Don Merrifield Jr. ABR

There were 7,257 active residential MLS® listings at the end of

the month

Up 16%

There were 632 properties sold Down 34%

The total value of all sales processed through the MLS® system

was $106.9 million Down 32%

The MLS® average price of a residential property was

$185,020

Up 5%

“Sales activity continues to slow from its record‐setting pace in 2007 and we expected this to happen.

There are no surprises in our market, just balance,” says NSAR President Robert Wambolt. “The average

price in Nova Scotia has not followed the double‐digit swings in other markets which means more stability

now. Our real estate markets in Nova Scotia have avoided the major price hikes so we aren’t seeing the

major adjustments there are in some other Canadian markets.”

“The biggest challenge for the Nova Scotia real estate market perhaps is public perception. Our real

estate market is local, but the national messages people are hearing and applying to our Province has the

ability to create a negative impact on consumer confidence. It is important for Nova Scotians to know

that because we did not experience the major highs like some other markets, we are not experiencing the

major lows.”

Based on the number of residential units, sales in November were most active in Cape Breton, along the

South Shore, and in the Halifax region.

“The challenge for many sellers remains determining the right price for today’s market conditions. Market

conditions and more competitive pricing makes it even more beneficial to enlist the services of a

REALTOR®, whether you’re buying or selling.” adds NSAR President Robert Wambolt.

The value of MLS® residential sales was $64.4 million Down 34%

A total of 269 residential properties were sold through the

MLS® system

Down 41%

The average residential price in the Halifax region last month

was $239,438

Up 13%

In the first 11 months of 2008, the number of residential properties sold through the MLS® system in the

Halifax‐Dartmouth region is down 10.4 per cent, compared to the first 11 months of 2007, which was a

record‐breaking year. The value of those MLS® residential sales in the Halifax‐Dartmouth region is down

4.1 per cent compared to the value of residential sales to the end of November in 2007. The number of

new residential MLS® listings added in the Halifax‐Dartmouth region in the first 11 months of 2008 is

down almost 12 per cent compared to the same period of last year. This indicates a move towards a more

balanced and stable real estate market in the Halifax‐Dartmouth area. The average residential MLS® price

in the area year‐to‐date is up 12.6 per cent compared to the average price for the same period of 2007.

All MLS® sales in September totaled $9.3 million Down 35%

There were 49 residential properties sold through the MLS®

system

Down 41%

The average residential MLS® price was $146,143 Up 13%

Please note the statistics quoted in this report now include those of the Yarmouth Real Estate Board.

Effective March 30th, 2007, data for the Yarmouth area was incorporated into the data collection process

of the Nova Scotia Association of REALTORS®. The average price information quoted can be useful in

establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent

neighborhoods, or account for price differentials between geographical areas.

The Nova Scotia Association of REALTORS® represents over 1,600 brokers, salespeople and affiliate (e.g.

solicitors, appraisers, banks) members throughout the province. NSAR serves its members through a wide

variety of educational programs, publications and special services. The association, through an agreement

with the Nova Scotia Real Estate Commission, provides all real estate licensing courses in the province.

REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian

Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict

code of ethics.

‐ 30 ‐

Christy Wentzell

Communications Co‐ordinator

Nova Scotia Association of REALTORS®

7 Scarfe Court

Dartmouth, Nova Scotia B3B 1W4

Telephone: 902‐468‐2515 or 1‐800‐344‐2001

Fax: 902‐468‐2533 or 1‐877‐220‐2533

E‐mail: info@nsar.ns.ca