We had lunch this week with a few representatives from CMHC (Canada Mortgage and Housing Corporation) and they gave us a quick update on what they see happening across the HRM. Perhaps most notably, the average price of a Halifax Peninsula home has increased this year by a substantial 10.5%. This is partly due to a low amount of inventory but also because many of these homes have undergone significant renovations. Sales are also up by 6.4% creating a hot spot in our market.
Looking at the greater central metropolitan area, sales are up by 7.8% and the average sale price has also increased by 2.7%. The average time to sell a home dropped by 18% to 71 days on the market.
Real Estate Market Snapshots:
Sales increased by 7.6%
1372 Views, 0 Comments