Nova Scotia Housing Market Holds Tight
As unemployment continues to take its toll in Atlantic and Western Canada, the real estate market has taken a hit in many cities as thousands put their homes on the market in hopes of moving on to communities with more opportunity. Given that Nova Scotia has been one of the provinces significantly impacted, with thousands returning home after having lost their jobs to a slumping energy sector, one would suspect the city’s housing market to also be taking a hit. As it turns out, that’s not exactly the case. Despite the reduced demand (indicated by the lower number of real estate sales – prices seem to be holding their own with the average price even increasing by one percent from January to February. With many fearing that if they were to sell their current homes, they would not be able to afford new one – many are opting to stay where they are, reducing the risk of losing out financially. MNP’s Derek Cramm spoke with the Chronical Herald about the decrease in insolvencies throughout Digby and Yarmouth most recently. The original article was publishedonline on March 17, 2017. Derek Cramm is a Licensed Insolvency Trustee within our Halifax location. For more information on how MNP Debt can help you, contact our local office at 902.454.7934.
