531,200
- South Shore: $293,100
- Cape Breton: $206,000
Average House Price In Nova Scotia vs. Canada
| Home Prices 2024 | Year-Over-Year % Change | |
| Canada | $685,809 | 3.5% |
| Nova Scotia* | $398,700 | 4.9% |
| Prince Edward Island | $340,900 | 0.7% |
| Newfoundland and Labrador* | $288,100 | 4.5% |
| British Columbia | $991,440 | 5.1% |
| Alberta | $476,718 | 11.9% |
| Saskatchewan* | $330,800 | 4.7% |
| Manitoba | $342,755 | 5.8% |
| Ontario | $873,207 | 1.3% |
| Quebec | $502,141 | 8.4% |
| New Brunswick* | $286,700 | 6.9% |
*based on MLS HPI benchmark prices
Can You Afford A House In Nova Scotia?
When determining how much house you can afford in Nova, it’s essential to calculate your GDS and TDS ratios.
- Your GDS represents your gross debt service ratio, which is a measure of the principal, interest, taxes, and condo fees(if applicable) compared to your income. This ratio should not be any higher than 35% – 39%.
- Your TDS represents your total debt service ratio, which is a measure of all of your debt — including your housing debt — that you are responsible for paying each month relative to your income. This ratio should not be any higher than 44%.
Your lender will use your GDS and TDS to determine the loan amount that you can get approved for. Armed with this information, you’ll know how much you can afford to spend on a home in Nova Scotia and can focus your efforts accordingly.
Average Home Prices Across Canada
Other Costs To Budget When Buying A House In Nova Scotia
Considering the magnitude of a home purchase, it’s imperative to establish a budget before beginning the hunt for a new home in Nova Scotia. That way, you can focus only on properties that you can afford to avoid leaving you “house poor” when all is said and done.
Not only should your income be factored into the equation before you buy a home, your expenses should also be considered.
Make a detailed list of all the outgoing expenses you incur each month to help you determine how much you have left over to spend on mortgage payments. Typical monthly expenses include the following:
- Utilities
- Groceries
- Subscriptions
- Car loans
- Gas
- Car insurance
- Student loans
- Personal loans
- Credit card bills
- Entertainment
- Miscellaneous expenses
Be sure to add up precisely how much you spend each month and compare that figure to your income to understand how much money you’ve got left to dedicate to a mortgage.
What Affects The Average House Price In Nova Scotia
No matter what city in Nova Scotia you may be looking to buy a home in, the same factors will impact home prices, including the following.
Location
Perhaps nothing is more influential on home prices than location. The exact same home in two different locations can have two very different price tags. A more desirable location will command higher home prices, while a less desirable spot will see lower prices.
Size Of The Home
In general, a home with more square footage will be more expensive to purchase than a smaller home. That said, there are exceptions to this rule, especially when you factor in location.
Features
A home with more expensive features will often cost more than a home with basic traits. For example, hardwood flooring and granite countertops are considered more desirable than wall-to-wall carpeting and linoleum counters.
How Does The Nova Scotia Housing Market Affect House Prices?
The temperature of the market plays a key role in what home prices are doing in a particular area. A seller’s market, for instance, means that there are lots of buyers on the prowl for a new home, but only have a few listings to choose from. Since demand outweighs supply, home prices will typically be higher, which favours sellers.
The Economy
A strong economy is usually characterized by ample jobs, high wages, and a low unemployment rate. When people are working and bringing in a sizable income, they have more money to spend and are better able to afford a large purchase like a house.
Consumers who have more money in their pockets to spend will fuel demand for real estate, which can drive prices of homes up.
Final Thoughts
Nova Scotia’s home prices are rather affordable compared to other provinces as well as the national average, although they still cost a pretty penny. Before you start your search for a new home in Nova Scotia, spend some time getting familiar with what homes cost in each centre across the province, and get your finances in order so you have no issues securing the financing you need to finalize a home purchase.
Nova Scotia House Price FAQs
How do mortgage interest rates affect home prices?
What are the other costs of owning a home in Nova Scotia?
- Property taxes
- Home insurance
- Utilities
- Maintenance
- Repairs
- Condo fees
