Housing is Essential
Although Halifax real estate activity has dropped significantly week over week, I'll admit I'm surprised by the amount of activity that remains. Real estate services were listed as essential in Ontario when all non-essential businesses were ordered to close. People need a place to live regardless of external factors that influence the market.
The number of offers written are down by 29% from this week two years ago and 36% from this week last year. However, the total number of offers written in March 2020 current sits at 512 in comparison to 422 last year. The next week should give us a good indication as to how we can expect market to trend until things return to normal.
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