Halifax Home Sales Booming, According to Reports

—May 16, 2018
Recent housing reports point to a booming Halifax housing market, with one report listing the municipality as the third best performing in the country with regard to home resale price growth.

The Canadian Real Estate Association (CREA) reported that 569 Halifax-Dartmouth homes were sold in April, a 12.8 percent improvement over the 504 home sales recorded in April 2017. Year-to-date, home sales are up about 14 percent compared to the same four-month period last year. As of April 30, 1,682 home sales were recorded in Halifax-Dartmouth compared to 1,486 sold in the first four months of 2017. The average selling price of a Halifax-Dartmouth home during the period, according to CREA, was $306,300, 4 percent higher than the $293,400 average for the same period last year. 

Meanwhile, the Teranet-National Bank home resale price index ranks the Halifax regional market as the third-best performing over the 11 major markets it tracks. The index shows the Halifax region with a 5.3 percent year-over-year growth in average home resale price, a figure only topped by the markets of Vancouver (up 15.9 percent) and Victoria (up 11 percent). Month-over-month, March-April, Halifax regional home resale prices were up 0.6 percent. Nationally, the index puts home resale prices up 5.6 percent year-over-year, and 0.2 percent month-over-month.

The strong performance is even more impressive considering that they come in the face of new mortgage rules that apply stricter financial criteria on borrowers to ensure that they will be able to afford any potential hikes in mortgage rates. CREA attributes slowing home sales in certain other areas of the country to the new rules.   

As previously noted, CondoNova does not put too much reliance on the various housing reports to assess the health of Halifax’s overall real estate or to forecast future condo sales. In fact, the various reports sometimes contradict or otherwise differ from each other. Thus, we find such reports interesting, but they do not always prove to be prescient about emerging housing market trends. Nevertheless, we are always pleased to see positive reports. 

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