Is Halifax The New Toronto? - Halifax Real Estate 2022

Real Estate markets across Canada have a lot of similarities. Buyers can use what is happening in other cities to foreshadow what might happen in their local area, using the knowledge gained to navigate rapidly changing conditions. Join Adam Scott as he sits down with Paul Purcell from Royal LePage Urban based out of Toronto as they discuss the market, the challenges buyers face in Toronto and how they have pivoted in order to secure homeownership. What Paul experienced in the Toronto market may very well be a prelude for what's to come in Halifax.


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The Inventory Chasm

The jump in the average price from December to January is nothing short of astonishing. Sales are down by almost 40% from last year, but that's not due to a lack of buyers. Rather, there is simply nothing to buy. Let me paint a picture for you. Currently, there are only ten condos for sale on the entire Halifax Peninsula. Two of those are listed below $400,000, the next cheapest is $1,014,500. That is a gap better described as a chasm. In January, the average price of a home in the Halifax Regional Municipality was $581,180. Sellers were on average obtaining 111% of their asking price. 

Next, let's talk about a certain Spryfield semi-detached. A nice home built in 2010, well-maintained and with a few recent upgrades. We listed…

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Market Value vs. List Price - Halifax Real Estate 2022


In this video Chris Perkins, Broker/Owner discusses Market Value vs List Price, and which is more important in the Halifax Real Estate Market. 

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