Real Estate Road Trip: Nova Scotia - House and Hammer

Fascination About Homes In Nova Scotia - Real Estate Listings

With great deals of people wanting to purchase and inventory so low, it creates a market with bidding wars. Across Check it Out over the last year, bidding wars have ended up being more typical and often, houses are choosing $50,000 to $100,000 over the asking price something that puts young novice house purchasers, who do not have the exact same capital as homeowners or those who have been saving longer, at a disadvantage.

Story continues listed below ad Amy Mielke and Patrick Jerrette stroll their dog in Halifax's North End. The couple currently leases a location on the Halifax peninsula. The hope was to stay nearby, preferably in the North End, but with existing home prices they say they're getting pushed out." One home we really liked, we learnt it had 12 offers, and I think it ended up going $100,000 over, which simply priced us out," stated Mielke.

The downside to the real estate boom in Nova Scotia - CBC News

Ann Levy - Liverpool, South Shore Nova Scotia Real Estate Things To Know Before You Get This

Currently the deed transfer tax is due within 10 days of closing on a house purchase and expenses about 1. 5 percent of the house price. For an average Halifax house, that's about $7,000." We have actually seen other provinces like P.E.I. or B.C. loosen up the guidelines," stated Dauphinee. Story continues listed below advertisement "They might evaluate the cost of your home and customize the tax you pay to the point of possibly waiving it or spreading it out over an extended amount of time." 2:04 Affordability and housing concerns could increase the youth vote in Nova Scotia's summer season election Cost and housing concerns could drive up the youth vote in Nova Scotia's summer season election Jul 21, 2021 So far, it's not something that's been talked about by any of the political parties throughout this election.

Nova Scotia's real estate market booming despite COVID-19 - CBC News

PC Leader Tim Houston has actually also spoken about the requirement to increase real estate supply. Story continues below advertisement "We need to make sure we work with not-for-profits and designers alike to incentive them to develop and assist them construct more stock," stated Houston on Tuesday. The NDP has actually taken a various method, touting their rent control policy as an option to help people conserve." The number of people do we understand that year after year, are preventing their strategies to get a deposit since their rent made it impossible for them to build up a savings to be able to do that," said NDP Leader Gary Burrill.