Nova Scotia average home sale prices took big jump in past year

The average price of a home sold in Nova Scotia is up 14 per cent compared to a year ago, says the Canadian Real Estate Association.

That'sslightly larger than the increaseinHalifax and Dartmouth, which saw ajumpof 13.7 per cent.

The average selling price for homes in Nova Scotia was$265,513for March 2019, while it was$339,397 for the area covering Halifax and Dartmouth.

Halifax realtorAl Demings said the Halifax and Dartmouth numbers could be slightly skewed because more high-priced homes sold in March than a year ago.

"The increase in the higher range has made the numbers look bigger," he said.

Still,Demings said the housing market in the municipalityis the best it's been in 10 years.

"The prices are coming up because of our lower inventory," he said."We don't have as many houses for sale. That is causing a lot of demand, multiple offers, that sort of thing happening at a level we haven't seen in a decade."

Higher prices could persist, says realtor

Demings predicts the higher prices could last a few years.

Most of the sales are in lower to mid-range pricehomes, he said, which are seeing a bump in part because of programs for first-time homebuyers.

Demings said homes in Woodlawn and Sackville that come on the market in the $250,000 range are almost selling overnight.

He said the rising prices will encourage more new construction in the area.

The rise in the cost of homes in Halifax is bucking national trends, where the average price of a Canadian home fell by nearly two per centin the past year to $481,745.