Buyers’ Market For Housing In CB, Victoria Counties
Cape Breton and Victoria Counties have seen a 14% drop in housing sales so far this year.
That’s according to figures released earlier this week by the Nova Scotia Association of Realtors, which classifies the CBRM and Victoria County as the “Cape Breton Region.”
Figures for Inverness and Richmond counties are in a separate category with Antigonish and Guysborough.
Alongside the drop in sales in the Cape Breton Region, the number of homes on the market in the area was up by 14% last month over June of last year.
There were 627 homes on the market as of the end of June.
Sydney Realtor Mary Ann MacCormick says the situation has people cutting the sale prices of their homes.
Sellers were getting about 83% of their asking price as of last month, down from 90% in June of last year.
The average sale price in the region barely budged over the past year, staying at 131,916 dollars.
The Canadian Real Estate Association says sales activity is expected to go up in the province as a whole next year if economic prospects improve as projected.
While there are no statistics for the month to date, MacCormick says she’s seen anecdotal evidence of an uptick in sales in July so far