New information on the NDP’s New Home Construction tax Rebate

Applications for the province’s new home construction rebate are now available at Access Nova Scotia Centres and online.

“The new home construction rebate will help to keep skilled tradespeople at home and boost the home-building industry,” said Premier Darrell Dexter.

Up to 1,500 people who build or purchase a new home will qualify for this one-time rebate. The rebate is equivalent to 50 per cent of the provincial portion of the HST, to a maximum of $7,000.

Following consultations with industry, the province has moved the municipal building permit eligibility date to Jan. 1, 2009. This balances industry concerns while keeping the goal of the program to stimulate the economy.

In addition to meeting the municipal building permit criteria, applicants must demonstrate that the home will be a primary residence for themselves or a relative. Applicants must have completed construction or closed the sale by March 31, 2010.

“The Nova Scotia Homebuilders Association is very pleased to partner with the government on this important initiative,” said association president Andrew Holley,. “Hammer-ready projects are a key step in keeping our tradespeople working here at home to strengthen Nova Scotia’s economy.”

The program applies to homes constructed by the owners, homes purchased from a contractor and manufactured homes on leased property.

“We know that the housing market is going to pick up again,” said Linda Smardon, president of the Nova Scotia Association of REALTORS. “We need to keep our workers here and working to ensure we have the resources readily available to accommodate future growth.”

The application is a two-stage process. The first or preliminary application form is now available. This establishes that applicants have the basic documentation, and the home construction falls within the right time lines to be considered. It does not guarantee that the applicant will receive the rebate, just a place on the eligibility list.

Final application forms will be sent to the first 1,500 applicants whose projects meet the preliminary criteria. The second phase will determine if all of the program requirements have been met in order to be eligible to receive the appropriate rebate amount.

There is only one rebate per homeowner, and the rebate cannot be paid to the builder.

“We are pleased to be moving forward on our commitment and improving the life of today’s families,” said Premier Dexter.

More information on the rebate is available online at www.getyourrebate.ca, or by calling 902-424-5200 (Halifax region) or 1-800-670-4357 toll-free.

{ 2 comments }

Second quarter MLS statistics finally released!

 Existing home sale declined by 13% in the second quarter of 2009 as compared to the second quarter of 2008. This declining trend has been showing signs of slowing. Prices have stayed steady even through this slowing of number of units sold due to a decline in new listings. The average price of Halifax Real Estate went up 2.2% across all sub markets to $234,783. In the first six months of the year as compared to the first six months of 2008 existing home sales were 17.7% lower year over year.

MLS activity by submarket

The Bedford-Hammonds Plains sub markets seems to have been effected the least of all as sales in this market have only decreased by about 3%. The only areas to see an increase in sales were Hammonds Plains with an increase of 8.1% year olver year and Lawrencetown/Lake Echo with an increase  of 7.4%. In the South End of Halifax sales are virtually unchanged. Sackville has recorded the highest price growth year over year with and increase of 12.2% year over year to $197,005 in 2009. Fall River, Beaver Bank, Halifax City Sub-Markets(1-8), Bedford & Hammonds Plains all recorded declines in average price year over year.

{ 0 comments }

5507 Merkel Place, Halifax Nova Scotia

$399,900

5507 Merkel Place

Over-Under DUPLEX that is perfect for investors

Beautifully maintained DUPLEX located in popular Hydrostone area of Halifax on a unique corner lot with a park-like setting directly across the street where you can play with the dog.

The lower unit

The lower unit, currently rented for $1100 per month, is spacious & bright! Features cherry colored hardwood flooring, new laminate, 2 bedrooms, 1 bath, updated kitchen and features it’s own little porch.

The top Unit

The top unit could be rented for approx. $1500 per month and features 2+1 bedrooms and 2 full baths. Mostly hardwood flooring on the main level with some laminate floors on the upper level. The living room and dining rooms are bright and spacious. Kitchen features a big pantry and lots of cupboard space.

Top Unit Dining Room

Top Unit Living Room

Lower Unit Porch

Lower Unit Living Room

Lower Unit Kitchen

{ 0 comments }

Halifax Housing starts improve

Housing market conditions improved somewhat in the month of June to end the first half of 2009 as both single starts and MLS®  sales showed signs of improvement in the Halifax area. The single-family detached home market recorded the highest number of starts since September of 2008 while existing home sales posted its first year-over-year increase in over a year. This could be attributed to the NDP’s 50% tax rebate on new home construction. 

There were 111 single starts in June of 2009 compared to 134 in June of 2008, representing a decline of about 17 per cent but still pretty good seeing as we are in a “recession”. Single starts have been trending downward since the second half of 2008, however, these declines have become less pronounced in recent months and June was the first month where there have been more than 100 starts since last September! 

New Home Sales 

There was a total of 484 new home sales in the Halifax area in the first six months of 2009 with an average selling price of $332,865. This is about 1.6 per cent less than the average new home price of $338,227 in the first six months of 2008 and continues to reflect a change in the types of new homes being built and sold in the Halifax area.  

Existing Home Sales 

Existing home sales finally increased in June of 2009 for the first time in over a year. This could represent consumer confidence returning to the housing market in Halifax. Historically low interest rates are also playing a huge role in this. The last time we saw an increase in MLS®  sales was in July 2008! There were 786 sales last month compared to 739 in June 2008, representing an increase of 6.4 per cent. Halifax City, Bedford-Hammonds Plains, Halifax County Southwest and Halifax County East all posted an increase in sales in June of 2009. Sales increased the most in Bedford-Hammonds Plains, rising 41 per cent compared to June of 2008, followed by Halifax City where sales increased by 25.5 per cent in June of 2009. Only Dartmouth City and Sackville recorded fewer sales in June of 2009 compared to the previous year while sales were flat in Fall River-Beaver Bank.

Sackville sees a dramatic increase in average selling price 

The average selling price this June was virtually unchanged from last year at $233,137 throughout the HRM compared to $232,685 last year. Double-digit increases in most submarkets were off-set by double-digit declines in Halifax City, Bedford-Hammonds Plains and Fall River-Beaver Bank (mostly more expensive properties). The average selling price increased the dramatically in Sackville rising 32 per cent to $240,637 in June compared to $181,522 last year. The average selling price declined the most in Fall River-Beaver Bank, dropping 26 per cent to $197,794 from $267,097 a year earlier although the number of sales were down dramatically as well.

{ 1 comment }