HALIFAX, Oct. 15, 2014
Continued high inventory results in a market favourable to buyers
HALIFAX, Oct. 15, 2014 /CNW/ - The Royal LePage House Price Survey released today once again showed little change in year-over-year prices across all housing types surveyed in Halifax.
The average price of a standard condominium increased by 1.6 per cent year-over-year to $217,500 while the price of a standard two-storey home saw a slight lift of 0.8 per cent to $331,833. Meanwhile, detached bungalows saw a minor price decrease, dropping 1.6 per cent to $294,333.
“There is a surplus of inventory in the market right now, which has largely leveled out prices,” said Matt Honsberger, Broker and Regional Manager, Royal LePage Atlantic. “We have approximately 16 per cent more inventory than this time last year, giving buyers more to choose from and forcing some sellers to drop prices to stay competitive.”
According to Honsberger, unit sales have lagged compared to last year. “Sales were good in July and August, with some weakening in September. Despite a good third quarter we are trailing 2013 by about 7 per cent in terms of units sold,” added Honsberger.
Nationally, the average price of a home in Canada rose between 4.4 per cent and 6.1 per cent year-over-year in the third quarter of 2014. According to Royal LePage, the average price of a standard two-storey home rose 5.5 per cent to $441,714, while detached bungalows increased 6.1 per cent to $405,101. Condominiums on average showed slightly lower year-over-year gains, posting a 4.4. per cent increase to $257,377.
“In the seven years since the Canadian housing market began its recovery from the worldwide recession, home price growth has been robust, often greater than the long-term average of approximately five per cent,” said Phil Soper, president and chief executive of Royal LePage. “We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.”
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage website at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the third quarter of 2014. A printable version of the third quarter 2014 survey will be available online on November 12, 2014. Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.
SOURCE Royal LePage Limited
Shocking statistics considering the upward trend to sell property privately. I’ve run into this several times where sellers have sold their home for far less than they could have with me as a REALTOR, even after paying for my commissions, they would have still made more money working with me.
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If you’re like most people, you go to see a doctor when you’re not feeling well or have a health concern. However, you may also visit your doctor for a check-up, or to ask questions about healthy living. In fact, consulting your doctor for anything health-related is a smart idea.
The same holds true when it comes to real estate. Many people only call a REALTOR® when they’re planning on selling their property or buying a new home, or both. While that’s an important reason to speak to a REALTOR®, it’s not the only reason.
Indeed, there are many good reasons for you to give a good REALTOR® a call.
• If you have a question about the state of the local real estate market. (Remember that it may be very different from what you hear on the news about the national market.)
• If you want to get a sense of what homes are currently selling for in the area.
• If you want to determine the current market value of your property.
• If you want to find out how much homes cost in neighbourhoods you’d like to consider.
• If you’re thinking about the possibility of making a move, but you’re not sure if it’s the right time.
In other words, don’t be afraid to contact a good REALTOR® when you have a question or need some advice about the real estate market.
First time home buyers seminar. If you’re spending $1000 a month in rent, you’re giving away $60,000 a year to someone else. Why rent when you can buy? Pre-Approvals on site if requested.
By Colleen Francis- Globe and Mail Feb 20 2014
My clients have been complaining about the health of the global economy. While the United States is booming, Europe is struggling. Canada is edging up slightly and Asia is in flux.
Like international markets, some companies are exceeding their goals while others are crying poor and blaming external factors for their failures.
I see it every day: Having missed their targets, companies look for advice on how to sell in a confusing market. My first comment is this: “If your market has changed and you haven’t changed with it, you will soon be out of business. So tell me: what have you done to change your activities this year?”
The question is usually met with silence. Most companies give up when the markets slow down. They resign themselves to the fact it’s going to be a bad year and they don’t even try. Simply put, they refuse to change.
Some, on the other hand, refuse to wave the white flag. These top performers attack their markets with vigour, and they approach their prospects with new and increased sales activities. They are the few representatives who manage to thrive in the face of an inhospitable economic climate.
I recently met with one of these survivor types. Mike owns a manufacturing company selling to home builders, renovators and consumers. His sales are up 200 per cent this year as a result of “embracing the changes in my market and out-hustling my competition.”
So before you complain about the economy hurting your business, are you taking any of the following actions?
You can change your results in any economy. Just look at Mike. Believe in yourself.
Sales expert Colleen Francis is founder and president of Engage Selling Solutions. Ms. Francis ensures clients realize immediate results, achieve lasting success and permanently raise their bottom line.
I don’t know about you but before I earned my real estate license January 2010 (happy 4th anniversary to me), I had no idea how the real estate industry worked here in Nova Scotia. I wasn’t aware there was a legitimate place to complain about a negative real estate experience other than the kitchen table of my friends’ home over a glass of wine. And just what was this REALTOR® logo all about?
So here it is in a nutshell:
The Nova Scotia Real Estate Commission (NSREC) is an independent, non-government agency, responsible for regulating the real estate industry in Nova Scotia. It was established to ensure consumer confidence in the real estate industry by supervising professional activities of all real estate brokers and salespeople practicing in Nova Scotia.
So, have a legitamate complaint about a salesperson or had a unreasonable experience in a real estate transaction? Contact the NSREC.
What’s the difference between a real estate salesperson and a REALTOR®?
⇒A real estate salesperson took a comprehensive 4 week course and passed a challenging exam created by the NSREC to ensure professional standards and can practice anywhere in Nova Scotia.
⇒Licensed salespeople have the option of joining an association called the Nova Scotia Association of REALTORS® (NSAR). It strives to strengthen the image and professionalism of its members through continuing professional education and maintaining high professional standards. They own the right to use the brand logo, REALTOR® to indicate those in the industry that adhere to a higher standard. The Association’s mission is to enhance REALTORS®’ success by providing services and representation to enable them to best serve the public in real estate transactions. The Association also acts as the voice for real estate in Nova Scotia.
In other words, you’d go to a government agency (Access Nova Scotia) to write a test to obtain your driver’s license but you’d have the option of joining the Canadian Automobile Association for additional options and protection. Their brand logo is CAA.
So there you have it. Hope this helps.
Unless you’re a real estate expert, you probably look at the market and think things are pretty confusing. Even a bit crazy! You hear news about “bubbles bursting”, “higher or lower home sales in a particular month”, “new home starts” that are up or down, and on and on it goes.
It’s a lot of news and a lot of jargon. If you’re thinking of selling your home within the next year or two, you will want to understand what’s happening in the market so you can make the right decisions and get a clear sense of what to expect. So, how do you make sense of it all?
That’s where a good REALTOR® can help.
Even if you don’t have any definite plans to move in the near future, a REALTOR® who is an expert in the local marketplace can help you understand what homes in a particular neighbourhood are selling for, and what you can expect to get should you decide to list your property.
Getting to know a REALTOR® also means you’ll have a trusted expert to talk to from time to time, when you have real estate-related questions. You’ll have someone you can think of as “Your REALTOR®”.
Plus, when the time comes to sell your property, you won’t have to deal with a stranger. Instead, you’ll be able to work with a REALTOR® that you know well — and who knows YOU. Overall, that will make the buying and selling process go more smoothly and more successfully.
Looking for a good REALTOR® who wants to get to know you? Call today!
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A quick lesson in wood floors
Thinking about installing wood floors? The first decision you need to make
involves the type. According to the National Wood Flooring Association,
there are four types:
• Unfinished. This type requires you or your installer to sand and
apply a finish. If you want a specific colour or style, or you’re trying to
match existing flooring, this might be the best option for you.
• Factory finished. As the name suggests, this is flooring that has its
finish applied in the factory. Although it is more expensive, factory
finished flooring can be installed faster and can be walked upon
• Solid. This is flooring that is made from a solid piece of wood, top to
bottom. The advantage is that it can be sanded and refinished many
times over the years, or even decades.
• Engineered. This is flooring that is made of thin layers of wood
pressed together. It can be engineered to be very durable and
expand and contract less than solid flooring.
The type you choose depends on your needs. Talk to your dealer or
contractor about your specific application.