Nova Scotia

NOVA SCOTIA

CONTENTS

Nova Scotia Demographics

Populations

Average Incomes

Immigration Laws

Housing

Shortage of Housing

Average House Price

Government assistance programs to help developers as well as affordable housing programs

Average house prices of all kinds (detached, semidetached, townhouses, condos)

Home Development on the South Shore

Name, and full details of all developers in Nova Scotia

Table of

NOVA SCOTIA Province of

Nova Scotia Demographics

The largest ethnic group in Nova Scotia is Scottish at 28.3%, followed by:

English (28.1%)

Irish (19.9%)

French (17.7%)

Aboriginal (10.2%)

German (10%)

Dutch (3.9%)

Black (2.3%)

Italian (1.3%)

Acadian (1.2%)

Just over 47% of the population identifies their ethnicity as Canadian. There are over 145 ethnic groups in Nova Scotia.

Province of Nova Scotia

AVERAGE INCOME

A person working in Nova Scotia typically earns around 113,000 CAD per year. Salaries range from 28,500 CAD (lowest average) to 503,000 CAD (highest average, the actual maximum salary is higher).

Average Monthly Salary

9,400 CAD (113,000 CAD yearly)

LOW AVERAGE HIGH

2,380

41,900 CAD CAD CAD

9,400

Average Monthly Salary 113,000 CAD (9,400 CAD monthly)

LOW AVERAGE HIGH

28,500 113,000 503,000 CAD CAD CAD

IMMIGRATION LAWS

Entrepreneur

The Entrepreneur Stream is for experienced business owners or senior business managers who want to live in Nova Scotia. They must start a new business or buy an existing business and must actively participate in the day-to-day management of the business. After operating the business for a year, the entrepreneur may be nominated for permanent resident status. Application to the stream is by invitation only.

ELIGIBILITY

To apply you must:

be 21 years of age or older; want to live permanently in Nova Scotia while owning and actively managing a Nova Scotia business; have a net worth of at least $600,000 CAD; be able to invest at least $150,000 CAD of your own money to establish a business in Nova Scotia; have at least 3 years experience actively managing and owning a business (1/3 ownership minimum) OR more than 5 years experience in a senior business management role; have a score of at least 5 on the Canadian Language Benchmark in speaking, listening, reading, and writing in English or French; complete an online Expression of Interest; receive an Invitation to Apply from the Nova Scotia Office of Immigration.

AVERAGE HOUSE PRICE

Nova Scotia’s housing market blew up during the pandemic. In 2020 and 2021, house prices and sales spiked. Things are cooling down now but the market is still holding strong. During the peak in 2021, houses were on the market just days before being sold. Statistically, in a typical market, houses sit on the market for 60 to 100 days. In 2019, prepandemic, the average was about 65 days; right now it’s 33 to 34 days.

The cooling of the market can also be seen in the number of sales, which is down about 20 percent compared with last year, but up two percent from 2019.

But Nova Scotia is one of two provinces where prices are expected to keep increasing.

According to data from NSAR, the average residential price in Nova Scotia is now $385,756. Halifax and Dartmouth remain the most expensive area of the province, with the average house price now topping half a million dollars.

As of the end of October, the average residential price in Halifax and Dartmouth was $417,503, up nearly 40 percent from 2020, when the average price was around $367,000.

“Nova Scotia homes were undervalued for decades,”

“It wasn’t just the pandemic, there was a valuation correction so you’re not going to see prices go down. I think we’ve set a new benchmark and you’re not going to see the benchmark come down.”

Statistics Canada released new data today from the Canadian Housing Statistics Program (CHSP) which provides insight into the household characteristics of property owners in Nova Scotia, New Brunswick, and British Columbia. Today’s release is the first of a three-part series that looks at the properties sold from January 1 to December 31, 2018, and the characteristics of their buyers.

The article provides insight into the geographic distribution, property type, sale price, and living area of properties sold. This information could also serve as a point of comparison to understand the impacts of the COVID-19 pandemic on the housing market.

The information provided in this article is focused on properties transacted as part of market sales, which are transactions where properties are sold in an arm's length transfer of ownership, that is, by unrelated parties.

Among the provinces with data available in this release, British Columbia had the highest share of properties sold out of the provincial residential property stock, comprising almost 8% of all properties in the province, followed by Nova Scotia (5.7%) and New Brunswick (5.2%).

Non-market sales of residential properties include sales to related parties or sales of special interest, forfeitures, and foreclosures. In 2018, New Brunswick (31.7%) had the highest share of non-market sales followed by Nova Scotia (29.1%) and British Columbia (24.5%).

In all three provinces, residential market sales were higher in the census metropolitan areas (CMA) compared with outside of CMAs. Nova Scotia had the largest difference with 5.3% of residential properties being sold in the Halifax CMA compared with 3.5% outside the CMA. Kelowna (7.8%) in British Columbia had the highest share of residential property sales among the CMAs of all three provinces.

While single-detached houses had the highest number of sales in all three provinces, these sales accounted for a smaller share of their respective stock when compared to other property types.

Semi-detached houses, row houses, and condominium apartments had the highest share of residential properties sold in all three provinces in 2018. The difference in sales was largest in New Brunswick where 10.1% of semi-detached houses were sold compared with 3.4% of single-detached houses.

In Nova Scotia, row houses (7.7%) had the highest share followed by condominium apartments at 7.4%. This is compared with 4.0% of single-detached houses that were sold in 2018.

The median price of properties sold was highest in British Columbia ($535,000) which was over three times that of Nova Scotia ($167,000) and almost four times the price in New Brunswick ($134,000). The price difference was most pronounced in vacant land properties. The median price of vacant properties in British Columbia was $220,000 compared with the median price of $25,000 in Nova Scotia and $15,000 in New Brunswick in 2018.

In Nova Scotia, condominium apartments had the highest median price at $215,000 compared with $192,000 for single-detached houses.

In 2018, properties sold in Nova Scotia and New Brunswick had larger living areas compared with properties that were not sold. In Nova Scotia, the median living area of sold properties was 1,510 square feet (SF) compared to 1,350 of for properties that were not sold. Properties sold in the Halifax CMA had a median living area of 1,810 sf while properties not sold had a median living area of 1,670 sf.

In Nova Scotia, the price per square foot of sold properties was $125 per sf compared with $106 per SF for properties sold in New Brunswick.

The median price for properties sold within the Halifax CMA was $151 per sf while the median price for properties sold outside the CMA was $102 per sf.

The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 831 units in November 2022. This was a sharp decrease of 28.7% from November 2021. Home sales were 17% below the five-year average and 2% below the 10-year average for the month of November.

Advocates in Nova Scotia are calling for more public housing to be built as the province grapples with an ongoing housing crisis.

The bulk of public housing in Nova Scotia was developed before the 1970s. After World War II, the federal government made major investments in public housing across the country, but by the 1990s, those investments largely disappeared.

SHORTAGE OF HOUSING

11.4 percent, or 45,100, of Nova Scotian households are in core housing need to date, the Province has committed more than $35 million to initiatives to support the recommendations of the Nova Scotia Affordable Housing Commission the Province has invested in initiatives that will produce more than 1,100 affordable housing units

SHORTAGE OF HOUSING

Housing Commission has released its final progress report on the Province’s efforts to address the urgent need for improved affordable housing

Of the 17 recommendations and 60 meaningful actions in the commission’s 2021 report, Charting a New Course for Affordable Housing in Nova Scotia, close to 50 is complete or substantially complete and most of the remaining are in progress

The commission noted several important actions have been completed since its first progress report in January In particular, the commission highlighted the Province’s investment to create the Community Housing Growth Fund to support and expand the community housing sector in Nova Scotia The government also launched the first-ever provincewide housing needs assessment and a needs assessment for African Nova Scotian communities that will help inform the development of a long-term housing strategy for the province.

HOME DEVELOPMENT ON THE SOUTH SHORE

Eagerly anticipated, and has exceeded all expectations. Thoughtful design has created a true sand beach living experience unlike anything in Nova Scotia. The location is Hunts Point, and its crescent-shaped white sand beach is mere footsteps away. The destination is Ocean Villas - a new boutique 7-unit condominium oceanfront development; from design through construction to final fixtures & finishes…evidence of quality and attention to detail is inescapable.

6755 Hwy 3, Unit 2, Hunts Point, Nova Scotia, B0T 1G0

$449,000 CAD

2 Beds 1 Bath 745 Sqft Condominium

HOME DEVELOPMENT ON THE SOUTH SHORE

536 Harbour View Crescent, Cornwallis Park, Nova Scotia, B0S1H0

3 Beds 2 Baths 1,100 Sqft Single Family

Ideal location and fantastic views of the Basin is what is being offered with this 3 bedroom, 1.5 bath Condo in Cornwallis Park. The main floor of the condo offers you an open concept living room and dining area, a 1/2 bath and an eat-in kitchen with doors leading to a deck that overlooks Cornwallis Park and offers you a nice seating area, perfect for relaxing and taking in the amazing water view.

Town of DIGBY

Home to a large scallop and lobster fishing fleet and known worldwide for their famous Digby scallops, visit the town of Digby for a colourful photo of fishing boats in the harbour and sample scallops at one of the many restaurants in the town.

DEMOGRAPHICS

In the 2021 Census of Population conducted by Statistics Canada, Digby had a population of 2,001 living in 1,030 of its 1,133 total private dwellings, a change of -2.9% from its 2016 population of 2,060. With a land area of 3.16 km2 (1.22 sq mi), it had a population density of 633.2/km2 (1,640.1/sq mi) in 2021.

MAYOR AND OTHER GOVERNMENT MEMBERS TownofDIGBY

Left to right back row: Mayor Ben Cleveland, Councilor Turnbull

Left to right front row: Deputy Mayor Mike Bartlett, Councilor William McCormick, Chief Administrative Officer Tom Ossinger, Executive Assistant Leslie Brinton, Councillor Paul Saulnier

Along with population trends, employment rates and median household income are important economic indicators. Education levels can also play a crucial role in economic and social progress and can help improve income distribution. These factors provide an indication of the wellbeing of the economy and labor force

ECONOMIC INDICATORSTown of DIGBY

HOUSING

HOUSING

DEMAND ON HOUSING

A Vision of Digby

The Town Digby is blessed with a rich cultural and built heritage which is the legacy of the efforts of untold generations who have earned a living from the sea and the land who built a strong sense of identity and community as means to sustain themselves. The residents of the Town know that they can enjoy a high quality of life which can be protected and enhanced for future generations by being sensitive to and building upon this heritage, by being recognized as a culturally vibrant destination for visitors and newcomers and by being a community which, though a commitment to fostering a strong economic base and a strong sense of civic pride, provides for the well being of all its citizens.

INFORMATION Assessment

Since property taxes are a primary source of revenue for most municipalities, special emphasis has been placed on reviewing assessment trends.

The line graphs below show the five-year trend of residential and commercial portion of the municipality’s uniform assessment.

HOW THE GOVERNMENT HELP BUILDERSIN AFFORDABLE HOUSING

Building and Maintaining Affordable Housing

Affordable housing is not affordable because it’s built with cheap or shabby materials; rather, it is affordable because innovative developers with or without government funding have kept the constructions and/or operating costs low. Affordable just means that housing should cost no more than 30% of a household’s income. It must comply with the same building restrictions and design standards as market-rate housing; as such, it will be designed to fit in with the character of the neighborhood. When it is funded with public money, additional restrictions and higher standards are sometimes required.

A lack of adequate affordable housing has many community health and economic impacts and often forces people to seek any form of shelter, compromising their health and wellbeing. Excessive rent or housing costs also create financial burdens that contribute to hunger, mental stress, harsh parenting, overcrowding, isolation and crime. Communities that promote integrated, affordable housing choices through the design of their built environments, by encouraging safe and affordable housing development and promoting integrated rental, subsidized and market housing options, can break down the social conditions that contribute to poor health and well-being outcomes.

“Housing is one of the most fundamental needs for Nova Scotians and their families. And its impact goes well beyond our basic requirement for shelter. Our homes – and the communities they are part of – shape nearly every aspect of our lives: health, educational achievement, success in the workplace, even the security of our retirement and our dignity in old age.”

(A housing strategy for NS, Spring 2013)

HOW THE GOVERNMENT HELP BUILDERSIN AFFORDABLE HOUSING

HANY ADAM

Chief Executive Officer

Hany Adam, President and CEO of Hany Adam Homes Investment Group, Youmerit Holdings Home Investments Group, and Pyramine Investment based in Mississauga, Ontario Canada is a 40-years residential & amp; commercial real estate industry veteran in both Egypt and Canada and has represented large investors in multiple real estates of residential, Office and industrial space in a wide array of real estate transactions. Hany has built a solid foundation of clients through his real estate broker and investor career.

FATHI ABU-FARAH

Chief Financial Officer

Fathi Abu Farah is a Chartered Professional Accountant from CPA Ontario, Canada and also a Certified Public Accountant from Montana State, United States of America, with over 30 years of post-qualification professional experience.

MOHAMED GHONEIM

Director of Investors Relationship

Mohamed has led an impressive career as a Dentist and a Real Estate Investor In his 43 years working in the medical & real estate industry. Mohamed has been recognized by several organizations for his work in the dental space and has also been quoted in various publications.

OUR TEAM Meet

OUR TEAM Meet