Average house price in Nova Scotia, Canada 2018-2023, with a forecast by 2025

The average house price in Nova Scotia in 2023 stood at approximately 424,000 Canadian dollars. In the next year, house prices are forecast to further increase by about four percent. Compared to other provinces, Nova Scotia ranked below the national average in terms of house prices. However, the average price of a house in Nova Scotia was twice lower than in Ontario or British Columbia.

Exploding population growth in recent years

Nova Scotia is the second-smallest province after Prince Edward Island, and had a population of just under one million in 2018. The population of this province was relatively steady between 2000 and 2015, but has taken off since then. This sudden growth may be a factor in the increasing house prices, as demand also increases due to the greater number of residents looking for homes.

The future of housing affordability in Nova Scotia

Halifax, the provincial capital, had an affordable housing market as of 2018, with mortgage payments only constituting about 30 percent of average household incomes. The number of housing starts in the region has increased in the past few years, which also suggests an increase in demand. Only time will tell whether this will ensure a sufficient supply of homes for the region in response to its growing population.