Nova Scotia is where you can find highest average home price within the Maritime Provinces. New Brunswick and Prince Edward Island sit at $151,000 and $134,000 respectively. At $207,000, Nova Scotia is well below the Canadian average of $365,0001. This is the only province to have had their average home price drop over the past year.
Let’s examine the affordability of the typical home in Nova Scotia, using the Ratehub.ca mortgage calculator. We’ll also use the provincial average home price of $207,000 as the reference amount. The best 5-year fixed rate of 3.49% was chosen by comparing the best Nova Scotia mortgage rates. The amortization period selected was 25 years with a full 20% down payment.
The monthly mortgage payment is $826.
The Nova Scotia Land Transfer Tax arrives at $3,105.
What kind of home can you get in…
The Most Affordable City in Nova Scotia: Cape Breton 2
MLS®: 15202104, 3 bedrooms, 2 bathrooms
This property sits on 1.5 acres and boasts a two-car garage. The home is a generous 1500 square feet. And for those with ‘green-thumbs’, the home features five greenhouses and two wells, perfect for the horticulturalist in you.
The Most Expensive City in Nova Scotia: Halifax2
MLS®: 40466666,1 bedroom, 1 bathroom
Once again, we see harbour views inflating the price of smaller units. This one bedroom unit is barely 500 square feet, but located on the top floor facing the Halifax Harbour. The property is downtown, close to all the universities and is the perfect size for any student.
Not only is Cape Breton the most affordable city in the province, but it is also the most affordable city in the country. Whereas Halifax, which is considered the most expensive city in Nova Scotia, barely cracks the top 80 of most expensive housing in Canada. Generally speaking, the provincial average ($207,000) really is enough to purchase a detached home anywhere in Nova Scotia.
*Rates as of July 20
1 According to the 2011 CREA report: http://www.livingin-canada.com/house-prices-canada.html
2 City affordability as determined by Moneysense: http://list.moneysense.ca/rankings/best-places-to-live/2011/Default.aspx?sc1=4&d1=a&sp2=1&eh=ch