TOP 5 PLACES TO ROAD TRIP THIS SUMMER IN NOVA SCOTIA - Guest post with Kerra Aucoin MansfieldOne of the reasons the popularity of Nova Scotia has soared over the past couple of years is the incredible scenery that surrounds us, no matter where you live within the province. There is so much that Nova Scotia has to offer, it’s hard to figure out what adventure to plan first during the summer. For this post, we caught up with local travel blogger, Kerra Aucoin Mansfield of www.ExploreLikeATourist.ca—the summer bucket list challenge turned travel guide—to find out what adventures she would suggest for a day trip this summer!  Nova Scotia isn’t called ‘the ocean’s playground’ for nothing! Nova Scotia has so much to offer and many locals I know don’t realize the true beauty and adventure that awaits them! You can jump in the car and drive to the ocean, eat at incredible restaurants, and take in some spectacular views within a stone's throw of the city! Here are 5 of my favourite road trips within 1-2 hours of Halifax: 1. Spend an afternoon in Eastern Passage: Eastern Passage is a picturesque coastal community situated on the Eastern Shore of Halifax Harbour. The community is known for its scenic coastal landscapes, with rocky shores, sandy beaches, and stunning ocean views. You can enjoy leisurely walks along the shoreline, capture beautiful sunset photographs, or simply relax and take in the fresh sea breeze. My favourite thing to do is spend an afternoon at Fisherman’s Cove, browsing the shops and grabbing something to eat with my family. The Cove is home to colourful fishing shanties, quaint shops, galleries, and restaurants serving delicious seafood. It's a great place to explore the local culture and enjoy a meal while overlooking the water. 2. Drive the famous Lighthouse Route:For a true Nova Scotian rite of passage, take a day to drive the lighthouse route. Start from Halifax and drive through charming towns like Peggy's Cove, Lunenburg (a UNESCO World Heritage Site), and Mahone Bay. Enjoy coastal hikes, fresh seafood, and visit the iconic Peggy's Cove Lighthouse. My favourite things to do on a trip around the Lighthouse Route include shopping at all the various little shops you see dotting the small towns—Holy Mackerel and the Acadian Maple Store, to name a couple—because you can always find something really unique when exploring Nova Scotia. My family loves the new extensive observation deck that was recently installed at Peggy’s Cove to help people enjoy the lighthouse (without going on the black rocks!) so a stop there to grab a selfie is a must! And, if you don’t feel like trekking all the way back to Halifax at the end of your day, you can always spend the night at Ocean Stone Resort and enjoy their new Nordic Spa. 3. Explore Annapolis ValleyIf you love wine tasting and breweries—along with some of the most stunning views of the Bay of Fundy—taking a day to explore Annapolis Valley is a must. Start in Windsor and drive along the Evangeline Trail, passing through picturesque towns like Wolfville, Grand-Pré (a UNESCO World Heritage Site). What I love most about a day spent in The Valley is how much there is to do for the whole family! You can visit one of the incredible wineries, bike the Harvest Moon Trail, visit the Tangled Garden, explore the Grand Pre National Park or spend a few hours at the Oaklawn Zoo. And, if you’re staying in the area, catch a doubleheader at the Drive-In Theatre. 4. Plan a romantic getaway on the Sunrise TrailThe Sunrise Trail is a scenic coastal route in Nova Scotia that stretches along the Northumberland Shore, offering breathtaking views of the ocean, sandy beaches, and picturesque fishing villages. Start in Amherst and wind your way eastward along the Northumberland Shore. As you drive towards Tatamagouche, you'll be treated to stunning vistas of rugged coastline, expansive fields, and tranquil beaches. Take your time to soak in the scenic beauty and make stops at lookout points to capture memorable photographs. This trip is a perfect way to spend a day with your special someone, with a stop at Jost Vineyards (the oldest and largest winery in the region, producing a variety of award-winning wines) and Tatamagouche Brewery (known for its handcrafted, organic beers.) If you plan to drive out first thing in the morning, you can stop for brunch at Sugar Moon Farm, visit Seafoam Lavender, and check out the famous Train Station Inn. 5. Plan a beach-hopping trip on the Eastern ShoreNova Scotia's Eastern Shore promises a scenic adventure along a rugged coastline, charming fishing villages, and pristine beaches. You can start with Lawrencetown Beach by heading East from Halifax along Highway 7, also known as the Marine Drive. This popular surf spot offers beautiful sandy shores and is a great place to relax or catch some waves.
Make a stop at Nova Scoita’s famous Martinique Beach next for a picnic lunch at the provided facilities and bathroom breaks. This beach is one of the most popular and longest beaches in the province, stretching for approximately 5 kilometres along the eastern shore. Martinique Beach is renowned for its stunning natural beauty, soft sandy shores, and clear blue waters. Next up is Clam Harbour Beach! Proceed along the Marine Drive to Clam Harbour Provincial Park, known for its vast sandy beach and sandcastle-building competitions. Enjoy a stroll along the shoreline, have a picnic, or dip your toes in the refreshing waters. To make the trip extra memorable, make sure to stop in at Rose & Rooster Cafe along the drive to fuel your day of adventures! Want to document your travels and have all the details of where to go and what to see right in the palm of your hand? Grab a copy of Explore Like a Tourist NS Travel Guide and start planning your Nova Scotia adventures at https://www.explorelikeatourist.ca/ or follow us online on Facebook or Instagram.
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📣 SMALL BUSINESS SHOUTOUT 📣: JAKE ESCAPES MEDIAIf you’ve been following along for a while, you’ve likely seen many examples of this Halifax Photographer’s work on my listings and across social media. Jake Brenner of Jake Escapes Photography is a freelance photographer and videographer known for both his ability to capture the perfect landscape, as well as the fine details that make a home listing stand out. We caught up with him to chat about the business.  Q: WHAT'S THE STORY BEHIND WHY YOU STARTED YOUR BUSINESS? A trip around the world sparked my passion for photography. I bought a used camera and a one-way ticket to Bali. The experience of using my camera to capture images of the stunning landscapes ignited a passion within me for photography and videography. As I continued to hone my skills and capture more amazing photos and videos locally, I started to receive opportunities to use my talents professionally. This fueled a desire to start working for myself. Overall, my passion for photography and videography, combined with the opportunities and positive feedback I received, led me to start my own business in this field. Q: WHAT CAN CUSTOMERS EXPECT?As a real estate and landscape photographer, customers can expect high-quality, personalized photos and videos that showcase the unique features of their property. They can also expect an efficient, seamless process and exceptional customer service from start to finish. Also, lots of positive vibes! Always! Q: CAN YOU SHARE AN INSIDER TIP ABOUT YOUR NEIGHBOURHOOD? An insider tip about South End Halifax is to explore Point Pleasant Park. It's a beautiful and expansive park located near the ocean with stunning views, walking trails, and historic sites to discover. Additionally, if you're looking for a quiet and serene spot to escape the hustle and bustle of the city, this park is a great option. Q: WHAT ARE SOME OTHER LOCAL BUSINESSES PEOPLE SHOULD CHECK OUT IF THEY’RE IN THE AREA? One of my personal favourites is Narrow Espresso, it has one the best Oat Milk Lattes in the whole city! Also, be sure to check out the Farmers Market and the Halifax Brewery Market on weekends for some local goodies! Q: ARE YOU WORKING ON ANY NEW PROJECTS?Currently focusing on my business and building client relationships. Being a business owner is a way different ball game than being an employee, so ironing out all the ins and outs is something I'm tackling at the moment. Also, on a personal note, I'm hoping to create more informational/scenic videos in the future showcasing the world, Nova Scotia, and my work!
Top 3 questions about mortgages in 2023Interest rates continue to make headlines as we move into the Spring Real Estate Market. And what everyone wants to know (whether they are buying, selling or refinancing) is what these changing interest rates will mean for them.  To answer your top questions, I reached out to Alex Lavender, a mortgage broker with Clinton Wilkins Mortgage Team with Centum Home Lenders. The big question right now is what will happen with interest rates.I wish I knew the answer to this, but I don’t. I follow the economists of the big 5 banks and I share their insight with my clients. The forecast on rates has constantly been changing as new information comes to light. We have seen fixed rates already begin their decline since December of this year. The fixed-rate market is priced off the bond yield market which can move quickly so we see a lot of movement with fixed in comparison to variable rates which are determined by the Bank of Canada which has set dates for their announcements throughout the year. For Variable rates, they have remained the same for the last 2 Bank of Canada announcements. The outlook is that variable rates are expected to decline either in late 2023 or early 2024 and decline again in 2025. I have had a lot of questions about the down payment requirements to buy a home. The minimum down payment for an owner-occupied home is 5%. However, through the down payment assistance program, you can borrow the 5% down payment instead of saving it from your own resources. One key thing worth mentioning is that you need to have strong credit to apply for this program. The minimum credit score required is 650, if you saved the down payment yourself then the minimum credit score requirement drops to 600. There have been some improvements to this program that occurred last year which make it much more accessible than before and it can be a valuable tool for someone who wants to own a home but they are having a hard time saving the full 5% required. Now that cottage season is right around the corner I have been seeing more questions about second homes. You can purchase a 2nd home with as little as 5% down as long as you are not planning to rent the property. The down payment could be higher depending on the classification of the property though such as a property that may be seasonal and can’t be accessed during the winter.
All types of properties can be considered for second homes though, such as true cottages that have no heat source to year-round properties that function the same as a standard home. 10 Essential Spring Home Maintenance Tasks  Spring is the perfect time to take a close look at your home's condition and tackle any maintenance tasks that may have been neglected during the colder months. As a homeowner, you know that regular maintenance is essential for preserving your property's value and protecting it from costly repairs down the line. By taking the time to complete a few simple tasks each spring, you can help ensure that your home stays in top condition and avoid potential headaches in the future. In this article, we'll cover 10 essential spring maintenance tasks that every homeowner should consider to protect their property. Clean the gutters: The first task on the list is cleaning out the gutters. Over the winter, leaves and debris accumulate in the gutters, which can cause water to overflow and damage the roof, siding, and foundation. Use a ladder, gloves, and a small shovel to remove debris and unclog the downspouts. Inspect the roof: While you’re up there, inspect the roof for any damage or wear and tear caused by harsh winter weather. Check for loose or missing shingles, cracks, and leaks. If you notice any damage, hire a professional to repair it as soon as possible. Check windows and doors: Spring is the perfect time to check your windows and doors for drafts or leaks. Check the weatherstripping and caulking around the windows and doors to ensure they are sealing properly. If you notice any drafts, replace the weatherstripping or caulking. Fertilize and overseed your lawn: Over the winter months, your lawn may have suffered from cold weather, foot traffic, and even disease, leaving it looking thin or patchy in some areas. By fertilizing your lawn, you can replenish essential nutrients and encourage healthy growth, while overseeding can fill in any bare spots and improve the overall appearance of your lawn. Inspect the foundation: Inspect the foundation for any cracks or signs of settling. If you notice any issues, it's best to have them inspected by a professional before they worsen. Clean and repair the deck: Winter weather can take a toll on your deck. Clean it thoroughly, and inspect it for any signs of rot or damage. If needed, repair any loose boards, and apply a protective finish to help prolong its lifespan. Clean the grill:Spring is the perfect time to clean your grill and prepare it for summer cookouts. Scrub the grates, clean the interior, and inspect the propane or gas lines for any leaks. Pressure wash your home's exterior: Remove dirt and grime from your siding, driveway, and walkways with a pressure washer to freshen up your home's appearance. Test smoke detectors: Test your smoke detectors to ensure they are working correctly. Replace the batteries if needed, and install additional detectors if necessary. Clean the garage & storage spaces: Lastly, spring is an excellent time to declutter and organize your garage. Donate or sell any items you no longer need, and properly dispose of any hazardous materials.
By taking the time to complete these spring maintenance tasks, you'll ensure your home is in excellent condition and ready for the warmer months ahead. Did I miss something that’s at the top of your spring cleaning list? Leave a comment below! 📣 SMALL BUSINESS SHOUTOUT 📣: Eternal BloomsIf you're looking for a unique way to remember your special day or looking for a memorable wedding gift, check out Eternal Blooms Flower Preservation!  Q: What's the story behind why you started your business? I started my journey with flower preservation five years ago while recovering from surgery for my chronic illness, endometriosis. What started as a form of therapy has since bloomed into a thriving business where I get to help people preserve their most precious moments and beloved memories. Q: What can customers expect? I pour my heart and soul into every single piece of art I create. Whether it be a wedding bouquet, flowers from a baby shower, memorial flowers, or homegrown from your garden- I take great pride in preserving the beauty of nature. Its truly an honor to be trusted with something so special, to be cherished by my clients for a lifetime. I have spent years learning all the different methods and perfecting my craft. Whether it be pressed or dried full shape, framed or cast in resin and made into functional keepsakes and home décor, you’re sure to find something that caters to your style, while still feeling like a unique, one-of-a-kind piece of art. I would like to point out that this is a specialty service that should be booked well in advance, like other wedding vendors. As hard as it is, sometimes I have to turn away brides because they waited until after their wedding and I was fully booked, or their flowers are too far gone. I send out care tips to the clients that book ahead for their fresh florals, ensuring they arrive to me in the best condition possible! Q: Can you share an insider tip about your neighbourhood? A new Rec Center is coming to Lakeside!!! Q: What are some other local businesses people should check out if they’re in the area?I absolutely love D & Jo’s Country Farm Market! Not only do they have fresh, local produce and baked goods, they have hard serve ice cream! What better way to end a nice stroll on the BLT Trail than a scoop of Moon Mist ice cream?! Q: Are you working on any new projects? Eternal Blooms Flower Preservation is a one woman show, so right now I’m trying to figure out which aspects of my business I can potentially hire help for, and hopefully get myself into some much needed studio space. I am also a new mom, so trying to find a good work/family balance is something I’m working hard on. I’m looking forward to the upcoming wedding season, and all the bouquets coming my way!
Follow my journey as I pursue my passion. A local small business that is just starting to bloom! MARCH BREAK ACTIVITIES AROUND HALIFAX, NSMarch Break is just around the corner, and for those staying in Halifax, there's no shortage of fun and exciting activities to partake in. Whether you're looking to get outdoors, explore the city's rich history and culture, or have some fun with family and friends, there's something for everyone.  Here’s a list of ideas to help you plan your March Break staycation: Art Camps & Workshops Artworks Day Camps ArtWorks is an all-ages art studio nestled in Halifax, Nova Scotia, offering classes, camps, parties and workshops. Their programs are fun and interactive, and their variety of classes allow you to experiment with various mediums and materials like pottery, fused glass, watercolour painting, acrylics, drawing, woodworking, and clay wheel. They have a whole list of day camps available for March Break. (Kids must be five and older to attend.) Make Day at Art Gallery NS: Cardboard citie Make Day is a studio program for emerging artists of all ages. Join them for their all-ages studio drop-in program on March 12 from 10:00 am – 4:00 pm at the Art Gallery of Nova Scotia! This month’s Make Day will be led by Intern Architect Isioma Mafiana, who will help you build a cardboard city—drawing inspiration from the Shape of Cities exhibition currently on view. Using cardboard, glue and markers, you’ll work together to create the city of your imagination! Coffee Breaks Apartment 3 Espresso One of my favourite coffee shops, Apartment 3, has a new location ready to serve you the caffeine you’ll need for the week’s adventures. Instead of making your way to Sackville for their delicious treats, you can stop into their downtown Halifax location on South Park Street where they share space with Queensbury Boxing Studio. Halifax’s first 2D cafe If you’re looking for a caffeine fix and new flavours, check out Xena's Bread and Butter, which opened it’s doors on Brunswick street offering traditional cafe offerings alongside Phillapino inspired items for you to enjoy in a cafe that looks like you’re sitting in the pages of a comic book. Exhibitions/MuseumsDiscovery Centre’s Dinosaurs in Motion From now until April 16th, you can visit the Discovery Centre and enjoy Dionasaurs In Motion, a showcase of the power of integrating art, science and innovation! Visitors will go on a journey with 14 gigantic dinosaurs and control their movements! Highlights include a 44-foot metal T-rex you can control with pulleys & levers—Dinosaur lovers won’t want to miss it. Maritime Museum of the Atlantic Launched November 9, 2021 at the Maritime Museum of the Atlantic, Ta'n me'j Tel'keknuo'ltiek: How Unique We Still Are, reflects how Mi’kmaw people remain connected to the lands and waters of Mi’kma’ki. This exhibit featuring Mi'kmaw historian and guest curator Salina Kemp offers a platform for Mi’kmaw people to express their continued experiences with an understanding of the lands and the waters of Mi’kma’ki. Mi’kmaw single-word concepts are represented through personal testimony and histories of individual Mi’kmaw people, featured objects, artifacts, images and symbolic artwork. Winter Tours of Halifax Citade Discover how the British soldiers lived in the 19th-century fort and how they survived the cold Halifax winters! Time your tour with the noon gun and experience a Halifax tradition! Runs weekdays from Monday, March 13 to Friday, March 17, from 11 am, 1 pm, and 2 pm. Tours are approximately 45 to 60 minutes, and you can reserve tours online through Eventbrite. Library Event There are many free March Break Events at the Halifax Public Libraries, including movies, puppet shows, cooking workshops, games, crafts, mad science demonstrations, music, grab-and-go kits, and much more. Find the library closest to you and see what’s available. Outdoor fun St.Patrick’s Day Parade The 2023 parade will begin at 1:00 pm on March 12th at Pier 20 and travel along Lower Water Street, through Irishtown, ending at Historic Properties. Hot cocoa and icecream at Ross Far Head out for March Break on the farm and enjoy some Tasty Treats. Sample homemade ice cream in the farm workshop, or decorate a cookie in Rosebank Cottage. Don’t forget to drop by the barn and see our farm animals or take part in a fun artifact hunt. Hot chocolate will be served and, weather permitting, there will be wagon rides. Family fun at Hatfield Farm Enjoy a 2-hour family round-up at Hatfield Farms, including a horse-drawn wagon ride, all-you-can-eat hotdogs, unlimited drinks, mini-golf, rubber rodeo, zip lines, petting pens and more. Several departure times are available throughout the week; choose your date and time here. Getting around: Free Zone B Parking Enjoy free on-street parking from 11 am to 2 pm in ZONE B for March Break from Monday, March 13 to Friday, March 17. During this timeframe, parking sessions via HotSpot or pay stations within ZONE B will be free. Note: you must still register for parking sessions via HotSpot or a pay station to avoid receiving a ticket, from March 13 to 17, from 11 am to 2 pm. Free Ferry Ride Downtown Halifax and Downtown Dartmouth, in partnership with Halifax Transit, have collaborated to offer people of all ages the opportunity to have a March Break adventure on both sides of the harbour! From Monday, March 13 to Saturday, March 18, the Alderney/Halifax ferry service will be free between 11 am and 2 pm. Hotel Packages Visit NovaScotia.com to get a full list of family packages available for March Break.
A Real Estate Market Update for Halifax, Nova ScotiaIt's no secret that the real estate market has been on a roller coaster ride over the past few years. We saw prices skyrocket at the beginning of the pandemic and continue to climb until Q3 of 2022 before dropping suddenly, only to start climbing again in December of the same year.  As a result of these fluctuations, I have had a number of people asking if we are in a buyer’s market or a seller’s market. In this post, we will take a look at the difference between a buyer's market and a seller's market and what that means for those looking to buy or sell a home in our city. Let’s start with months of inventory, which is a great way to measure supply and demand. What is Months of Inventory? Months of Inventory in real estate is defined as the amount of time (or months) it would take for all current MLS® listings to sell, given that no new listings enter the market. This is calculated by dividing the total number of homes for sale by the total number of homes sold for a given period of time – usually done on a monthly basis. Months of Inventory = Total Units on Market in Month X / Total Units Sold in Month X What is a Buyer's Market? A buyer's market exists when there are more homes for sale than there are buyers searching for homes. This often happens in areas where the population is shrinking or where there has been a lot of new construction. When we see more than 4 or more months of inventory, we are in a buyer's market. Prices tend to go down in a buyer's market because there is more supply than demand. What is a Seller's Market? A seller's market exists when there are more buyers searching for homes than there are homes for sale. This often happens when interest rates are low, or the economy is doing well. When months of inventory are low (2 months or lower), the market is usually in seller’s territory. In a seller's market, the party listing their property has more negotiating power and can often get a higher price for their home. So, which market are we in right now? Over the last two years, it was obvious we were in a seller’s market; however, a significant decrease in prices between April - July 2022 and an increase in inventory between January and September—coupled with national headlines reporting a cooling of the real estate market—has resulted in uncertainty as to which type of market we are in. However, when we look at months of inventory, we are currently sitting at 1.3 months of inventory (up from 0.3 in Jan 2022), putting us in a seller's market.  This also aligns with the factors that lead to buyer’s or seller’s markets. A buyer’s market is characterized by shrinking populations and over-building. In Nova Scotia, our population is growing at a rate faster than the national population growth:  Further, according to the province, it’s estimated the Halifax region is short at least 17,000 housing units, and this number is growing. Not to mention interest rates are still considered to be low despite recent increases (when we look at the last 35 years, the average interest rate has been 6.5%) and high inflation.
When speaking with sellers, there is a lot of regrets that they didn’t list a year ago; however, it's not too late for sellers to take advantage of this market. Thinking of buying this spring? Check out my next blog post for tips for navigating a seller's market. The real estate market is always changing, so it's important to stay up-to-date on the latest trends if you're thinking of buying or selling a home. 📣 SMALL BUSINESS SHOUTOUT 📣: Burning FlameLooking for premium 100% natural soy wax candles made locally? Burning Flame candles are all hand-poured in Halifax, Nova Scotia by artisan Lauren Burke.  Q: What's the story behind why you started your business?It was March 2020. I was waitressing at The Keg here in Dartmouth and my industry had entirely shut down. I had a young boy to feed so I quickly got creative on ways to make money during that time when nobody knew what was going on. Burning Flame Candle Company was brought to light by helping channel my persistent desire to create. I started selling candles through Instagram and would do deliveries with my car. I never imagined this business would evolve into what it is today. Fast forward to 2023 Burning Flame Candle Company is thriving. Q: What can customers expect? All Burning Flame Candle Company products are proudly handcrafted in Halifax, NS by artisan and Entrepreneur Lauren Burke. Our candles are made from premium 100% natural soy wax and are free of toxins and chemicals such as petroleum, phthalates, parabens and paraffins. Soy candles are becoming the preferred choice of eco-conscious consumers because they burn clean and last much longer than petroleum-based paraffin wax candles. Our focus is premium products, exceptional customer service and an opportunity for people to collaborate and think outside the box. We specialize in Custom Candle Collaboration. Our candles are perfect for weddings, Realtors, private label, corporate branding, gift-giving, fundraising opportunities and more. Clients can customize almost anything, with the end result being their own personal aromatic experience. We have collaborated with a number of well-known local businesses across Atlantic Canada, including East Coast Lifestyle, Coldstream Clear Distilleries, The Coffee Pro, East Coast Kicks, Underground Snax, Ashburn Golf Club, Marchand Homes, Chisholm Group, Keyes Insurance, Parks Health Shop, The Pilates Barre, and many more. Imagine designing a unique fragrance and label for your wedding guests, or gifting your real estate clients with a branded candle to enjoy in their new home — if you can dream it, Burning Flame can help realize it. You can find our entire retail collection available at our Flagship shop in Bedford. We are located inside of The Coffee Pro, 961 Bedford Highway, Mill Cove Plaza or online at burningflame.ca - Interested in custom candles? Email Lauren: info@burningflame.ca Q: Can you share an insider tip about your neighborhood?Halifax is FULL of locally owned and operated food joints. Skip the chain restaurants and give those local spots a try. I generally shop in and around Bedford and my favorite go-to's are: Nayya Pizza and Grill, Peacock Modern Indian Cuisine and The Mellow Mug Cafe and Eatery. Yum. Q: What are some other local businesses people should check out if they’re in the area? If you are passing through Bedford, NS be sure to stop into The Coffee Pro in the Mill Cove Plaza. Burning Flame Candle Co. has partnered up with The Coffee Pro as our Flagship shop location and there are so many reasons why. Katie the Owner is another amazing local Female Entrepreneur. She strives to offer the best selection of ground and whole bean coffee, K-cups, Syrups, Sugar free products, candles, giftware and more. Stop in and check it out. Q: Are you working on any new projects? Burning Flame Candle Company is excited to announce that we are opening our first warehouse and manufacturing facility in Bedford, NS. This expansion will allow us to create more new and exciting candle products. We are continuing to expand on our Custom Candle division and have a few spectacular local organizations to announce that will be launching their products in the Spring. Stay tuned.
Please follow us on Instagram @burningflamecandleco Three Things That Aren't Going to Happen in the Nova Scotia Real Estate Market in 2023Predicting the future is always a risky proposition, but that doesn't stop people from trying. In this blog post, we're going to take a look at three things that aren't going to happen in the Nova Scotia real estate market in 2023. Whether you're a homeowner or thinking of becoming one, it's important to know what to expect in the years ahead. So without further ado, let's get started!  1. Interest Rates will not decline in a significant wayWith the start of 2023 upon us, many homebuyers are wondering what the year will bring for interest rates and wondering if they should wait for rates to fall before jumping into home ownership. Unfortunately, rates will not decline in a significant way from where we finished in 2022. The Bank of Canada Overnight Rate started the year 2022 at .25%, before climbing steadily to end the year at 4.25%. There is no indication that we will return to those .25% rates that we saw at the beginning of 2022. In fact, the Bank of Canada started 2023 by raising the overnight rate by another .25%. While this is the last rate hike we should see for a while, the Bank of Canada has warned that they are prepared to increase rates further to control inflation if required. So if home ownership is right for your timeline and finances, don't wait for rates to drop because they will not be returning to the numbers we saw in early 2022 2. House prices will not decrease in a significant wayDespite news of falling prices across Canada, the Director of Economic and Statistics for the province, Thomas Storring, predicts a soft landing for Nova Scotia. Nova Scotia's demand for housing has been on a steady rise. In the last three years, Nova Scotia's increase in population has outpaced that of Canada, and residential housing stock has not yet caught up with population growth. In fact, due to increased immigration, housing demand continues to be at the highest levels since just after the Second World War. The increased demand has put pressure on the current housing stock, and as a result, prices have stabilized or increased across the province. (We saw the median price in the province increase by 14.8% in 2022). This increase in buyer demand will insulate Nova Scotians from any upset in the market caused by inflation and rising interest rates, which is great news for Sellers in 2023. 3. Sellers will not give away their homes Despite suffering a dip in the housing market since Q1 of 2022, sellers still have power over the prices of their homes.
Many news headlines across Canada talk about decreases in home prices, but these claims may be lacking essential context. Contrary to what may be seen in the headlines, sellers are in control of the sale price. Many sellers may not want to accept a low offer and are instead patiently waiting for an offer in line with the height of the market. This phenomenon is referred to as price stickiness, which is caused by powerful psychological factors that create resistance in sellers' minds when it comes to accepting less than what they initially expected. This means that while market factors could be telling buyers otherwise, most sellers will not want to give away their homes at discounted prices. With this knowledge, buyers should keep an eye on the market trends in order to come up with realistic expectations when offering on a home. It's always tricky to predict the future, but I've taken a shot at it with this blog post. As you can see, there are a number of factors that contribute to housing prices in Nova Scotia. And it's important to stay informed of these trends so you can make the best decision for your situation. 📣 SMALL BUSINESS SHOUTOUT 📣: THE LOOP The Loop has been Halifax's downtown destination for fibre craft supplies since 2005 and is the perfect place to stock up on supplies for your favourite fibre-related hobbies. This week we caught up with owner Mimi Fautley to chat about it.  Q: WHAT'S THE STORY BEHIND WHY YOU STARTED YOUR BUSINESS? I’ve always been a maker, with a particular interest in textiles. In the late 90s and early 2000s, I was really into knitting. I wasn’t just making things, I was accumulating a lot of technical knowledge as well. My brain was just hungry for it. When the job I had at the time ended, I started thinking about putting that knowledge to work in a way that would be useful to other people. When I met some other people who were interested in opening a knitting store too, we pooled our resources and opened The Loop in 2005. They moved on to other things, but I’ve been the sole owner since 2014. Q: WHAT CAN CUSTOMERS EXPECT? We carry a range of yarns and tools for knitting and crochet, with an emphasis on natural fibres and materials. We also carry needle felting supplies and kits for embroidery and rug hooking. Our goal has always been to make a space that is inviting, useful and accessible to everyone. Being right downtown means our customers include people of every gender, age and background—a lively mix with lots of different perspectives and interests. We do our best to make sure they have what they need to make what they want. Our technical knowledge is really deep, so we’re good at keeping beginners on track, but can also go deep on techniques and materials when that’s what a customer wants. Q: CAN YOU SHARE AN INSIDER TIP ABOUT YOUR NEIGHBOURHOOD? Since the store opened, we’ve seen downtown Halifax transition from a business and financial district into a cohesive neighbourhood. It’s a huge shift. These days, so many people live downtown that the area from the Citadel to the waterfront now has a nice cross-section of retail shops, groceries and cafés, as well as bars and restaurants. In some ways, it has a European feel, with places tucked here and there, rather than all lined up along one commercial street. If you take time to explore, you’ll discover all sorts of hidden gems. Q: WHAT ARE SOME OTHER LOCAL BUSINESSES PEOPLE SHOULD CHECK OUT IF THEY’RE IN THE AREA? We've got some unbeatable neighbours, of course: Argyle Fine Art and Fireworks Gallery. Crafters of all kinds would love YuYo Craft Supply and Tea House, which is tucked away between the Brewery Market and the Marriott Courtyard. Q: ARE YOU WORKING ON ANY NEW PROJECTS? Before Covid, we offered classes in knitting, crochet and needle felting. We want to get back to offering those this year.
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Margaret CraigReal Estate Advisor based in Halifax, Nova Scotia. I help people buy and sell homes with Engel & Völkers. Archives
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