Global News picturing one of my melted for sale signs in front of a burning property. 

If You Were Evacuated. Call Your Insurance Company Now. 

Speaking from experience, if you have been evacuated from your home due to the Tantallon Forest Fire, call your insurance company to start a claim. Do it now.  It does not matter if you do not know the condition of your property.  You will not know its condition until you return to it. The best case scenario means that could be in the coming days, but in my scenario it took upwards of a month.

My Story (Skip to the advice section if you would prefer)

In May 2016, we had an abnormally warm week. We were used to the smoke from forest fires in Alberta, as our town was nestled deep in the boreal forest.…

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If you bought a home at the Peak of 2022, you’re okay!

I’m sure that if you purchased a home in April or May last year, everyone you spoke to about it had a look of terror wash over their face. It would have followed with doom and gloom comments about rising interest rates and how they were going to cause a calamitous drop in home prices. While rising rates did cause a slowdown in sales and a 16% drop in average price, those losses are almost completely erased in six short months.

At time of writing, the average price of a home in the Halifax Regional Municipality is $572,000 (based on a rolling 3 months of data). At the peak, we were at $602,000.  At the bottom, we were at $506,000. Since the bottom in October, the average price has recovered by…

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New North End Condo - Navy Lane Update

We are edging ever closer to the launch date for Navy Lane condo and we are excited to learn all about it while sharing the information with you.  Prior to then, we have a glimpse into what the rooftop “play space” has to offer.  There’s both an indoor and outdoor gym, a lounging area with firepits, pool, and an indoor private space for your fun get-togethers! 

With a view of the Halifax harbour, the developer has also made sure to give a nod to the historic ties to the Navy in the area.  You’ll be able to use the retro-style tower viewer (fancy binoculars other tall buildings make you pay for) to see all the goings on in the harbour!

Check out the image below:

 

While You’re here

Pros and Cons of…

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Low Inventory Driving Prices and Competition

The Lion of Inflation is Tamed

Last week, we attended a presentation by the Vice President of RBC Global Asset Management.  He spoke about the effect of government intervention on the economy over the past several months and what we might anticipate next.  The sharp interest rate increases were designed to tame inflation amid the soaring costs of goods and services.  From the statistics, it appears that has largely worked.  He referenced the four banks who’d sought government protection and how their financial collapse was likely due to the government applying too much pressure by way of interest rates. Prior to these institutions failing, it was anticipated we would see further rate increases, but…

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New Condo Development Coming to the North End of Halifax

Gottingen Street is undergoing changes at a very rapid rate.  From our office location, there are two brand new developments in the works almost directly on either side.  We know this for a fact, because we've been dealing with dynamite going off on a regular basis as they blast for a parkade.  It is bone shaking, nerve rattling stuff!

The more attractive development in our opinion, comes in the form on Navy Lane condos.  This developer has clearly made an effort to blend in the the surroundings with a beautiful brick facade that offers a charasmatic nod to years gone by.  Last year, as the city was doing some road work, we caught a glimpse of the old cobblestones and steel tram rails,…

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Government provides update to foreign buyer ban. 

We were speaking with Steven Lewis from The Mortgage Centre this morning and he informed us the government is amending it's foreign buyer policy.  Now, if you have a valid work permit in place which has more than 183 days remaining, you are eligible to purchase a home in Canada.  We look into some of the other changes to the law below:

Purchasing for the Purpose of Re-Development

Non-Canadians looking to purchase a residential unit with the intent of redevelopment can now do so.  The redevelopment cannot be a renovations, but rather a project which substantially changes the use of the building. I.e from a duplex to an apartment building. 

Vacant Land Exempt

A Non-Canadian is now permitted to…

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The Coldwell Banker Maritime Realty Selling System

With Spring just around the corner, many people are considering preparations for selling their home in the coming months.  This year, we’ve completely revamped our Selling System for the benefit of our clients.  We had several meetings as a team to brainstorm every possible pain-point a Seller might face and then designed a system to alleviate as much frustration as possible.

I’ve already told you about Coldwell Banker Maritime Realty Concierge – our unique service that can help you locate the various services you might need when getting your home ready for sale.  We also take care of all the staging requirements and provide you with a complimentary cleaning service before you hit the market.

…

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Monthly Market Snapshot | January 2023

January in 2023 represented the slowest month for sales since at least 2009, which is when our stats tool started recording data.  That sounds scary, but everyone needs to remember we still have a pretty significant inventory shortage. 

There are only 523 homes for sale in all of HRM - Single Family and Condos. That means we only have 1.2 months of supply (Strong Sellers Market). This is at a time when rental rates have increased nearly 10% year over year. 
Despite fewer sales and higher interest rates, the average price of a home has remained largely unchanged since September. This is due to a lack of inventory and sky high rental rates.
There's no question the market has slowed down and that's why you…

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HRM Real Estate Year in Review | Fear and Volatility

The real estate market in 2022 was volatile. A cataclysmically low number of homes for sale in January caused real estate values to skyrocket.  It was almost impossible to determine what a house would sell for. A house may have sold a week or two ago, but then a similar house in the same area a week or two later may have fetched an additional 40-50K. You were competing against 15-20 other people and bids were inflated to ridiculous levels. In many cases, offers were also being submitted without conditions to protect the buyer.  It was a nightmare and one I am glad to say is over.

During the insanity, the bank of Canada decided to get involved to calm things down (while the media simultaneously…

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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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