The average residential sale price in the Truro and Colchester region has increased by 6.1 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $317,713 in 2023 to $337,056 in 2024).
The number of sales increased by five per cent during the same time period (from 340 home sales in 2023 to 357 sales in 2024). Meanwhile, the number of listings increased by 20 per cent (from 460 in 2023 to 552 in 2024).
Looking ahead to the fall market, the average sale price across all property types is anticipated to increase by five per cent through the remainder of 2024, while the number of sales likely to increase by five per cent.
Truro and Colchester is currently a seller's market, due to continuous strong demand which is expected to continue through the fall. Demand continues to build with interest from out-of-province buyers, specifically from Central and Western Canada, which will continue to put pressure on the current housing supply.
The biggest factors contributing to the housing shortage in this region include not enough new listings and not enough new construction to meet current demand levels.
Local homebuyers have responding and adapting to the housing shortage by compromising on their list of criteria, increasing their budget, and considering alternative accommodation-types, such as mini homes and duplexes.
On September 4, the Bank of Canada will share its next interest rate announcement. A rate cut is likely to trigger a surge of buyers, particularly in the high-end price segment. Truro and Colchester are expected to experience a strong fall market, continuing the trend that started in August throughout the season.
Many retirees are downsizing into townhouses, duplexes and apartments, taking advantage of favourable prices. Sellers over 60 are showing price flexibility on older detached homes for younger buyers, which helps maintain healthy sales volumes.
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Truro & Colchester 2024 Fall
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