The first half of 2007 showed continued climbing home prices in Nova Scotia. The number of property sales was up 13.2% from the first half of 2006 and property prices increased 5.63%. The average sales price from January 2007 to June 2007 came in at $195,168, compared with $184,514 for the same period in 2006. The number of home owners trying to sell their homes was up slightly from the 2007 with an increase of 2.7% in listings. One area that showed extremely high growth was the Spryfield area where home prices rose 10.8% the number of sales increased by 26.8%. Bedford, Fairview, Motebello, Keystone, Woodlawn and Hammonds Plains also showed increases well above the province average. Halifax was close to on par with the province averages, while Beaverbank, Upper Sackville, and Fall River performed below the average. This is primarily due to very strong performance in 2006. I expect home prices to continue to rise and the slight rise in interest rates that we should see should have little affect on the market. Nova Scotia is still one of the most economical places to live and own a home in North America. An average mortgage payment under $900 dollars a month is still affordable for most families.

Note: Date source is the Multiple Listing Service®. Statistics are based are a comparison of Jan 2006 to Jun 2006 vs. Jan 2007 vs Jun 2007.