Comparing the 2025 Nova Scotia Housing Market to Toronto and Vancouver
- Nova Scotia Home Finder
- 4 days ago
- 2 min read
The Canadian housing market in 2025 is a story of contrasts, especially when comparing the vibrant, growing market of Nova Scotia with the cooling conditions in major urban centers like Toronto and Vancouver.
Nova Scotia: Steady Growth Amidst Opportunity
Nova Scotia’s real estate market, particularly in Halifax, continues to see healthy growth. Average home prices increased by about 6.1% year-over-year by mid-2025, with detached homes rising roughly 5.3%. This momentum is fueled by affordability, a sought-after quality of life, and a steady influx of buyers relocating from more expensive provinces. Inventory remains tight, creating a seller’s market where homes often sell quickly and with competing offers.
Toronto and Vancouver: Market Correction and Cooling
In contrast, Toronto and Vancouver are experiencing a market cooldown. Toronto’s housing market shows marked price declines in several segments, for example, condo prices have dropped roughly 12%, reaching lows not seen since 2018. Suburban areas surrounding Toronto, like Hamilton, saw even sharper declines with detached home prices falling by about 24%. Vancouver follows a similar pattern, with significant price drops in areas such as Burnaby and increased inventory easing seller pressures.
The Role of Affordability and Migration
Nova Scotia benefits from significant interprovincial migration, particularly from Ontario and British Columbia. Buyers are attracted by more affordable prices and greater lifestyle value, which supports demand and price growth in Nova Scotia even as other markets retreat. Meanwhile, high prices and rising mortgage rates in Toronto and Vancouver have made affordability a major barrier, driving some potential buyers to pause or relocate.
What This Means for Buyers and Sellers
Sellers in Nova Scotia can expect a strong, competitive market with limited supply and motivated buyers, especially in Halifax’s popular neighborhoods.
Buyers in Toronto and Vancouver may find more negotiating power and a wider selection as markets balance toward equilibrium.
Investors and homebuyers looking for growth opportunities might consider Nova Scotia’s more accessible market, which continues to attract newcomers and offer relative price stability.
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