"Where are all these people coming from??"
I have been getting a LOT of questions regarding the influx of people to NS recently. Here's whats up. Most of the new people moving to NS are from Ontario, some from BC and other provinces too. Let's unpack this a bit and break down why it's happening and what that means for us locals.
So people in other provinces haven't fared as well as us (big thanks to Dr Strang for the swift and aggressive approach to how we have dealt with Covid 19 here in Nova Scotia). We have been able to live a relatively 'normal' life here with a few changes, and I am proud of Nova Scotians for stepping up and looking after each other! Because our numbers have been so low, people have taken notice. I always said Nova Scotia was the best kept secret in Canada, and now word has gotten out! It's safe, friendly and the pace of life here has attracted a lot of attention.
People in other provinces desperately want out, so they search for affordable real estate in Canada, being close to water is another huge draw. Many people have found they can work remotely, but in the future may need to be within a reasonable distance to an International airport (Halifax is the only one in the Maritimes). Then they start to look for things that are appealing like beautiful scenery, space to have a garden and a property with some land... even the wineries are a draw and let's be real, having so many gorgeous vineyards and restaurants has put the Annapolis Valley on the map years before this pandemic.
Retirees are coming too, and they want to be within 30 minutes of a major medical centre, hello Valley Regional Hospital! So in short, the Annapolis Valley has the space, proximity, beauty and amenities that everyone is looking for. Bonus points for all the locally owned/one of a kind cafes, shops, restaurants and the ability to get responsibly produced food practically outside your door.
I am finding for the most part that it's the rural Ontarians that are drawn here the most, the city people are moving to the country, and the country people are moving here. Cities aren't fun if they don't work, and just imagine being locked down in a high rise for a minute. You would be searching for alternatives too.
Yes, our real estate prices are rising, but we have been far below average for a long time, and we are now catching up. What does this mean for local people trying to buy? It's tough... really really tough. I get it. First time buyers don't have the selection or budget reach they used to, and thinking of selling is terrifying if you don't already have an alternative.
Is this a "Bubble" that's going to burst? Not anytime soon in my opinion. Prices rise and fall, it's inevitable, but I don't think we are going to see a massive crash here or a mass exodus in the future. We are experiencing some pretty significant growing pains right now, but growth is good and we are in it for the long haul.
If you have questions about the current market, please do reach out. I am happy to discuss your personal situation and I know I can help!