2024 Nova Scotia Real Estate: HIGHEST Price Growth in Canada
CREA Forecasts Nova Scotia to Have Highest Price Growth in Canadian Housing Market in 2024
The Canadian Real Estate Association (CREA) has made a new prediction about houses in Canada. They think that in the year 2023 and 2024, houses in a place called Nova Scotia will become more expensive. This is good news for people who already own houses there. But it’s not good news for people who are trying to buy their first house, because it will be harder for them to afford one. In April and May, a lot of people were buying houses because they felt confident that the prices were staying the same and the Bank of Canada would keep interest rates low.
CREA Downgrades Forecast for 2023-2024 in Response to Bank of Canada Rate Hikes, Nova Scotia Homeowners Benefit
The Bank of Canada made a surprise decision and raised rates. This might make people feel unsure about buying things. CREA, a group that predicts the housing market, changed their forecast because of this. They think the housing market won’t grow as much as before.
But don’t worry! They still think the housing market will get better in the future. They predict that home sales will go up by 11.2 percent in 2024. The price of homes will also go up by 3 percent in 2024.
But here’s some good news for people in Nova Scotia! The price of homes there will go up even more than 3 percent in 2024. This will make Nova Scotia homeowners happy.
Nova Scotia Real Estate Market Outperforms National Average with Promising Sales Forecast for 2023 and 2024
Just before I get into the Nova Scotia specific numbers, if you’re new here my name is Johnny Dulong and I’ve been a Halifax realtor for 21 years now and if you’re looking to be educated on the Halifax real estate market, then this is the site for you. And if you’re thinking about making a move in Halifax or if you’d like to chat with me about the current real estate market and the HRM, you can reach out to me anytime by clicking the link below and choose a time. So here is Nova Scotia’s specific numbers for the forecast of 2023 and 2024 and spoiler alert it’s looking far better than a lot of the other provinces in the country in terms of the number of home sales in the province. We’re sitting right now at 5155 sales. For the first six months of 2023 – and this is down 25.4 percent from that same period – in 2022 – The forecast is that we’ll finish the year at 10 688 sales, which would be down 14.4 percent from 2022.
Nova Scotia Sales Forecast: Significant Increase in 2023, Highest Price Surge Expected for 2024
It is quite remarkable to consider that our small province on the eastern coast of Canada, with just over one million residents, is projected to experience the highest price growth in the country in 2024, according to the CREA forecast report. However, it is important to approach these forecasts with caution, as the unpredictability of future events is evident. Prior to the June increase, many economists nationwide believed that interest rates would remain stable, yet we witnessed an increase both in June and July. Additionally, several prominent forecasters have presented expectations for the 2023 calendar year. Players in the real estate industry were way off the mark. So this is what it looked like at the start of the year. In terms of the forecast from some major companies, RBC was forecasting.
Nova Scotia’s Surging Real Estate Market Defies Forecasts, Sets Record Growth in 2024
So that’s pretty crazy to think that our little Province here on the east coast of Canada, with just over a million population, is going to have the highest price growth in Canada in 2024. According to the CREA forecast report now I will end this by saying that you have to take these forecasts with a grain of salt, because the reality is, nobody knows what’s going to happen right before the June increase, a lot of economists across the country were expecting Rates to not go up and guess what we saw an increase in June and we saw an increase in July and, furthermore, a lot of the forecast for the 2023 calendar year by some big name. Players in the real estate industry were way way off. So this is what it looked like at the start of the year.
Nova Scotia Real Estate Forecasts Proven Inaccurate; Uncertainty Prevails for the Market Ahead
According to various forecast predictions, RBC predicted a 5.6% decrease, Re Max predicted an 8% increase, CMHC provided a range of negative 15% to positive 13%, and TD anticipated a 15% decline in Nova Scotia’s real estate market. However, the current data shows a mere 1.7% decrease. It is interesting to note the significant discrepancies between these forecasts, considering the reputable sources behind them. Presently, the province of Nova Scotia has experienced only a 1.7% decrease in average prices from 2023 to 2022, and it is expected that prices will slightly increase by the end of the year. It is evident that these forecasts have proven somewhat inaccurate, highlighting the uncertainty surrounding future developments. Nonetheless, we will continue to provide updates on the real estate market, which promises to be an intriguing and unpredictable landscape over the next 12 plus months.
Real Estate Forecast: Examining Accuracy and Potential for Highest Price Growth in Canada by 2024
I anticipate conducting a thorough review of this forecast one year from now to assess its accuracy and determine if our region truly experiences the highest price growth in Canada in 2024. This analysis will yield valuable insights and allow us to assess our performance against industry expectations. If you are still engaged and have found value in this video, I kindly request that you share it with others who may find it relevant and have an interest in real estate market content. Thank you for your support, it is greatly appreciated. Have a wonderful day!.: www. bit. ly/buybettersellsmarter
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