Nova Scotia’s housing market is showing signs of cooling off after the mad rush that followed the start of the COVID-19 pandemic. Almost 30 per cent fewer ...
A For Sale sign is displayed outside a home in Bedford in this file photo. Nova Scotia home prices have fallen slightly as rising interest rates affect borrowing power. - Ryan Taplin / FileNova Scotia’s housing market is showing signs of cooling off after the mad rush that followed the start of the COVID-19 pandemic.
That’s because while the numbers are trending downward from 2022 and 2021, they remain much higher than before we entered the pandemic.That’s 4.6 per cent less than last February but 56.5 per cent higher than in February 2020, which with all the water that has passed under the bridge now seems so very long ago.On Wednesday, the Bank of Canada is widely expected to hold its key lending rate at 4.5 per cent.
So that means to buy an average $400,000 Nova Scotian home, you’d need $20,000 for your 5 per cent down-payment and then $2,264 a month on a 25-year mortgage at 5.25 per cent interest rate . Many of those who bought into those inflated markets at historically low interest rates last year are seeing the value of their asset drop significantly while their costs of borrowing are going up .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scam losses in Nova Scotia jumped more than 30 per cent in 2022 | SaltWireFraudsters bilked Nova Scotians out of at least $3.6 million in 2022, a new high and about a third more than the $2.5 million reported the previous ...
Read more »
Nova Scotia completes impressive week with curling gold at Canada Winter Games | SaltWireSUMMERSIDE, P.E.I. — The emotion in Calan MacIsaac’s voice said all that was needed. The 18-year-old MacIsaac had just skipped Nova Scotia to a 7-3 victory ...
Read more »
Nova Scotia's Matthew Manuel rink improves to 2-1 at Tim Hortons Brier | SaltWireMatthew Manuel's Nova Scotia rink broke open a close game with a five-point end to defeat Nunavut's Jake Higgs on Monday morning at the Tim Horton's Brier ...
Read more »
Palestinian scarves controversy at Nova Scotia school prompts calls for public apology | Globalnews.caThe incident happened last Wednesday at Park West School in Halifax during Cultural Day, a day where students were encouraged to 'showcase their cultures through attire.'
Read more »
SaltWire Today: Your online Halifax newscast | SaltWireYour online Halifax newscast for March 6, 2023.
Read more »
'This was a Cinderella story,' Nova Scotia earns silver medal in girls' hockey at Canada Games | SaltWireNova Scotia is coming home with silver medals from the Canada Games girls’ hockey tournament in Prince Edward Island after a record-setting week that ...
Read more »