Non-Resident Tax to Greatly Increase Homeownership Costs in Nova Scotia

We were informed this afternoon in a news release from the Nova Scotia Assocation of Realtors regarding the new tax rules that will significantly increase costs for home buyers who are not residents of Nova Scotia. 

The directly quoted news release from NSAR is included below:

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"Budget 2022/2023 – New taxes that impact your clients

This afternoon the Provincial Government released a budget that included newly created Deed Transfer Taxes and increased Property Taxes for out-of-province buyers and owners. NSAR has continually expressed concerns that the increased taxes will have unintended and negative consequences on Nova Scotia’s economy, tripling owners' taxes and…

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Are we adding gasoline to a real estate market already on fire?

Buyer fatigue is fast becoming a reality and who can blame them?  Countless offers written over several days or weeks, often in competition with dozens of people vying for the same property.  Multiple failures and a lack of hope.  The average sale price of a home skyrocketed in January and increased again in February, but ironically, the average list price of a home went down in that same period.

Sellers, probably guided by their Realtors, are choosing to list far below market value to create feeding frenzies. This is why homes are now selling at an average of 122% of the list price.  In this model, the goal is to have as many showings as possible over several days before the Seller…

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Is Halifax The New Toronto? - Halifax Real Estate 2022

Real Estate markets across Canada have a lot of similarities. Buyers can use what is happening in other cities to foreshadow what might happen in their local area, using the knowledge gained to navigate rapidly changing conditions. Join Adam Scott as he sits down with Paul Purcell from Royal LePage Urban based out of Toronto as they discuss the market, the challenges buyers face in Toronto and how they have pivoted in order to secure homeownership. What Paul experienced in the Toronto market may very well be a prelude for what's to come in Halifax.


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The Inventory Chasm

The jump in the average price from December to January is nothing short of astonishing. Sales are down by almost 40% from last year, but that's not due to a lack of buyers. Rather, there is simply nothing to buy. Let me paint a picture for you. Currently, there are only ten condos for sale on the entire Halifax Peninsula. Two of those are listed below $400,000, the next cheapest is $1,014,500. That is a gap better described as a chasm. In January, the average price of a home in the Halifax Regional Municipality was $581,180. Sellers were on average obtaining 111% of their asking price. 

Next, let's talk about a certain Spryfield semi-detached. A nice home built in 2010, well-maintained and with a few recent upgrades. We listed…

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Market Value vs. List Price - Halifax Real Estate 2022


In this video Chris Perkins, Broker/Owner discusses Market Value vs List Price, and which is more important in the Halifax Real Estate Market. 

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The Importance of Hiring a Certified Professional - Property Assessments - Halifax Real Estate 2022

When you are buying a house in the Halifax Real Estate Market, we recommend doing a house inspection - even if you think you know exactly what house you are walking into. Hiring a professional, like a general contractor will see things that we just don't see. In this particular case, the inspection report changed our view of the property, and saved our clients a lot of money and headache.

Have you had an experience like this with a home inspection that changed your mind about a house? Let us know in the comments below.

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What the hell was that and can you please make it stop?

2021 was breathless from the outset. It seemed that overnight, people’s patience snapped and an overwhelming urgency took hold.  Competition exploded and the lid flew off offer prices like a cat flies off a cucumber. While the penny dropped quickly, it was a problem that had been building for months. For some shocking perspective, look at the number of homes for sale in the Halifax Regional Municipality over the past four years:

  •        December 2018 | 2,055
  •        December 2019 | 1,298
  •        December 2020 | 626
  •        December 2021 | 214

This represents an inventory decrease on a scale larger than a blue whale. That’s big. What’s more, the number of sales has…

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Buying a House By Accident | A Thing of the Past in Nova Scotia

Up to this point, you could accidentally buy a house in Nova Scotia if you forgot to tell the Seller otherwise.  That’s because your Buyers conditions (like financing or home inspection) would self-waive.  Meaning, if you failed to inform the Seller you were not comfortable “firming up” by the condition date, you would be legally obligated to purchase the property.  The old system also made it very scary for a Buyer to submit a written request for items like a repair that resulted from findings from the home inspection.  While the Seller did not have to sign or accept the request, they were also at liberty to “interpret the request as notice of dissatisfaction” which would then permit them…

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Happy Holidays!  It’s December and we are getting into the festive spirit down at Coldwell Banker Maritime Realty.  We’ve decorated our windows for the annual North by Night display and the Christmas tunes are filling the air.  We’re still working hard while we’re having fun, although sales have dropped by more than 31% from this time last year.  This is because inventory is down by almost 60%, now pushing the average price above $500,000 for the first time.


We’re also in our final month of #LiveLoveLocal where we get to feature the Fireworks Gallery – Halfax’s choice custom goldsmith, repair shop and source for beautiful designer jewellery.  We’ll be giving away $1000 to the Fireworks Gallery before Christmas, courtesy of Coldwell Banker Maritime…

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