Is it time to buy a new house?

Is it time to buy a new house? If you are a current home owner, you might be wondering how you will know when it’s time to move. It can be a tough decision to make, especially if you are unsure what signs to look for that might indicate moving is the right idea. If you’re struggling with making this choice, you’re not alone! The good news is there are many resources available to help you ensure you are doing the right thing for you. Here are some tips to guide you as you work through this decision!

Personal signs it’s time to move

The first signs it may be time to buy a new house will come from your own circumstances changing. Typically, home owners start to realize their current home no longer fits their needs or wants, and that is the first signal they should start house hunting. What kind of situations might trigger this kind of response?

There are several common reasons home owners will start to consider a move. A changing family size is one of the top causes. You may be planning to start a family, and your current home does not have the space required for children. You might also be thinking about moving to an area with more schools or kid-friendly amenities. On the flip side, you may be sending children off to university or college, and you no longer need the extra bedrooms in your home. Maintaining a larger home becomes more challenging as people get older, and this might be a good time to downsize. 

Lifestyle changes can also cause home owners to start considering a move. For example, many young people choose to live in cities where they have easy access to transit and entertainment. As you get older, you might not have the same desires or feel like you need to be close to the centre of the action. Our lifestyles and preferences change over time, and the location of your home may need to change as well. 

How does the market look for buyers?

If you think now is the time to buy a new home, what kind of market conditions are you looking at? You can read our full Halifax mid-year update here (link to blog), but here are a few key points from that post.

The average property price is sitting at around $600,000, according to the CREA. This is a 4.5 per cent increase year over year as the Halifax market continues to grow and expand. Prices have gone up across Nova Scotia as a whole, with the provincial average being close to $500,000. 

In May 2025, Halifax had just under 800 listings. Meanwhile, 582 homes sold, which was a very slight drop from this time last year. This indicates that at this moment, supply may be higher than demand. However, sales have actually seen a huge amount of growth within 2025, with a 113 per cent rise in the number of units sold between January and May. Overall, demand for housing remains high. Although supply is also increasing, conditions still slightly favour sellers.

Should you consider renting instead?

Many people assume the best course of action is always to purchase a new home when it’s time to move. However, is this always the case, or is there an argument for renting? Different people at different stages in their lives will have different goals. If building home equity is important to you, buying is the better option. However, if you are more focused on securing a flexible lifestyle where you are not tied to one property, renting might be something to consider. 

The responsibilities that come with renting and buying can also play a role in your decision. Homeownership comes with a lot more responsibility in terms of maintenance and upkeep. You either need to do the work yourself to keep your home in shape, or pay for a third party to do it for you. Renters, on the other hand, rely on their landlord for major maintenance work and the costs associated with it. If you are not in a place where you can take on a large amount of work, and do not want to pay to have it done, renting might be a good choice. There are financial and lifestyle pros and cons to both living situations, so you need to consider what’s best for you. 

Reach out to a mortgage broker today!

Once you decide it’s time to buy a new house, one of your first actions should be getting in touch with a mortgage broker. The value of securing mortgage advice tailored to your situation cannot be overstated. We match clients with the right mortgage product and lender for their individual needs. Every buyer is different, and we ensure everyone receives service personalized to their unique circumstances. Whether you are buying your first, fifth, or tenth home, we are here to guide you through the process. Using a broker will save you time, stress, and money. There is no downside to having a broker on your team!

The decision to buy a new home can be a tricky one, especially if you have never moved before or are unfamiliar with today’s market conditions. That’s why reaching out to a broker early is the best place to start! We will ensure this is the right time for you to buy a new house, and that your journey through the mortgage process is a positive one.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.