The number of homes for sale in the Cape Breton Regional Municipality has been climbing over the past few years as the region’s aging population tries to sell off their family homes, according to the Nova Scotia Association of Realtors.
Multiple listing site figures show there is almost one-third more properties on the market this year than there were at the same time three years ago.
In 2010 there were 717 properties listed in the CBRM between January and July. In 2013 there was 1,012.
Barb Kerr, director of the Nova Scotia Association of Realtors in Cape Breton, said the island has a high population of seniors and many are selling the big homes they raised their families in.
"Listings are up everywhere so there is a large inventory and as a result the time to sell, the time between listing and selling a property, has been extended because there is such a selection out there," she said.
Kerr said a slumping economy has reduced the number of foreign buyers.
"The buyers are still out there. They just have more to choose from at this time and you know, you can also come here and buy a quality home for around $125,000."
The trend is reflected in Halifax and Dartmouth. In July realtors said many houses are staying on the market longer before selling.
The housing market in the Halifax Regional Municipality skyrocketed after the October 2011 shipbuilding announcement, but it seems to have come back down to earth.
Trends across the country, however, tell a different story in other parts of Canada. Statistics from the Canadian Real Estate Association showed that housing sales were up in most major cities.