Truro and Colchester Housing Market Outlook (2025)

The average price in Truro and Colchester housing market has increased by 7.2 per cent across all property types between 2023 and 2024, from $321,506 to $344,526. The number of sales transactions increased by 9.8 per cent during the same period (from 481 unit sales in 2023 to 528 sales in 2024). The number of total listings also increased by 19.8 per cent, from 650 properties listed in 2023 to 779 in 2024. Looking ahead to 2025, Truro and Colchester County are expected to transition to a seller’s market, with average price across all property types anticipated to rise by eight per cent, while the number of sales will likely increase by 10 per cent. Total listings in the region next year are expected to increase by 25 per cent.

Retirees are expected to drive market activity, followed by first-time buyers, move-up buyers, investors, move-down buyers and buyers of distressed sales (those forced to sell due to rising costs). Single-detached houses are expected to see the most sales activity in the region, with semi-detached houses also in demand.

First-time homebuyers are typically purchasing smaller fixer upper homes and bungalows in sub-divisions in the $250,000 – $300,000 price range. Move up homebuyers are purchasing two-storey homes and large bungalows within the $400,000 – $500,000 range, prioritizing amenities such as pools, home offices, gyms and big back yards. Following the long-term impacts of hurricane Fiona in 2022, many homebuyers are also looking for properties with secondary and back-up heating sources, such as wood fireplaces and generator hook ups. With the high rental prices in Truro, retirees are looking to downsize, buying semi-detached homes and bungalows within the $300,000 to $400,000.

There are new apartment buildings rising in the region, and numerous large developments planned. Semi-detached 1,200-sq.-ft. properties with a garage are popular, alongside single-family homes on a slab and row housing.

Home sellers are set for success going into 2025, as sale prices continue to increase and housing supply levels motivate homebuyers off the sidelines and into the market. Meanwhile, Nova Scotia’s first-time homebuyer down payment assistance program will make it easier for first-time homebuyers to purchase a home in 2025.