Halifax Real Estate - A Modern Approach

One thing is for sure, the Halifax Real Estate market is still alive and well. Last week alone, there were as many listings sold as there were new listings. Despite speculation about a housing bubble, likely from negative press on the Toronto and Vancouver housing markets, the Halifax housing market continues to thrive. 

The Halifax Peninsula is the hottest spot on the map. Property from single family homes to condos are being gobbled up within a matter of days. Many of these properties are in such high demand that bidding wars are a common place. Asking prices eventually sit lower than the actual sale price. This is good news for sellers in this area as they are likely to bank on a good return. For buyers, this is equally good as it indicates a healthy market place and a higher chance of incremental growth on the value of their homes. As the city continues its outward expansion, the centre of the city becomes more and more valuable. 

Mainland Halifax has seen nearly the same kind of demand, with homes in former suburban areas lasting no more than a few weeks. Though significantly lower in price, these properties fetch a pretty penny for any seller. 

The biggest spike, in terms of sales increase and price increase, is seen within the Sackville and Dartmouth areas. Properties in this area, formerly undervalued, are now the suburbs that Mainland Halifax used to be. As the core densifies, the outskirts are seeing large spikes. If you’re buying your first home, I highly recommend considering these areas as they are still affordable and have not yet reached their peak of worth. 

Bedford continues to lead with the highest priced homes in municipality. As it continues to grow past the 102, old Bedford is solidifying its grasp on high prices and average turnover. 

So, in essence, the housing market in Halifax is stronger than ever. Rates continue to hover low, making affordability less of an issue for first timers and anyone looking to downsize. 

My only advice for buyers - use an agent. It costs you nothing in the form of commissions and the agent will do all the work and protect you from the other side. The listing agents have their sellers best interests in mind and will only do the paperwork for you, nothing else. 

When we take a look at the major cities in Canada and the United States, we see a growing trend – increased urbanization similar to one hundred years ago, an increasingly young professional working class, a gentrification of older structures in the downtown cores of major cities. New York and Toronto, the largest of each country’s respective cities, has seen this change in demographic the most. Both cities have an immeasurable amount of history, but manage to retain their distinctive identities despite increased urbanization and urban development. However, Halifax is in an awkward spot – at the moment we are on the cusp of being a major city, while still retaining many of the qualities of a large town. The downtown core is stale and not moving readily, and the city continues with its outward expansion. City council insists that no buildings block the view of Citadel Hill – a seemingly reasonable request – yet manages to block or stall any major development proposal that comes its way. Most recently, this stall tactic involves the newly proposed World Trade and Convention Centre off Argyle Street. What I advocate is for city council to continue to build up. I am pushing for this because there are benefits for the city at large and for its residents. Building up increases tax revenue far greater for a city like ours, without occupying as much space as an entire subdivision. As well, with continued growth in the form of condos and office buildings, Halifax will be attracting more young professionals, more money and more immigration. This will allow our great city to mature and develop like many of the other major urban centres across North America. The future of Halifax is not to continue to expand into the Hinterland, but to rise to the challenge and build up! To visit my property site please click on my Halifax Real Estate – A Modern Approachwebsite!

I just got word that there is a limited time offer tailored for first time home buyers in Canada only. If you have good credit and want to purchase your first home but don’t have a downpayment, this could work for you - easily! Though I would be remiss to post the details of this because it would remain online in perpetuity - please feel free to email me “andrew@modernapproach.ca” for more information and I’ll set you up with a mortgage partner - this really is a golden opportunity. Don’t sit back and wait for this to happen - it’s happening all around you.