Economic uncertanity to blame
Both existing home sales and residential construction are forcast to drop in 2009 as compared to 2008 but are expect to make a rebound in 2010. This according to the Canada Mortgage and Housing Coporation and reported in The Chronical Herald on May 20th. As reported in today’s issue sales are down more than 25 percent.
Halifax House prices continuing to rise!
The average price of a home in the Halifax-Dartmouth MLS board rose by 6% compared to April of 2008. The increase made the average home selling price $245,412! This is a different scenario than they are seeing in other parts of the country where the average sale price of a home is falling. The Canadian national average price went down by 3.2% year over year. Calgary and Vancourver have both seen double digit decreases in their average sale price.
Number of home buyers and home seller’s is leveling out.
We are seeing the demand for housing in Halifax and the amount of inventory level out and that is creating a balanced market. The number of active listings is continuing to rise but the increase in that number is narrowing year after year.
Average price of a Nova Scotia Property
The average price of a Nova Scotia residential property was $206,668 compared to Halifax’s 245,412. See the chart below for a breakdown of the numbers by sub-region.