
Navigating the Shifting Real Estate Market in Cape Breton and North East Nova Scotia
By Sherry MacLeod Managing Broker of Cape Breton Realty Our market in Cape Breton and North East Nova Scotia is closely tied to the dynamics of the Toronto, Ontario, and Alberta markets, as many of our buyers originate from these regions. However, we are also witnessing a resurgence of European buyers, adding another layer to our market’s complexity. The political climate in the US, combined with ongoing conflicts in the Middle East and Ukraine, further impacts our market. These global uncertainties are driving a few more buyers into our marketplace, as Nova Scotia is seen as a safe place to live and a good investment. Immigration is another contributing factor. As summer shines upon us, the real estate market in Cape Breton and North East Nova Scotia, much like the weather, has its fluctuations. Recently, we’ve seen a notable shift, with home sales in the Greater Toronto Area (GTA) down by 16% year-over-year, despite an interest rate cut. The average selling price has dipped by 1.6%, settling at $1,162,167, according to the Toronto Regional Real Estate Board. Interestingly, this trend isn’t isolated to Toronto. Calgary has also experienced a decline in home sales this June. However, the Calgary Real Estate