Sales of homes in Halifax are slumping, but don’t expect dazzling deals on your next dream home. While the real estate on the coast is lower than in the countryside, the most expensive properties are concentrated on the north side of the city, near the waterfront.
The Halifax market is therefore different from the rest of the province and can represent a great opportunity for property investors in Nova Scotia who want to diversify their portfolio. If you are looking for a province that is taking steps toward a financially sustainable future, investing in Nova Canada may be just the thing.
Take a quick tour of Halifax to better understand the properties, markets and opportunities available to property investors and help you get started.
Eastern Passage, a new coastal community, offers a mix of residential, office, retail and office space, as well as shopping in Bedford Commons and Burnside Industrial Park. Most residents walk to work because their jobs are in downtown Halifax and there are not many expressways leading to the center. This community is a great place to shop, work and live in Halifax, Nova Scotia, Canada.
During the season there are huge spikes in temperature, but the weather remains relatively pleasant all year round, which brings us to Halifax and the new homes in Halifax.
In particular, the housing market in Nova Scotia has benefited in recent years from the influx of immigrants from across Canada. With Halifax being the top destination for immigrants, the number of families moving to Halifax each year is increasing compared to larger cities such as Vancouver and Toronto. These younger buyers are bringing more competition to the market, which is good news for Canadians who are making Halifax their home as it is one of the cheapest housing markets in Canada for young families.
The property market in Halifax is hitting new highs, with house prices rising by 5.5 percent in the year to September 2019, taking the average home price in Halifax to £320,000. Nova Scotia added 7,500 new permanent residents in 2018, the fastest growth recorded in any province. House prices have risen at a palpable rate (9.6 percent) over the same period, but Halifax has not quite reached that level.
Check this time-machine virtual tour to see how this area of Halifax, the South End, will change in the next years.
The Royal LePage House Price Survey for October says the aggregate price of a home in Halifax went up 11.3 percent year over year in the third quarter of 2020. That’s expected to keep rising up to 12 percent in the final part of 2020, despite the pandemic and the possible second wave.
The reason for the housing shortage is population growth in Nova Scotia, but since 1995, fewer apartments have been sold in the city. Figures from Halifax show 804 new listings were put on the market in June, a 60 percent drop in April 2019. According to the Halifax Real Estate Board, there was a nearly 50 percent drop in sales of detached homes in September 2019 compared with April 2018. The number of new home sales in May and July this year fell from 4.6 percent and 3.8 percent respectively in April and May, a drop of more than 60 percent compared to May 2019 and September 2018.
In summary, Nova Scotia offers a lot of opportunities for Canadian real estate investors. Investing in Nova Nova Scotia can give you the opportunity to have a consistent rental source while making real money in the cultural heart of Halifax. This further increases the value of the property compared to other Canadian cities. Nova Halifax is a great place to live, work and invest in Canada, and it is home to some of Canada’s most vibrant and diverse cultural communities.
A new development in Halifax, off Larry Uteck
Recent economic changes in Nova Scotia are favorable to information technology, which can serve as a real attraction for emigrants, particularly in this country.
Look at the most important Tech Hub in the city: Propel ICT
This would be significantly lower than buying a home by an immigrant and would support the growth of Halifax’s condo market. In the next few years, condos are expected to be the most popular form of housing in Halifax, Nova Scotia. The Halifax house market has become a seller’s market as the houses are listed in the MLS and several listing services.
How quickly that inventory can be replaced will tell us a lot about the progress of the Halifax property market. Patience is key when investing in Nova Scotia, as the province has a long-term positive outlook in terms of real estate markets.
If you are looking to buy or sell a house in Halifax, contact your estate agent today for more information. Get the best advice to start landing your dream home today by landing a property in Nova Scotia with the Halifax Real Estate New Development Report.
Honsberger says: ‘The fact that houses are still selling relatively quickly means that house prices in Halifax will remain fairly stable or slightly off over the next six months, but that means they are likely to drift upwards a bit. And of course, Halifax is one of the most affordable markets in Nova Scotia for both rent and purchase. If you are looking for a house in Halifax with great views, great views and not in the community you are interested in, this could be the place for you. You could either be a funded investor or an investor with capital to support it.