By Sherry MacLeod Managing Broker of Cape Breton Realty | https://capebretonrealty.com While much of Canada has enjoyed a temporary reprieve in the form of a buyer-friendly housing market over the past few months, signs are pointing to an imminent shift. According to mortgage expert Penelope Graham of Ratehub.ca, fixed mortgage rates are rising, variable rates appear to be stabilizing, and the housing market — once cooling — may be on the verge of heating up again. June’s inflation numbers crept up to 1.9%, and job growth appears stable, giving the Bank of Canada little reason to proceed with further rate cuts. In fact, the five- year bond yields — the metric used to determine fixed mortgage rates — have reached a six-month high in the 3% range. This increase has already triggered rate hikes from lenders, with more potentially on the horizon. What does this mean for us here in rural Nova Scotia and on Cape Breton Island? We’re seeing a tale of two markets. While some regions — like Halifax Regional Municipality and Cape Breton Regional Municipality — experienced continued strength earlier this year, a slowdown is becoming more noticeable, particularly as the number of foreign students declines. This shift has

As we delve into the current real estate landscape in Northeastern Nova Scotia, it’s important to highlight the distinct differences between urban centers like Antigonish and Sydney and the surrounding rural areas. While the urban markets remain relatively stable, the rural regions are experiencing a notable shift characterized by higher inventory levels and longer listing durations. In Antigonish and Sydney, we continue to see low inventory, but the frenzy of multiple offers that once defined these markets has subsided. Prices have remained relatively stable, and while homes are still selling, the pace has slowed. We had hoped that with the conclusion of the recent election, we would see a resurgence in activity, but so far, that has not materialized. A significant factor contributing to this stagnation is the economic situation in Ontario, where many of our potential buyers reside. If they are unable to sell their homes in Ontario, they are unlikely to make the move to our beautiful region. In contrast, the rural areas are facing a different reality. Listings are on the rise, and properties are staying on the market longer. This increase in inventory is not translating into higher demand, particularly for summer homes, which has further

Cape Breton Realty is proud to announce the grand opening of its newly renovated office—housed in one of St. Peters’ most treasured historic landmarks. Originally constructed in the 1860s as MacDougall Academy, this stately building has long held a central place in the community’s history and now begins a fresh chapter as the professional home of Cape Breton Realty. This proud structure—once the educational heart of the region—was more than just a schoolhouse. For nearly a century, MacDougall Academy served as a beacon of academic excellence across Nova Scotia, housing all grades from elementary to high school. MacDougall Academy earned a province-wide reputation for academic rigor and success. Among its notable alumni are Hon. A.J. Stone, Justice of the Federal Appeal Court of Canada; Dr. Kemp Morrison, Superintendent of Sunnybrook Hospital in Toronto; Dr. Roswell Pottie, Vice President of the National Research Council of Canada; William (Bill) Pearl, Assistant VP of Sun Life Canada; and George W. Kyle, Federal Member of Parliament. These individuals, among many others, are a testament to the school’s legacy of excellence. After the school closed in 1953, the building passed through a series of transformations. Willie D. Morrison converted it into apartments, and later, it

As a Realtor and broker with many years of experience, I’ve seen many market cycles, but one thing remains constant: spring is always a busy time for real estate. The warmer months tend to bring out motivated buyers and eager sellers alike, making it an ideal time to make a move. However, this year, our spring market is arriving later than usual, primarily due to lingering weather conditions and the recent election. Despite the delay, with the arrival of good weather, we are beginning to see an increase in willing buyers and motivated sellers ready to make their moves. If you as a buyer have been sitting on the sidelines, it’s time.  Get Your Finances in Order. One of the most critical steps for buyers is to get pre-approved for a mortgage. This not only streamlines the purchasing process but also signals to sellers that you are a serious contender. Review your credit report, pay down debt, and gather documentation such as income verification and tax returns. Being financially prepared gives you a competitive edge in a fast-moving market. Make yourself a list of priorities.  Sellers markets often mean quick decisions. Make a list of must-haves versus nice-to-haves. Consider factors like location,

By Sherry MacLeod Managing Broker of Cape Breton Realty For the first time in a year, the Bank of Canada has decided to maintain the overnight interest rate at 2.75%. This decision marks a pause in the ongoing fluctuations that have characterized the financial landscape recently and indicates a cautious approach to economic stability. As many have been closely monitoring interest rates, it’s clear that you are not alone. There was widespread anticipation of a potential rate cut this spring, but with a myriad of factors at play—including inflation rates, employment data, and the complexities of global trade—the Bank has opted to take a step back and assess the situation further. So, what does this mean for those considering buying, selling, or renewing their mortgages? In the immediate term, the impact is likely to be minimal. Variable rates will remain stable for now, while fixed rates will continue to mirror trends in the bond market. Many individuals and families are currently weighing their options carefully, and this cautious approach is entirely understandable given the current environment. The silver lining in this scenario is that a period of stability, even if temporary, provides us with a moment to breathe and strategize

By Sherry MacLeodManaging Broker at Cape Breton Realty Buying a home is one of the biggest financial decisions most people will make in their lifetime. While the excitement of finding your dream house can be a lot, it’s essential to remember that the process doesn’t end with an accepted offer. One of the critical steps in the homebuying process is securing mortgage approval, and maintaining that approval requires careful financial management until closing day. Once a lender has reviewed your finances, consistency is key. Buyers often overlook the importance of avoiding any significant changes that could jeopardize their mortgage application. A change in your finances can raise red flags for lenders, leading to potential delays or even the withdrawal of mortgage approval. Therefore, it’s crucial to remain steady in your financial habits during this period between approval and closing. One of the most common mistakes buyers make is changing bank accounts. While it may seem harmless, lenders prefer to see a stable financial history in the account you initially provided. Similarly, applying for new credit—whether it’s a credit card, personal loan, or any other form of borrowing—can negatively impact your credit score and alter the lender’s perception of your financial reliability. Another surprising tip

Investing in Cape Breton Land: A Smart Choice By Sherry MacLeod Managing Broker of Cape Breton Realty Buying land in Cape Breton has long been a sound investment. Land values in Atlantic Canada have steadily climbed, providing a stable and appreciating asset. Since the 1980s, buyers have recognized the potential of vacant land here, benefiting from consistent growth in value. Cape Breton offers some of the most affordable waterfront properties in North America. Compared to other coastal real estate markets, prices remain reasonable, making it an attractive option for buyers looking for longterm appreciation and lifestyle benefits. Foreign investors, particularly from the U.S. and Europe, are in a strong position due to favorable exchange rates. The Canadian dollar’s decline has increased purchasing power for foreign buyers. Recently, $1,000 USD converted to $1,497 CAD, a significant advantage. The Euro also remains strong against the Canadian dollar, making Cape Breton an appealing option for European investors. While Canada has restricted foreign homebuyers in some urban areas, vacant land in rural regions like Cape Breton remains open for international investment. This creates a rare opportunity for buyers looking to secure waterfront and rural properties without restrictions. Another key factor is the economic landscape.

By Sherry Macleod, Managing Broker at Cape Breton Realty As we look ahead to 2025, many potential homebuyers are beginning to consider the exciting yet daunting journey of finding their dream home. With the evolving real estate landscape, it’s crucial to prepare thoroughly for what lies ahead. Here are some essential insights to help you navigate the home-buying process with confidence. Before diving into the market, it’s important for buyers to take a moment to reflect on their motivations. Are you looking to start a family, downsize, or invest in a property? Understanding your personal goals will help shape your home-buying journey. Once you have determined your objectives, the next step is to assess your budget. A common guideline is the 28/36 rule, which suggests that you should spend no more than 28% of your gross income on housing and 36% on total debt. Different lending institutions may be more generous. Keep in mind the additional costs that come with homeownership, such as homeowners’ insurance, maintenance, and utilities. A well-planned budget will set you up for success. Financing is a key part of the home-buying process, and it’s essential to do your homework on this. There are various mortgage types

By Sherry MacLeod Managing Broker Cape Breton Realty Canadians are experiencing to significant shifts in the economic landscape. The Bank of Canada has announced a change in its interest rate, moving by 50 basis points to a new rate of 3.75%. This adjustment comes at a pivotal moment as the U.S. elections have concluded, with former President Trump proposing a 10% tax on imports. Given that the United States is Canada’s largest trading partner, this could have profound implications for our economy. Moreover, the controversial pipeline project from Alberta to the U.S., which was shelved four years ago following President Biden’s election, may re-emerge as a topic of discussion. The potential revival of this project could reshape energy exports and influence our economic relationship with our southern neighbor. These developments, whether perceived as beneficial or detrimental, will inevitably affect interest rates and the broader economic climate. Economists are cautiously optimistic, forecasting that we may see another decrease in rates come December. According to mortgage broker Brent Richardson, the ‘neutral rate’ at the Central Bank, which is considered neither stimulative nor restrictive, currently lies between 2.5% and 3%. This suggests we could see further decreases in the Central Bank rate, potentially

By Sherry MacLeod Managing Broker Cape Breton Realty The recent interest rate cut by the Bank of Canada, which saw the overnight lending rate drop from 4.25% to 3.75%, marks a significant moment for potential homebuyers and sellers in Cape Breton. With home sales in Canada rising 6% since May—now the highest levels seen since July 2023—there’s a palpable shift in the market. This trend, fueled by falling interest rates, allows more Canadians to qualify for mortgages and fuels a growing demand for homes in our beautiful region. As a REALTOR® in Cape Breton, I understand that entering a dynamic real estate market can feel overwhelming, especially with the uncertainty surrounding interest rates. However, having the right REALTOR® by your side can make all the difference. Here’s how we can help you navigate the current landscape effectively. **1. Local Market Insights** Cape Breton is experiencing a resurgence in interest, and with that comes the likelihood of multiple offers and competitive pricing. Your REALTOR® has access to vital data about local housing trends and can provide insights into what’s happening in your neighborhood. Whether you’re a buyer or a seller, understanding the market is crucial to making informed decisions. **2. Expert

By Sherry MacLeod Managing Broker of Cape Breton Realty Building a home is one of the biggest investments you’ll make in your lifetime, and choosing the right contractor is key to ensuring a successful project. For those in Cape Breton and other rural areas, selecting a contractor presents unique challenges, from limited choices to the specifi c needs of building in remote locations. In this article, we’ll explore the skills and qualities to look for in a contractor, how to assess their past work, and why a detailed contract is crucial to protecting your investment. Recently, several of our clients faced stressful and costly issues due to poor contractor choices. While technical expertise is essential when hiring a contractor, other important qualities can make or break your home-building experience. When selecting a contractor, look for someone with extensive experience in building homes, particularly in rural settings. Contractors familiar with remote areas like Cape Breton are better equipped to handle logistical challenges, such as limited access to utilities or transportation diffi culties. They should also have a thorough understanding of local building codes, zoning laws, and the permits required for your project. Ensure that the contractor is licensed and carries adequate