Found 3 blog entries tagged as home buyers.

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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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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Halifax Real Estate Market | Year in Review

The real estate market became increasingly competitive throughout 2020.  Inventory saw a persistent decline while sales quickened their pace.   Historically low interest rates and a sub one percent vacancy rate in the Halifax area compounded the problem.  Rent got more expensive while the cost to borrow money was lowest I’ve seen in my 14 year career.  These factors had a significant effect on our single family statistics.

The Single Family Market

The average price of a single family home in the Halifax Regional Municipality increased by 14% in 2020.  This represents an average increase of approximately 1.24% in a month, meaning a house worth $300,000 would gain $3,720 in 30 days.  This is…

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