Nova Scotia Home Supply Hits 5.5 Months as Bank of Canada Holds Rate at 2.25%
Updated
Updated · Mortgage Professional · Aug 11
Nova Scotia Home Supply Hits 5.5 Months as Bank of Canada Holds Rate at 2.25%
1 articles · Updated · Mortgage Professional · Aug 11
Summary
5.5 months of housing supply in July pushed Nova Scotia closer to a balanced market, up from 5.2 in June and 4.5 a year earlier.
More listings and a steady Bank of Canada policy rate gave buyers more leverage on price and conditions, with sellers conceding more as sale-to-list ratios weakened for a second straight month.
4.04% was the lowest insured five-year fixed mortgage rate in Nova Scotia on Aug. 7, while the lowest five-year variable rate was 3.40%, showing financing has not become cheaper despite the rate hold.
8.3 showings per pending sale marked the lowest level in 13 months, suggesting buyers were moving to deals more efficiently even as the market cooled from spring peaks.
Nationally, Canadian home sales rose 0.5% in June after a 5.5% gain in May, framing Nova Scotia's shift as part of a broader market stabilization.