It’s amazing how just when a city and region is considered down and out, we get an announcement that is going to radically change the face of Halifax for at least the next twenty years. For those of you who don’t know (which is, I suspect, a great few), Irving Shipyard in Halifax won the largest portion of a federal contract to build warships for the Royal Canadian Navy. A ship building program of this size hasn’t taken place in Canada since the 40’s.
What this means for Halifax, in terms of business, accumulation of wealth and way of life, is massive. Obviously, the population is going to increase slightly due to increased work in the city, whether from the rural areas of the province, or other provinces in the country. With the contract will come their pay cheques. With their pay comes either renting dwellings which are currently high in demand (means new ones need to be built to meet that demand – great for new construction), or new and old homes will be purchased. Of all the areas in the city that is going to be impacted by this contract the most, it will be North End Halifax.
Situated just within walking distance of the shipyards themselves, these relatively inexpensive homes have been on the upswing and the area has progressively increased in value over the course of the last ten years. With it being the closest to the shipyards themselves, these properties will be in heavy demand, and with demand comes higher prices.
If you are currently thinking about purchasing your first home or condo, I highly recommend buying it in North End Halifax. The reason is simple – the money hasn’t arrived yet, and neither have any of the new workers with their new incomes. Buy in this area now, sit on it for a year or two, and you will be in very good shape when you’re ready to sell.
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