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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Our weekly stats update sees sales slow further while the number of new listings is fairly similar. We've been focusing on offers written vs firms sales because it more current representation as to what's actually going on.
The number of "solds" in March was significantly higher than in 2019 because of the amount of activity before the lock down. April will see a slow down in these numbers but we won't know the actual affect on sales until May.
Far fewer offers are being written as time goes on, which means the number of firm sales we see in the next month will follow suit.
Questions about buying or selling a home and how these statistics might affect you? Contact us below and we'll be on hand to answer all your questions.
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This is our third installment of the Halifax real estate market amid the Covid-19 crisis. This is likely our new normal and will reflect what we can expect over the coming weeks and months. Listing activity has slowed once more while sales actually picked up slightly over the last week. The number of cancelled listings has edged up, especially in comparison to the same week last year. Once more of these offers turn into firm sales, we'll be able to get a better idea as to how values are being affected.
Do you have questions about the market? Drop us a line below!
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For those of you who don’t know me, my name is Chris Perkins and I’m the Broker/Owner of HaliPad Real Estate Inc. I’ve been selling real estate since 2007 and moved to Halifax with my wife, Joelle in 2018. We founded HaliPad Real Estate Inc that same year and opened an office on Gottingen Street, we’d love to have you stop by when things return to normal.
Now, before they return to normal, what does that mean for the local real estate market and how we do business. From a market perspective, things are more active than I was expecting. We’ve written a couple of blog posts looking at new offers written and new listings in the past three weeks. From March 16-22nd there were 133 offers written in comparison to 117 the year before. From March…
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Best practices from Dr. Robert Strang when buying or selling a home amid the COVID crisisThe Real Estate Commission reached out to the Office of the Chief Medical Officer of Health, Dr. Robert Strang, asking what advice they would convey to the real estate industry during the COVID-19 pandemic. It was recommended that we comply with the following information:
- Social distancing, travelling in separate vehicles and not showing houses of those in self-isolation.
- Frequent hand hygiene. Real estate licensees and buyers will be going into homes where the risk may be unknown. It is extremely important for these individuals to touch as little as possible during the viewings and practice hand hygiene before entering and after leaving the premise. …
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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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Real estate sales are a lagging economic indicator. It takes weeks or months for sales to feel the effects of shifts in other areas of the economy. That said, it is currently impossible to predict how the current environment surrounding the COVID-19 crisis is going to change our local housing market. However, we can comment on what as happened so far and we will continue to update statistics over the coming weeks to keep everyone informed as to what is going on.
As you’ll note in the charts below, it’s too early for the real estate market to react to what has happened in the past week. It is also subject to significant change as the Government’s response to this crisis evolves on a daily basis.
Number of New Listings
New listings in…
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What is Center Plan?
Center plan has been in development for several years. It is focused on simplifying zoning bylaws and the development application process in the urban core of Halifax and Dartmouth. The goal is to add density to address our increasingly competitve housing market. To date, this has been achieved by creating density corridors that allow taller buildings to be constructed along the busiest transit routes like Gottingen Street, Robie Street and Quinpool Road.
Introducing Package B – Draft Stage.
Some changes are significant but perhaps the most impactful is R1 zoning will no longer exist. R1 zoning states that you are only allowed one unit per household, meaning you are not allowed to have a legal secondary suite. In…
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We are excited to welcome Adam Wigmore to the HaliPad Team!
Adam Wigmore, originally from Prince Edward Island, has called Halifax home since 2012. He loves Halifax for its big city feel, local amenities and close-knit sense of community. Adam believes the Maritimes are one of the very best places in the world to put down roots.
Adam is outgoing, enthusiastic and approachable which allows him to build fast and meaningful relationships in both his personal and professional life. He has received several awards acknowledging his innate ability to provide his clients with exceptional customer service. With over twenty years’ experience working in the customer service industry, he recognizes the importance of taking the time to understand his…
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