By Keith Doucette
In an interview Friday, Matt Honsberger, president of the Halifax workplace of Royal LePage Atlantic, mentioned he’s optimistic concerning the leisure actual property market as a result of most waterfront properties in Atlantic Canada, which might promote for underneath $500,000, are considerably cheaper than in different elements of the nation.
For instance, Honsberger mentioned a cottage within the Muskoka area north of Toronto can value between $1.5 million to $2 million, costs which are “unattainable for lots of people.”
“Right here in Atlantic Canada you’ll be able to have a spot on a lake for $300,000 to $400,000 that in some circumstances is lower than an hour away from downtown Halifax,” he mentioned. “That’s reasonably priced, so I believe that’s enticing to lots of people.”
Honsberger added that whereas the deed switch tax will certainly deter some patrons, others will issue it in as a part of the price of doing enterprise. Nova Scotia’s 2025-26 funds will increase the deed switch tax for non-resident homebuyers to 10 per cent from 5 per cent as of April 1.
The Nova Scotia Affiliation of Realtors opposes the rise, saying the tax will drive potential patrons away to neighbouring provinces similar to New Brunswick. The affiliation has likened it to including a “tariff” on Canadian patrons at a time when the nation is attempting to cut back inner commerce limitations.
However Royal LePage says in its spring leisure property report that it expects a busy season in Nova Scotia with decrease rates of interest boosting purchaser confidence. The corporate is forecasting that the median value for a single household house in Atlantic Canada’s leisure areas will improve eight per cent in 2025 to $498,852.
“Reasonably priced leisure properties will proceed to see demand as a result of that market is just partially pushed by people who find themselves non-residents,” Honsberger mentioned. “There are nonetheless numerous Nova Scotia residents who nonetheless need to purchase leisure properties and I believe there might be lots of demand for that.”
With relations between Canada and the US souring due to tariffs imposed by President Donald Trump, Honsberger mentioned many Canadians would possibly rethink the place to buy cottages or different properties.
”My suspicion is as much less folks journey south they may divert a few of that cash into shopping for a property right here,” he mentioned. “That was definitely the case throughout the pandemic … the cash received (diverted) and we noticed an actual run on leisure properties.”
Honsberger added that the corporate is already listening to anecdotal examples from its brokers about folks seeking to relocate from locations like Florida.
“I think it (the market) goes to proceed to be sturdy into the spring and summer time right here,” he mentioned.
Nonetheless, Honsberger made it clear that he doesn’t just like the deed switch tax improve, saying that governments must be cautious about placing “synthetic limitations on folks doubtlessly being drawn to the province.”
This report by The Canadian Press was first revealed March 28, 2025.
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Atlantic deed switch tax Matt Honsberger Nova Scotia leisure properties leisure property market Regional Royal LePage tariffs The Canadian Press The Nova Scotia Affiliation of Realtors
Final modified: March 29, 2025
