Are Buyers getting more selective? Well, yes and no. 
Let's look at the sale of a Fairview property last month that went for under $500k where we currently have 141 listings. That property had 32 offers resulting in 31 buyers not getting a home yet. We have 141 currently active single family listings priced under $550k providing those 31 buyers with 4.5 homes to choose from, assuming their budget is less than $500k. Since you can't live in half a house let's just say they have 4 homes to choose from which doesn't give you a lot of options.
Now this may not be the same across all price ranges yet we are seeing less days on market at some higher price points.
See below for more.
The New Realty Reality
Yes, we are selling slightly more homes in 2025, (2565) than we did in 2024 (2498) – 2.7% more. Home prices are moving higher with average sale prices 2024 - $615,411 vs 2025 $640,778 or 4.1% higher. This number is not that far off our typically boringly stable Halifax real estate market.As of today July 31st current single family listings are 981 vs July sales at 403 which seem to be consistent with the sales trends we are seeing and strongly favour sellers. So why are we seeing Days on Market increasing? Yes we are seeing multiple offers on properties, we currently have 2 listings with multiple offers one of which didn’t even get to the MLS.
What is going on? Despite the lack of inventory, buyers are not feeling pressure to buy and are being very patient in finding a property. Properties that have had some upgrades however still need work seem to be sitting unless it is located in an area where demand is higher. Buyers are willing to pay for renovations more than they are willing to complete upgrades themselves.
While we have no hard evidence of this we provide the following. Activity in the market can be driven by 1st time buyers, with the increased prices since 2020 the age of these 1st time buyers is getting closer to 40 years of age then compared with 5-6 years ago when the average 1st time buyer was closer to 31 years of age.
Closer to 40 years the profile of that Buyer is different – currently living in a 2 bedroom 2 bathroom newer constructed apartment building with underground parking and a fitness room. That makes moving into a 40 year old property that needs work look less desirable.Closer to 40 years of age, kids are often in the picture. Do you want to be doing upgrades and reno around a 5 year old?
For Sellers be aware. Remember during 2021 and 2022 buyers chased the market until they realized to actually enter the property ownership game you had to pay the price. Sellers really review the condition and features of your home to ensure you are priced properly. Days on Market could be increasing as sellers are not recognizing the market and the new buyer.
Or maybe it’s just the heat.
Impact of New Deed Transfer Tax for Non-Nova Scotian Residents
As of April 1 2025 Nova Scotia charges a non-resident of Nova Scotia a Deed Transfer Tax of 10% to acquire a property with less than 3 units. So this summer we had inquiries from 3 families with family members coming to Halifax for school each hoping to acquire a property for the family member to reside in for the 3-4 year duration of acquiring their degree. All 3 decided not to purchase based on the 10% Deed Transfer Tax.On the day he introduced the proposed changes, Nova Scotia Finance Minister John Lohr told reporters increasing the tax was a way to give Nova Scotian buyers a leg up on out-of-province competition when it comes to house sales.
The provincial government also suggested this new tax would raise $13 Million dollars. All three of the families we dealt with decided not to make their purchase so there was zero additional revenue. The family members are still coming here for school, maybe we should have left the bridge toll booths up and charged them every time they crossed the bridge?
