Positive international immigration overshadowed losses due to inter-provincial migration, resulting in a net increase of 920 people to Nova Scotia's population in the third quarter of 2016. This was more than 3X the net gain from the previous third quarter.
Changes in population from movement within Canada:
Some 4,986 people moved to Nova Scotia from other provinces in the third quarter of 2016. This was up 11.5%t from a year earlier. More people came to Nova Scotia from Alberta New Brunswick, and Prince Edward Island compared to a year earlier.
A total of 5,074 people left the province for elsewhere in Canada in the third quarter, a decrease of 0.9% from the same period in 2015. Fewer people leaving for Alberta offset an increase in migrants to Ontario.
The result was a net loss of 88 people from Nova Scotia's population in the third quarter. This was a decrease of 86.4 per cent from the third quarter of 2015.
Changes in population from immigration:
International immigration added 1,008 people to Nova Scotia's population in the third quarter of 2016. This was an increase of 6.2 per cent from the same period in 2015.
Employment Trends in Nova Scotia
The unemployment rate in Nova Scotia was 8% at the end of December 2016, up 0.1 percentage points from the previous month BUT still one of the lowest levels of the past 8 years! The unemployment rate was generally trending down over 2016, finishing the year 0.6 percentage points below where it began.
Full-time job gains occurred mainly in professional, science & technology services
2016 Real Estate Market Trends
Detached home sales in all of 2016 numbered 7,685, an increase of 5.7% from the previous year.
Single detached sales activity was up from year-ago levels in Annapolis Valley, Halifax, Nova Scotia- Dartmouth, Nova Scotia and South Shore, but decreased in Cape Breton Island, the Highland Region, Northern Nova Scotia and Yarmouth, Nova Scotia.
Sales activity was down from a year earlier in the price range below $200,000 but was up for all price ranges above $200,000 during the fourth quarter of 2016.
The tightest segment of the market for single detached homes was for properties priced below $125,000 in the fourth quarter, where demand was strongest relative to available supply.
Homes also spent the least amount of time on market before selling in this price range during the fourth quarter.
Sales are forecast to rise in Manitoba (+4.0%), Quebec (+5.8%), New Brunswick (+6.1%) and Nova Scotia (+4.9%). In the latter three provinces, activity has been slowly but steadily gaining momentum, and 2016 is expected to mark a multi-year high for annual sales.
*Info provided by CREA.