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—November 11, 2017
Three different housing reports released this week suggest a relatively healthy housing market in the Halifax region. Reports from Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC) show month-over-month and year-over-year increases in their respective tracking markers.
Statistics Canada reported that the value of Nova Scotia building permits issued in September jumped almost 50 percent from August value, with Metro Halifax accounting for 85 percent of the five-fold jump in the $37.5 million worth of residential valuation. The first nine months of 2017 recorded a 30 percent jump in overall valuations in the province, with the biggest source of growth attributed to multi-unit residential buildings in Halifax.
The statistics agency also reported that Halifax housing prices in September were up 1.5 percent in September compared to September 2016. Month-over-month, Halifax registered a 0.1 percent gain. While the Metro-Halifax data lags the country on a whole, which registered a 3.8 percent year-over-year gain, according to Stats Can, the municipality’s figures topped most major population centers with the exception of those in Ontario and greater Vancouver.
Rounding out the reports, CMHC’s “Preliminary Housing Start Data” recorded a 77 percent year-over-year jump in housing starts for the month of October, with 76 new housing starts recorded for October in the municipality, compared with 43 starts recorded in the same period for 2016. No word on how many of those housing units might constitute condos.
As previously noted, 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 they can often suggest a trend, any such trend is generally already evident prior to the release of the data.
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