Back to: December 2019


This year has been 'Halifax's turn' to grow and prosper.
Small PicOur 2019 Halifax Regional Municipal real estate market has been an outstanding year of growth fueled by local and newcomer demand. It is 'Halifax's turn' to grow and prosper. We are achieving new levels of fabulous diversity and multiculturalism. There is an invigorating elevated energy at almost every turn and our city has truly become an even more exciting place to live in with the abundance of new restaurants, gathering places, cultural events, new businesses, entrepreneurial spirit and enthusiasm. We have watched the numerous cranes in action for the last 7+ years building countless new condo and apartment buildings. We have felt the residential growth and we continue to experience a multitude of new neighbourhoods with beautiful new homes and other established ones with inspiring renovations and restorations. HRM by Design is in full effect and the vision and planning, despite understandable challenges, appears to be working beautifully.   
So what do the numbers say? Affordability has helped attract many new and seasoned homeowners to our local market but demand and short supply inevitably puts pressure on prices. 

In short;
  • HRM residential sales over $500000. have increased so far approximately 2%
  • Across the province, 95% of sales were under $500,000. in 2018 compared to 93% in 2019 so far 
  • Peninsula Halifax residential sales over $500,000. have increased approximately 3.5% with the cost of approximately 29.5% of Peninsula real estate exceeding $500,000. in 2019.  

Looking just at residential single family, condo's and land...

In 2019, across HRM, so far there have been...

6298 residential sales of which
691 (11%) have sold over $500,000 of which
39 have sold over $1 million dollars.

Across the province there have been...

11459 residential sales of which
10696 (93%) have sold under $500000
and 48 have sold over $1 million dollars

Just looking at Peninsula Halifax in 2019, there have been...

623 residential sales of which
184 (29.5%) have sold over $500,000 of which
22 have sold over $1 million dollars

Compared to 2018 from January 1 to December 7, 2018...

Across HRM, there were...

4721 residential sales of which
415 sold over $500,000 (9%) of which
29 sold over $1m

Across the province there were...
9094 residential sales of which
8635 (95%) sold under $500,000 and
32 sold over $1 million dollars

Just looking at Peninsula Halifax in 2018, there were...

538 residential sales of which
140 (26%) sold over $500,000 of which
22 sold over $1 million dollars

So what's next? Competing offers continue to be the norm on 'market established' priced properties. 'Pleasure to show' presented properties continue to attract enthusiastic buyers and we continue to be in short supply of 'move-in ready home' listings. I believe this market will continue well into next year based on current interest rates, the low supply and the continued demand. Stay tuned!

Please contact me anytime for an update on the market value of your home.... or to discuss the timing of your next move! 

* please note that statistics referenced in this article are based on MLS® sales only 





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OTHER ARTICLES
 

With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Martello Road
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.RedDoorRealty.ca

Hello!

Thank you for taking the time to open my newsletter. I hope you are finding the articles and links useful, relevant and interesting. As always, thank you for your support and for your business!

The question on most people's minds seems to be 'what will happen to our prices this year?' While some of the out of province larger markets are more subject to price fluctuations, we are fortunate that our local Halifax market still seems to be staying the course of steady progressive growth. Last year, 2019, our market tipped over to a sellers market with prices increasing almost across the board, especially for well maintained properties. 2020 is forecasted to be a continuation of the same. So is this the right time to buy or sell? Since real estate markets are cyclical, each year offers different levels of buying and selling opportunities so, in my opinion, it very much depends on your next 5-7 year goals.

Please contact me anytime to discuss your property's current market value, your possible buying or selling plans or to request a timely general market overview. In the meantime I have included a snapshot of our HRM 2019 solds by 'season' below to help you track and compare the market as we move forward into 2020.

Looking forward to hearing from you!

Best Regards, Michele    


2019 Halifax Regional Municipal MLS® Solds by Season 

January to March

  • 1144 Sold MLS® Listings

April to June

  • 2639 Sold MLS® Listings

July to September

  • 1538 Sold MLS® Listings

October to December

  • 718 Sold MLS® Listings



NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Jan 13,2020


www.RedDoorRealty.ca

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.