Nova Scotia continues trend of fewer real estate sales

The shipbuilding contract was supposed to lead to a hiring glut in Halifax, and usher in a new era of real estate sales and prosperity for everyone, but new numbers show real estate activity in Nova Scotia is continuing a trend of fewer sales over last year.

From March to May of 2013 in Halifax-Dartmouth, compared to the same time in 2012, sales were down 23.8% but listings were up 5.6%. Provincially, sales were down 16.4% and listings were up 4.3%.

Nova Scotia Association of Realtors president Gary Mailman told News 95.7 there was a spike in the market when the shipbuilding contract was announced.

“We did have a really good market there and the end of 2011 and start of 2012 and a lot of that did have to do with the shipbuilding announcement,” he said, but he was quick to point out there are other reasons as well.

“It could be a lot to do with some new policies that the federal government has released with regards to mortgages as well,” he continued.

Mailman added rural areas have also seen declines.

“There’s been some big mill closures in Port Hawkesbury and down on the South Shore with the Bowater closure,” he said.

He explained it’s hard to say if the trend will in fact drive prices down.

“That depends on how bad sellers want to sell and how long buyers will want to hold off before they make a purchase,” he said. “A lot of it has to do with the higher end pricing, and location. If you’re still in a very good location, and the price is warranted, people are still paying for the real estate.

The good news is the gap is getting smaller, but the fact remains that there are simply more listings and fewer buyers.

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