Will economic uncertainty derail spring real estate market in Nova Scotia?

Many people in the real estate market in the Maritimes are keeping a close eye on tariffs.

The spring market for real estate is just around the corner and according to agents, it’s typically a busy time in the industry.

“Right now, things seem like they’re going to pick up but until we get in the middle of it, we won’t have a good grasp on how that’s going to affect things,” says Andrew Gilroy, president of the Nova Scotia Association of Realtors (NSAR). “If there is a bunch of job movement or if there’s none because of the tariffs and the conversation that’s going on around the country.”

So far, the numbers from the NSAR are promising. Housing statistics for February show the average home price is almost $452,000, up 6.5 per cent from last year.

Six-hundred-eighty-eight homes have been sold, which is a three per cent increase from the same month in 2024, and the total value of those sales reached $308.2 million, which is a jump of 9.7 per cent.

“We’re not taking giant leaps, but you know, two-three per cent month over a month is still an increase, we’re not seeing any slides, especially major ones in any parts of the province which is really nice,” Gilroy says.

In February prices fell 2.4 per cent in British Columbia and total sales were down nearly 12 per cent compared to last year.

Political tensions are causing some economic turmoil and that’s not usually a good thing when people are considering a large purchase like a home.

“It’s been an interesting start to the year for sure,” says Matt Honsberger, president of Royal Lepage Atlantic. “Nova Scotia appears to be the province that is least impacted by what’s going on from a trade perspective so that’s helpful for our area.”

There is also a larger inventory with more for sale signs popping up around the province. The number of new listings is up 3.3 per cent over the five-year average but with the current economic uncertainty the question becomes, are homes going to sell?

“Homes are selling, prices are up, inventory is coming up. The thing that’s saving us right now is that the Bank of Canada is continuing to cut the rates,” says Gilroy.

Canada’s central bank cut rates by 25 basis point to 2.75 per cent. The next scheduled rate adjustment is April 16, just as the spring season for homebuyers heats up.

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