Nova Scotia

Sydney housing market heats up

Housing sales in Sydney rose over the summer and early fall, fuelled by low-interest mortgage rates and renewed consumer optimism.

Housing sales in the Sydney area rose over the summer and early fall, fuelled by low-interest mortgage rates and renewed consumer optimism.

Sales in Cape Breton County jumped 25 per cent in the third quarter of this year, compared to the same period in 2010. Prices went up by about 7.5 per cent.

Mary Ann MacCormick, spokeswoman for the Nova Scotia Association of Realtors, said consumer confidence is up given the Sydney harbour dredging project and the shipbuilding contract in Halifax.

"I think people are looking forward to a good future and willing to make the investments," she told CBC News.

Fred Penney sold his house in Sydney after a few weeks on the market. He said many people looked at it and he got a good price.

"I could have sold it probably a while ago, but the price wasn't there," Penney told CBC News.

While sales in Sydney and Sydney River are up substantially, homes in other communities and rural areas aren't moving nearly as fast. In Glace Bay and New Waterford, sales are actually down about 10 per cent from last year.

MacCormick said the fastest-selling homes are those priced $100,000 or less. She said they are popular with seniors looking to downsize and young first-time buyers taking advantage of low-interest rates.

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