Is Nova Scotia Still Affordable? Examining the Rising Cost of Living Here

Richard Payne
Published on January 21, 2025

Is Nova Scotia Still Affordable? Examining the Rising Cost of Living Here

For years, Nova Scotia has been known as an affordable haven—a place where you could enjoy a great quality of life without spending a fortune. It’s what drew us to this beautiful province over 18 years ago: the lifestyle, better-than-UK weather, welcoming communities, and, of course, the affordable housing prices that made owning a home in a fantastic neighbourhood a reality. But times have changed, and that reputation is most definitely being challenged.

Lately, the cost of living in Nova Scotia has climbed sharply, especially when it comes to housing. What was once seen as Canada’s best-kept secret has become a hot spot, and while the influx of people has added diversity, it’s also driven up demand and put a lot of pressure on affordability.

So now the big question is: can you still live comfortably here or is the Nova Scotia dream slipping out of reach for many? Let’s dig a little deeper.

Firstly, let’s look at the real estate market.

The housing market in Nova Scotia has been a rollercoaster ride, with prices reaching levels we couldn’t have imagined just a few years ago.

Halifax, especially, has seen home values soar—driven by out-of-province buyers, low inventory, and a surge in demand. Between 2020 and 2024, home prices in Halifax jumped over 40%, leaving many potential buyers wondering if they’ll ever be able to afford a home here.

The average price for a home in Halifax, Nova Scotia is $623,008 (December 2024)

But it’s not just the city that’s feeling the pinch.

Rural areas, once extremely affordable, have also felt the ripple effects. Communities like Lunenburg, Wolfville/Kentville, Truro and Windsor are experiencing significant price hikes as buyers expand their searches beyond urban.

And for renters, the situation isn’t any better. The demand for rentals has pushed monthly rates sky-high, putting a real strain on people’s budgets.

This combination of factors has made it increasingly challenging for first-time homebuyers, young families, and even longtime residents to find affordable housing.

While there’s no denying Nova Scotia’s charm and natural beauty, the question remains: how sustainable is it to put down roots when the cost of doing so keeps climbing?


Cost of Essentials

Ok, so let’s talk about the rising cost of essentials here in Nova Scotia.

Groceries, for one, have become significantly more expensive. Rising inflation, supply chain disruptions, weather-related challenges, Canada’s carbon tax, and potential export tariffs are all driving prices up on essentials like fresh produce, dairy, and meat.

Families are really feeling it when they head out for their weekly grocery shop. These days, shopping savvy has become more important than ever—checking flyers for deals, planning meals around sales, and sticking to a budget are key strategies for making the most of every dollar. And while Halifax tends to have the steepest prices since it’s the biggest city, rural areas aren’t exactly a bargain either. Limited local suppliers and higher transportation costs can push prices up in smaller communities too.

Utilities are another area where costs have been climbing. Electricity rates just keep going up, and if your home relies on oil for heating, you’re feeling the sting of rising oil prices—especially during those long, cold winters we know so well.

And then there’s transportation. Gas prices are high, car insurance isn’t getting any cheaper, and public transit systems like Halifax’s aren’t keeping up with the growing demand. On top of that, property taxes and house insurance are climbing, further squeezing household budgets. It’s all adding up, and for many, it’s creating a real financial strain.


Wages vs. Living Costs

While the cost of living in Nova Scotia has risen dramatically, wage growth has lagged behind, leaving many people struggling to make ends meet.

On average, incomes here are lower than the national average, which only widens the gap between what people earn and what they need to spend to get by. Take workers in retail, service jobs, or entry-level roles, for example. Their paychecks often just cover the basics—things like rent, groceries, and transportation—and there’s rarely anything left over to save.

This issue isn’t just limited to one group. In places like Halifax, where housing costs have skyrocketed, even households with two incomes are feeling the crunch. Saving for the future or affording a few extras has become a real challenge.

And in rural areas, the problem is compounded by fewer job opportunities. Many folks are stuck commuting long distances for work, and with fuel prices so high, even getting to the job can be a strain on the budget. It’s a tough situation no matter how you look at it.

This report provides a fairly accurate overview of costs, use it as part of your research to understand how affordable or expensive things are here compared to other cities and countries https://www.numbeo.com/cost-of-living/in/Halifax


The Influence of Population Growth

Nova Scotia has seen a population boom in recent years, thanks to increased migration from other provinces and countries. While this growth has added vibrancy to local communities, it has also placed immense pressure on housing, infrastructure, and services.

The influx of new residents has driven up demand for housing, leading to higher prices and limited availability. Rental markets, in particular, have become fiercely competitive, leaving many residents scrambling to secure affordable accommodations. Schools, healthcare facilities, and public transit systems are also feeling the strain, with resources stretched thin to accommodate the growing population.

Despite these challenges, population growth has also brought benefits, including a more diverse cultural landscape and economic opportunities. However, finding a balance between growth and sustainability remains a pressing concern for the province.


Balancing Act: Pros and Cons

Despite the rising costs, Nova Scotia continues to offer plenty of reasons to call it home. The province’s natural beauty, from its rugged coastlines to its lush forests, provides an unmatched quality of life. Outdoor enthusiasts can enjoy fantastic hiking, kayaking, and catching waves or soaking up the beauty of stunning coastal beaches, while the vibrant arts and culture scene offers something for everyone to enjoy.

Additionally, Nova Scotia’s sense of community and slower pace of life remain strong draws for many. Small-town charm, safe communities and friendly neighbours can’t be measured in dollars and cents but are invaluable for those seeking a more connected way of living.

However, these positives can sometimes be overshadowed by financial stress, especially for those struggling with the increasing cost of living.

 For some, the decision to stay in Nova Scotia comes down to weighing these intangibles against the hard realities of their budgets.


Conclusion: What’s Next for Nova Scotia?

We’ve lived here since 2007, moving from the UK in search of a better lifestyle, and honestly, we have no regrets. Yes, the cost of living has skyrocketed, but it’s not just Nova Scotia—it’s the rest of Canada too. And from my trip back to the UK last September, I can tell you the cost of living has jumped significantly there as well.

The reality is that home prices here are very unlikely to return to pre-2020 levels. The market has shifted, and this is the new normal. But that doesn’t mean it’s impossible to build a good life here. You just need to know what you’re getting into and budget accordingly.

To move forward, in my opinion, the province needs strategic planning and innovative solutions. Investments in affordable housing, better public transit, and fair wage growth could go a long way in easing the burden on residents. These changes could also help Nova Scotia rebuild its reputation as a more accessible and affordable place to live.

For anyone thinking about moving here, doing your homework and planning your finances carefully is more important than ever. Knowing what to expect in terms of housing and living costs can make all the difference in setting yourself up for success.

Sure, Nova Scotia may not be the budget-friendly haven it once was, but its unique lifestyle and opportunities still make it a special place. Whether it’s the incredible natural beauty, the welcoming communities, or the slower pace of life, there’s still so much to love about living here. The province’s next chapter will depend on its ability to adapt and ensure that the dream of calling Nova Scotia home stays within reach for as many people as possible.

If you’re still thinking about making the move to Nova Scotia and this honest look at life here hasn’t deterred you, let’s chat. Whether you’ve got questions about the housing market, budgeting, or just what it’s like to live here day-to-day, I’m here to help. Together, we can figure out if Nova Scotia is the right fit for you and how to make it work.

Feel free to reach out—I’m always happy to share our experiences of living, working and playing in Nova Scotia and help you make an informed decision about starting a new chapter in this beautiful province.

I hope you’ve found this post honest and helpful! Let’s connect if we can answer any more of your questions about life in Nova Scotia.

Rich and Jane

Halifax Homes and Lifestyles

Moving 2 Nova Scotia

Contact Me!

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