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—January 17, 2018
Housing reports released this week present a healthy picture of the Halifax area’s housing market, and suggest that the market has recovered from the 2014-2016 slump. While this suggests a healthy housing market going forward, this could be dampened by rising interest rates and any new mortgage rules.
According to the Canadian Real Estate Association (CREA), the Halifax-Dartmouth region recorded 290 residential home sales in December, a 9 percent increase from December 2016. The average sales price recorded for the month on the Multiple Listing Service (MLS) was $298,755, a 5.3 percent change from the year ago period. For the year, MLS recorded almost 5,600 sales, a 6 percent increase from the 5,257 recorded in 2016. The increase was likely spurred in part by declining inventory, with the number of new listings for 2017 pegged at 9,638, compared to 10,148 in 2016.
In other Halifax-area housing market news, the Teranet and National Bank of Canada House Price Index determined that prices for single-family homes in the Halifax region rose about 1.5 percent in December, and were up almost 3.6 percent for the year.
While these numbers suggest that the Halifax region has recovered from the real estate market slowdown of 2014-2016, future gains may be tempered by rising interest rates. In fact, many economists expect the Bank of Canada will raise its overnight borrowing rate by a quarter point when it meets today, bringing rates to their highest point since 2009.
As noted in previous market trend articles, CondoNova does not rely on the various housing reports as being reliable barometers of Halifax’s overall real estate market health or indicative of future condo sales. While we find such reports interesting, they do not often prove to be prescient about emerging housing market trends.
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