Real Estate Blog

This week, we were on location at Duggers Menswear on the corner of Spring Garden Road and Brunswick Street. We sat down with Karl who's been with Duggers for 10 years doing a variety of different tasks while helping customers look their best. This June marks 50 years of Duggers in Halifax!

 

Buy or sell a home in 2021 to win one of 12 great prizes!

Buy or sell a home with HaliPad in 2021 to support local businesses. We are giving away $12,000 in prizes including golf, glamping, furniture, cooking classes, clothing and so much more!. Learn more about #LiveLoveLocal here. 

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Halifax Real Estate Market | Year in Review

The real estate market became increasingly competitive throughout 2020.  Inventory saw a persistent decline while sales quickened their pace.   Historically low interest rates and a sub one percent vacancy rate in the Halifax area compounded the problem.  Rent got more expensive while the cost to borrow money was lowest I’ve seen in my 14 year career.  These factors had a significant effect on our single family statistics.

The Single Family Market

The average price of a single family home in the Halifax Regional Municipality increased by 14% in 2020.  This represents an average increase of approximately 1.24% in a month, meaning a house worth $300,000 would gain $3,720 in 30 days.  This

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Months of supply shows us the relationship between inventory and sales.  It measures a moment in time.  If nothing else were listed and the current rate of sales continued – how long would it take for everything to sell?  More sales and fewer homes for sale means lower months of supply.

For example: There are 100 homes for sale and on average, we are selling 20 homes a month – Months of inventory would be 5.  (100 homes for sale/20 sales a month = 5 months).

If months of inventory falls below three months, it is a Seller’s market where Home Buyers often have to compete for listings.  Three to six months of inventory would be considered a balanced market while anything above six months favours a Buyer.

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Single Family

The average price of a single family home in the Halifax-Dartmouth region increased by 1.2% in November, which is a 13.2% increase from a year ago.  The average price now sits at $380,060. The number of listings available continues to plummet as we head into the Holiday Season and winter months.  Active listings in November fell to 635 from 817 in October.  This is down 53.1% from a year ago and 68% from 2018.  To compound the problem, sales are not slowing down.  A 13% increase in the number of sales means we now only have 2.2 months of inventory (anything below 3 months is considered a Seller’s market). This time last year, we sat at 5.5 months of inventory.  One of our agents was part of a multiple offer scenario in Bedford

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October has come and gone.  We were lucky enough to spend some COVID responsible time with family over Thanksgiving and the kids still got to go trick or treating.  However, the Halloween costumes weren't the only thing causing a bit of fear in the HRM.  Things continue to be difficult for Home Buyers in Halifax.  The real estate market has been competitive all year and it shows no sign of getting any easier.  Worryingly, the opposite is looking more likely. 

The average price of a single family home in the Halifax area jumped by another 1.7% in October to $375,567.  That's a 13% increase from a year ago and a continuation of the sharp upwards trend we've been watching since May.  Sales are up by 12.8% year over year and our inventory has been

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Did several weeks of lockdown change the way people think about high-rise living? It would not be surprising that a modern and minimalist space that once fostered feelings of freedom to do whatever you want quickly turned into the opposite - four walls closing in with COVID claustrophobia, causing you and your cat to figuratively and literally climb the walls.

Suddenly, the desire to live inside to avoid outdoor chores has been replaced with the desire to have outdoor space to complete those very same chores, but willingly. Time outside to have the privilege to achieve the same tasks that seemed taxing before. It's amazing how a slice of perspective can so drastically change your views on things you thought you'd figured out.

Condo sales in

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Before we talk about how challenging this market is for home Buyers, let's talk about what is causing this unprecedented demand.  The number of sales year over year are only up by 8% and that alone would not cause a substantial price jump.  However, prices have risen by 12% in the last twelve months and it is almost entirely down to a lack of supply. The number of listings available in September 2020 is down by a whopping 51% from 2019. It is down an even more alarming 64% from 2018.  There are simply not enough homes for sale to satisfy demand and this is causing an extremely competitive environment for home Buyers in and around Halifax.

The Landscape

Almost all homes that hit the market in Halifax are being put on a "program" by Real Estate

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7 School Ave | Fairview

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Market activity is fairly stable amid the new economic conditions. We've seen a decrease in offers and new listings but we are still seeing upwards of 70 offers a week in HRM.

Listing inventory is much lower than this time last year. It is unlikely we will see any significant price drops but we certainly won't see the same gains as earlier in the year. A cooling off period for the market is not bad news for buyers as things were extremely competitive prior to COVID.

  • Number of offers written: 30% decrease from 2019.
  • Number of new listings: 52% decrease from 2019.
  • Number of cancelled listings: 8 fewer in 2020.
  • Total active listings: 40% decrease from April 2019.

The big question is what happens when COVID restrictions lift. Some

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