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Real Estate

Eastern Shore Real Estate - Update 2006
Going, Going, Gone...

Four years ago, when we returned to live and work on the Eastern Shore, waterfront properties were still at bottom-feeder prices. In the eastern stretch of Halifax County particularly, a little sleuthing easily turned up a house, acreage and oceanfrontage for under $40,000. No doubt the house was in need of repairs and updating, but the bargains were there. Private sales could be found that were even more attractive.

Those days are almost gone as a quick scan of the real estate industry's Multiple Listing Service (MLS) will tell you. While you can still find bargains in Nova Scotia's rural areas, housing prices are rising quickly. In fact, as we can attest to, what was $50,000 in
2001 would now list for 25 to 50% more.


What's driving up the market? A number of factors, not the least of which is the political situations in Europe and the US. In Germany, for example, the political mindset recently took a back swing away from its liberal "Green Party" government to a Conservative coalition. The Conservative Party is doing its best to thwart environmental progress.

The American position towards issues like Climate Change and Peak Oil under the leadership of President Bush is well documented and to many, even scarier than that of Germany - all of which creates an exodus of those who desire a safer, healthier environment in other countries like Canada.

For our neighbours to the south at least, "The blossoming, beautiful and mostly ignored girl-next-door, Canada has begun turning heads."

So states Brooke Hall, a writer and analyst for Wealth Daily, a subscriber based US Investment newsletter. In the latest of her promotional emails to savvy investors, Brooke has been promoting Nova Scotia as having the best real estate buys in the country.

"Nova Scotia has so much to offer: low cost of living, inexpensive real estate, unspoiled land, generous (and honest) people, lifestyles to suit every liking and famous residents including Paul Simon, Demi Moore and Jack Nicholson, just to name a few...", she writes (November 16, 2005).

Hall tells her readers that Nova Scotia is on the upswing from 'bust' brought on by a tourism downslide following 9/11 and other influential factors, none of which deter from the beauty of the Province. Here is Hall's account of her recent visit to the Eastern Shore, an account that was emailed to a subscriber base numbering in the tens of thousands.

Buy the Bust - Brooke Hall
(Wealth Daily - November 2, 2005)

Part 2 of 3

Brooke Hall - Writer & analyst for Wealth Daily" What I began to notice as I traveled north towards Cape Breton, was that Nova Scotia was experiencing, at this very moment, the Bust side of the economic cycle. This bust cycle is ready to boom.

"And every savvy investor waits for that bust time so that they can reap the benefits of the Boom.

A recent report was released by Nova Scotia Department of Tourism, Culture and Heritage forecasting Nova Scotia's tourism industry.

After assessing the decline in tourism since 2003, they went on to say "a report released in late 2004 entitled Long-Term Trends and Cycles in Canadian Tourism suggests that tourism activity follows a ten-year cycle, with peaks and troughs that mirror and exaggerate the Canadian business cycle..If the cycle persists, we should be at the start of a broad-based recovery that will see record growth over the next decade."

In March of 2005, RBC Financial Group released a provincial economic forecast indicating that "healthy job numbers and strong fiscal performance will boost Nova Scotia's economic growth to 2.4% in 2005 and 2.8% in 2006."

The report goes on to assert that "'Nova Scotia's economic outlook continues to build on the momentum generated in the second half of 2004,' said Craig Wright, vice-president and chief economists, RBC."

Interestingly enough however, the housing market in Nova Scotia appears "to have reached a plateau."

So, the Canadian economy (and tourist industry), employment, and wages are all beginning their rise, all while the housing industry stays at a steady pace.

All I can hear from the voice in the back of my head is BUY, BUY, BUY. "

Read Part 1 - Destination Nova Scotia

So...what are you waiting for? Buy that dream property now, while prices are still in the affordable range. In the Musquodoboit Harbour commutershed area, expect to pay $175, 000 and up for a house in reasonably good shape - and in the Sheet Harbour area around an hour and a half from Halifax, $100,000 plus.

If the distance to the city is not a big factor (and with an imminent oil shortage looming, why would it?), you can still find bargains in the Bay of Islands area (Sheet Harbour to Sherbrooke) and into western Guysborough. Inland properties also remain fairly reasonable.

Resources:
Wealth Daily
Multiple Listing Service (Eastern Shore)
© Hatch Media - www.highway7.com




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All contents © 1995 - 2017 Highway7.com unless otherwise attributed
Highway7 E-zine, a publication of Hatch Media, is an electronic journal with a focus on commercial, historical, cultural and ecological issues concerning the Eastern Shore of Nova Scotia in Canada. Topics include a growing resource of currently more than 300 articles. More articles and image galleries are added frequently as new material is brought to our attention. With Highway7.com, our primary aim is to serve, inform and reflect the rural communities on the Atlantic Coast of Nova Scotia, as well as to acquaint new residents, visitors, tourists, and investors with the special beauty and enormous potential of our region.
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