As the world economies merge more and more people are looking at having homes and investments in different countries. The recent world wide recession has high lighted how stable Canada is as a country and Canada’s banking system stood out as one of the best in the world.
As the world economy recovers I believe it will take time for investors to trust a still unstable stock market. Also many shaken local economies are not stable and many local governments now have severe deficit positions. Ice Land would be an example of what could happen.
I would like to make a case for investing in Nova Scotia real estate.
Nova Scotia is one of Canada’s smallest provinces with only about a million people in the whole province. They say at any point in Nova Scotia you are never farther than 30 miles from the ocean. The whole province is completely surrounded by water except for a small portion connecting it to the province of New Brunswick where you can drive across the Tantramar salt water marsh on the trans Canada 102 highway to access the rest of Canada. From Nova Scotia you can tour all of Canada (by paved highway in most cases) by automobile or RV. Even the Island of Prince Edward Island is only a few hours crossing the Confederation Bridge near the New Brunswick border. Canada is a huge country with breath taking scenery a true delight with many Canadians spending their retirement years just touring in their RV’s.
Nova Scotia real estate can be amazingly affordable when compared to many other markets. There is no boom bust cycle like you see in other Canadian provinces and major cities. Almost no chance of buying on the upside and losing on the downside. Most of the real estate is privately owned and there is a lot of coast line. The Capital city is Halifax Regional Municipality which was created with the amalgamation of the cities of Halifax and Dartmouth some years back. Almost half of the people in the province live and work with-in 40 miles of this Municipality. This is one of the best deep water harbours in the world.
As Nova Scotia adjusts from a resource base (fishing, lumbering, farming) to a more and more knowledge, financial and technology based economy. Rural Nova Scotia is slowly but surely being depopulated as more and more people move to Halifax Regional Municipality for job opportunities. Research in Motion just located and built an office building there (blackberry fame) Several Investment firms and banks have located there etc. This whole circumstances opens up two great real estate investment scenario’s depending on your circumstances.
Halifax will continue to grow and that growth will be along the 102 highway between Halifax and Truro. The federal government has committed funding to what is called the Atlantic Gateway. Plans are in the works and studies underway to Develop Halifax as a super port. Halifax is one of the few harbours on the East Coast that is deep enough to accommodate the new super container ships. In my opinion real estate between Halifax and Truro will appreciate substantially as growth and demand continue. The simplest philosophy in investing “buy low and sell high”. The smartest move in real estate “buy before the demand comes and wait for the growth and demand to come to you.”
The second opportunity is outside Halifax Regional Municipality in the smaller communities too far for commuting to the city. For example the community of Sheet Harbour on the eastern shore is about 60 miles from the city. This is pretty much a self contained community with a Scotia Bank, Home Hardware, Credit Union, Grocery, Hospital, RCMP, 2 motels, Deep water harbour and great people. Here you can buy a pretty nice retirement or seasonal home probably with a view of the water. (frontage is more expensive) for between $80,000 to $100,000 Canadian. There are communities inland where you could buy a home or cottage between $60,000 and $80,000 or less depending on your expectations. Right now in Upper Stewiacke there is a cottage with 1.5 acres listed for $15,900 Canadian.
In closing I would like to say the quality of life in Nova Scotia is second to none. Many people in rural Nova Scotia do not lock their doors. If you are looking for a great place with great people you will never find anything to compare. There is no restrictions on foreign ownership in Nova Scotia and here is our government website for information regarding citizenship and working in Canada. http://www.cic.gc.ca/ I don’t believe you can work with out a visa but you can stay here six months out of the year with out any complications. Nova Scotia hotels are affordable especially in the off season and Nova Scotia travel is easy by auto with most major roads paved. Why not take a trip to this beautiful province and enjoy our downeast hospitality.
Thanks for reading my article.
Yours in real estate.