The Truth Behind Housing Starts in Nova Scotia: Are You Ready for It?
Hey everyone! Housing starts in Nova Scotia are up by a surprising 38%. That’s a lot of new homes being built, right? But here’s the kicker—you probably can’t afford them! Let’s break down the situation in Halifax and take a deeper look at what’s actually happening in the market.
What’s Really Going On with Housing Starts in Nova Scotia?
First off, a huge shoutout to Tim Houston and his government. They’ve finally put a system in place that’s fast-tracking housing starts across the province. As of now, housing starts in Nova Scotia are up by 38%, with most of those 51,000 units being built in the Halifax Regional Municipality (HRM).
We’re talking about a combination of single-family homes and large multi-unit buildings—this sounds great on the surface, right?
But Wait—There’s a Catch
Before you get too excited, let’s take a closer look at the actual housing market. Even with the surge in construction, the majority of these new homes aren’t aimed at first-time homebuyers. Instead, they’re mostly for those looking to upsize—which makes it harder for those just starting out.
The Price Breakdown of New Homes in Halifax-Dartmouth
Here’s the reality check. Of the 235 new homes for sale in Halifax-Dartmouth right now, only 7 are priced under $500,000. About 11.5% of the homes on the market fall between $500,000 and $600,000.
So, if you’re in the market for a home priced lower than that, you’re going to have a tough time finding one. It’s clear that the new construction we’re seeing isn’t geared towards affordable housing for first-time buyers.
What’s Behind the New Homes in Nova Scotia?
Now, about 66% of these new homes are built on well and septic systems, not municipal services. While this may not seem like a huge issue, it often means higher maintenance costs. On top of that, new homes in Nova Scotia sit on the market for an average of 100 days. That’s a long time, and it shows that these properties are not exactly affordable or moving quickly.
What Does Nova Scotia Really Need?
So, what do we really need to see in housing starts in Nova Scotia? The answer is simple: more affordable homes that come in under $500,000. The demand for housing for first-time buyers is growing, and we need homes that are accessible for those who want to live in vibrant, expanding communities. Unfortunately, that’s not what we’re seeing at the moment.
Would You Consider More Affordable Housing Options?
Here’s a question for you: If there were more smaller-format new construction options, especially those on municipal services, would you consider buying one? Or what if affordable homes were actually available without breaking the bank?
I’d love to hear your thoughts. Let me know in the comments below!
