Nova Scotia’s Housing Trends Q3 2024
At Chisholm Group, your trusted Halifax realtors under Sutton Group, we believe in providing valuable insights to help you make informed decisions in Nova Scotia's ever-evolving real estate market. Recent data on housing stock trends in Nova Scotia for Q3 2024 highlights key dynamics shaping the market. Here’s what you need to know.
Housing Stock Growth: A Mixed Picture
Nova Scotia's housing stock reached 493,145 units in Q3 2024, marking a modest 0.27% increase from Q2 2024. This growth trails behind the national average of 0.41%, with provinces like Alberta leading the way. Over the past year, Nova Scotia’s housing stock expanded by 1.4%, compared to the national growth rate of 2.0%. While this is positive, the slower growth in housing stock relative to the population raises concerns about supply keeping pace with demand.
Housing Units Per Capita: A Declining Trend
With 458.2 housing units per 1,000 residents, Nova Scotia boasts the third-highest ratio in Canada, behind Newfoundland and Labrador and Québec. However, since 2020, the number of units per capita has been declining due to population growth outpacing housing development. This imbalance could impact housing affordability and availability across the province.
Housing Composition: Nova Scotia vs. National Trends
Nova Scotia’s housing stock is unique in its composition:
303.6 units per 1,000 residents are owned housing.
151.1 units per 1,000 residents are rented housing.
Only 3.5 units per 1,000 residents fall under band housing.
Compared to national averages:
Single houses dominate the landscape, with 290.4 units per 1,000 residents—higher than most provinces.
Apartments make up 116.6 units per 1,000 residents, lower than the national average, reflecting Nova Scotia’s preference for detached homes.
Mobile homes, though a small segment, are more common in Nova Scotia than in other provinces, comprising 3.7% of the total housing stock.
Occupancy and Social Housing Insights
The majority of housing units in Nova Scotia are occupied by their usual residents (92.7%), aligning closely with the national figure (94.1%). Unoccupied units account for 6.9%, slightly above the national average of 5.5%. Notably, Nova Scotia has more units of social housing per 1,000 residents than the national average, demonstrating a stronger focus on addressing affordable housing needs.
What This Means for Buyers, Sellers, and Investors
For Buyers: With slower housing stock growth and a declining units-per-capita ratio, competition for homes may intensify, especially in sought-after areas like Halifax. Connect with a knowledgeable Halifax realtor like Chisholm Group to navigate this competitive market.
For Sellers: The growing demand and limited supply position sellers to command strong offers, particularly for single-detached homes, which are highly sought after in Nova Scotia.
For Investors: The data highlights opportunities in developing rental properties and apartments to meet the province’s growing population needs. With Halifax’s steady population influx, investing in multi-unit residential developments could yield significant returns.
Looking Ahead: How Nova Scotia Can Address Housing Challenges
To keep up with population growth and sustain a healthy real estate market, Nova Scotia needs strategic solutions, including:
Encouraging apartment developments to diversify the housing mix.
Expanding affordable housing initiatives to support lower-income families.
Incentivizing new construction projects in urban and rural areas.
At Chisholm Group, we are passionate about helping clients navigate Nova Scotia’s dynamic real estate market. Whether you’re buying, selling, or investing, our expertise as Halifax realtors under Sutton Group ensures you’ll have the right insights and support to succeed.
Contact Us
Ready to explore your next real estate move in Halifax or beyond? Get in touch with Chisholm Group today! Visit our website at chisholmgroup.ca or call us to discover how we can help you achieve your real estate goals.
