Three Years, One Clear Signal: Buyers Have More Power Than They Think

Inventory Has Nearly Doubled — and That Changes Everything

At the start of January 2026, there were 646 single-family homes actively listed across HRM. By October 1, that number had climbed to 1,221 — an 89 per cent increase over nine months. At any given time during the summer and early fall, there were roughly 1,600 to 1,700 homes sitting on the market when you include new listings alongside existing inventory.

That kind of supply simply didn't exist in 2024. Two years ago, the market still felt tight. Homes were moving quickly, and buyers often found themselves writing offers within days of a listing going live. In 2026, the dynamic is different. Homes are sitting longer, and the volume of new listings each month has remained steady even as the pace of sales has slowed.

For buyers, this matters more than almost any other number. More inventory means more options, less pressure, and a better chance of finding a home that actually suits your needs — rather than the one you could get before someone else did.

Fewer Homes Are Selling — and That Tells the Real Story

Between January and September 2026, 3,004 single-family homes sold across HRM. That's down 9.8 per cent from 3,329 over the same period in 2025, and down 8 per cent from 3,266 in 2024. The decline showed up in almost every month, with the gap widening as the year progressed.

The absorption rate — the percentage of listed homes that actually sell — dropped from 74 per cent in 2024 to 69 per cent in 2025 to 65 per cent in 2026. That means about a third of homes hitting the market right now are not selling during the month they are listed. Some will sell eventually. Some will sit. And some will be pulled off the market entirely — 1,285 listings were expired, cancelled, or withdrawn through September 2026.

For buyers, this means sellers are competing for your attention. The urgency that characterized earlier years has given way to a market where you can take your time, ask questions, book second viewings, and negotiate conditions without worrying that the property will be sold by the time you get home.

The Bidding War Era Is Fading

In 2024, roughly 40 per cent of single-family homes sold above the asking price during the first nine months of the year. In 2025, that figure dropped to about 33 per cent. In 2026, it's sitting at 21 per cent — and by September it was down to just 14 per cent.

Meanwhile, 66 per cent of homes are now selling below asking price, up from 49 per cent in 2024. The average price reduction among homes that did drop their price was approximately $42,300 in 2026, and over 2,000 price reductions were recorded across the first nine months of the year — a 27 per cent increase from the same period in 2024.

What does this mean in practical terms? It means the sticker price on a listing is no longer the floor. In many cases, it's the ceiling. Buyers should be looking at comparables, not asking prices, when deciding what a home is worth.

The Full Picture: January Through September

Note: 2024 and 2025 selling prices reflect averages; 2026 figures reflect medians. Both measures tell a consistent story of modest price movement, but they are not directly interchangeable. Average selling price (Jan–Sept): $606,400 in 2024, $639,100 in 2025. Median selling price (Jan–Sept 2026): approximately $597,100.

Where the Market Is Moving: Price Brackets

The $400,000 to $600,000 range remains the busiest part of the market, accounting for roughly 46 per cent of all single-family sales in 2026. That's consistent with the previous two years — this is where the bulk of HRM's housing stock trades.

The $600,000 to $800,000 range has seen the most notable softening. In 2025, there were 1,027 sales in this bracket through September; in 2026, that number dropped to 861. Above $800,000, activity held relatively steady, with 509 sales in 2026 compared to 544 in 2025. The luxury segment continues to trade, but at a measured pace.

If you are buying in the $400,000 to $600,000 range, understand that you are shopping in the most competitive segment of the market. Even in a cooling market, well-priced homes in that bracket still attract attention. But outside of that sweet spot, and particularly above $600,000, the leverage is shifting meaningfully toward buyers.

What Buyers Should Expect Through the Rest of 2026

The data across three years is pointing in one consistent direction. Inventory is higher. Sales volume is lower. Homes are sitting longer. Fewer are selling above asking price. More sellers are reducing their prices. None of this happened overnight — it has been a gradual, steady shift that gained momentum through 2025 and accelerated in 2026.

You have more time than you think

The average single-family home in HRM is now spending about 40 days on market before selling — and that's just the homes that do sell. Active inventory that hasn't sold is sitting for an average of 80 days. There is no reason to rush a decision. If you need a second viewing, book it. If you want an inspection, include the condition. The market is giving you that room.

Conditions are back on the table

Two years ago, many buyers were waiving inspection conditions, financing conditions, or both just to get their offer noticed. In a market where two-thirds of homes are selling below asking and the average time on market is approaching six weeks, you are in a position to protect yourself. A financing condition and a home inspection condition should be part of virtually every offer you write.

Not every listing price reflects reality

Over 2,000 price reductions in nine months tells you that a significant number of sellers are still pricing based on what they hoped the market would bear, not what the data supports. When you're evaluating a home, look at recent comparable sales — not what the seller is asking, and not what nearby homes are listed for. What actually sold, and for how much? That's the number that matters.

Good homes still sell

A cooling market does not mean every home is a bargain. Well-located homes in good condition, priced appropriately, still sell within weeks and sometimes above asking. The difference is that the bar is higher. Buyers are more selective, and they should be. A home with deferred maintenance, an awkward layout, or a price that doesn't match the neighbourhood is going to sit — and that's exactly what the data is showing.