Real Estate Blog

Chris Perkins Quoted in Yahoo Finance Canada: My Take on the State of Halifax Real Estate

When Yahoo Finance Canada’s Senior Reporter John MacFarlane reached out for my perspective on how national rate cuts are playing out in Halifax, I was happy to weigh in.

The article — “BoC rate decision, job fears, U.S. trade uncertainty to keep lid on any housing market recovery” — explores how Canada’s housing market has splintered into regional stories again, each driven by local psychology, employment trends, and affordability rather than the Bank of Canada’s interest rate moves.

Read the full Yahoo Finance feature here: BoC rate decision, job fears, U.S. trade uncertainty to keep lid on any housing market recovery

What the National Picture Looks Like

MacFarlane’s piece brings together economists, mortgage experts, and brokers across the country — and the consensus is clear: Canada’s housing market is no longer one story.

After the Bank of Canada’s modest 25-basis-point rate cut in September, national home sales actually fell 1.7% month-over-month. Economist Daren King of National Bank of Canada points out that the pandemic created a temporary illusion of one unified housing market — but those days are gone. Regions are once again responding to local realities: affordability in Ontario and B.C., confidence in Quebec, and employment stability in Atlantic Canada.

Mortgage expert Leah Zlatkin adds some perspective on the real impact of rate cuts: for every $100,000 borrowed, payments only drop by $13–$15 a month. That’s hardly enough to meaningfully change buyer sentiment. And after being burned by volatile variable rates, most buyers are in no rush to switch.

The real driver now? Confidence — or the lack of it — shaped by employment and psychology as much as by policy.

My Take: What’s Happening in Halifax

When MacFarlane asked how Halifax is responding, I explained that the September rate cut barely registered here.
There was a small bump in sales month-over-month, but not enough to call it momentum — and actually 2% fewer sales than September 2024, when interest rates were higher.

Our months of supply have been gradually rising, and while more inventory should be positive for buyers, it’s actually creating hesitation.

“Higher inventory in my mind should be a positive for a purchaser,” I told Yahoo Finance, “but it seems to be having the effect of creating uncertainty instead. People are used to homes flying off the market, and when they don’t, it makes them question why.”

That sentiment sums up the psychology in Halifax right now. Buyers are cautious — not because the fundamentals are weak, but because they’re adjusting to a calmer, more balanced market after years of frenzied activity.

Confidence, Not Cuts, Will Drive 2025

Here’s what I’m watching heading into next year:

• Rate cuts alone aren’t enough. The September drop didn’t noticeably stimulate demand. Another small cut likely won’t either.

• Buyers are skittish, not eager. Rate relief doesn’t immediately translate into confidence. People are waiting to see where prices settle.

• Negotiation skills matter again. Many agents who entered the industry in the past five years haven’t had to navigate balanced conditions — and that inexperience can create even more uncertainty for buyers.

• Halifax remains resilient. Our economy — anchored by universities, the Navy, tourism, and tech — helps insulate us from national volatility.

Prices aren’t expected to rise sharply, but they’re not likely to fall either. Halifax is transitioning back to a healthier, more sustainable market, with pre-pandemic inventory levels last seen in April 2020.

Looking Ahead: The Real Test Will Be Spring

Historically, Halifax’s activity peaks in May and June, when both sales and prices climb.
If the Bank of Canada holds or trims rates again before then, I expect we’ll feel the effect next spring — when the market’s psychology shifts from “wait and see” to “everyone’s buying and I want to buy too.”

“If rates are low by March, April, May — that’s when I think we’ll really see the impact,” I told MacFarlane.

Until then, we’re in a steady, watchful market — one that rewards informed buyers, patient sellers, and strong negotiation on both sides.

Closing Thought

Rate cuts may dominate the headlines, but Halifax’s story is one of resilience and realism. While other regions wrestle with affordability or job insecurity, our market continues to evolve on its own terms — steady, cautious, and quietly confident.

Read the full Yahoo Finance article by John MacFarlane here → BoC rate decision, job fears, U.S. trade uncertainty to keep lid on any housing market recovery

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