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Halifax Real Estate Market Surging into Spring

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Halifax Real Estate Market Surging into Spring
2 min. read

The Nova Scotia real estate market experienced its strongest April in over five years in 2018. In fact, throughout the entire start of 2018, the province’s market has been performing more strongly than it has in recent years. Prices are also up slightly in the Halifax real estate market, so a strong start to the year in both the province and the city can be observed.

Overall, there were 1,006 homes sold in the province during the month of April. For the month, this represents a 15.8% year-over-year increase. 3,051 homes were sold from the start of 2018 through to the end of April. This 10.8% year-over-year growth rate also marks the strongest start to a year in six years. Of those sales, 569 for April and 1,682 through the first four months of the year took place in Halifax.

Supply Starting to Shrink, but Far from Limited

A short supply of inventory has never been a problem in Nova Scotia or Halifax. Even now, when overall supply and numbers of new listings are low compared to long-term averages, supply remains relatively high. Although listings declined somewhat over the first third of the year, the year-over-year drop in April was very small. The 2,038 homes listed for sale in April were only 0.7% fewer than were listed during the same month in 2017.

The total number of active listings, on the other hand, has dropped by a more significant margin. At the end of April, there were 7,428 homes left for sale in the province. This was a year-over-year decline of 7%. However, despite these downward trends, there remains 7.4 months of inventory available in the city. While much lower than the 9.2 months available in April, 2017, this remains high compared to many regions in the country.

Prices Up Slightly in Halifax

This April, the average price of a home sold in Halifax was $315,365. This was a 2.4% year-over-year increase compared to 2017. The year-to-date price in the city grew by a slightly larger margin. That average landed at $306,317 by the end of April, which was a 4.4% increase compared to the first four months of 2017.

Overall, the Halifax real estate market appears extremely robust at present. The introduction of the new mortgage stress-test regulations and rising interest rates do not appear to be having a significant cooling effect on Halifax or the greater Nova Scotia region, with the real estate markets in the province apparently thriving at present. Growth has been measured, but consistent, which are good signs that point towards a market that may remain strong yet accessible for the foreseeable future.

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