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 is…

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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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