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
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.
With 2013 winding down to a soft and subtle close, I want to take the time to reflect on this year in business. 2013 was my third full year in the real estate industry and, I am happy to announce, is my best on record! In getting to know some amazing people through the last 3.5 years, I have managed to grow my business and help both Buyers and Sellers realize their dreams and financial goals.
2013 started out much like any other year in the real estate business. January is almost always the quietest month. That being said, it ended up being surprisingly productive: I sold a long term client’s mini home in Sackville and put the finishing touches on the sale of another listing in West End Halifax. The rest of the year continued strongly and, in the end, I only have my clients to thank for that.
Whether through the meetings I had with private sellers who felt safe and comfortable enough to work with me and my team, or through the referrals from previous clients, 2013 exploded. Whether selling a hard fought listing, or even selling properties that weren’t even on the market, 2013 was a record breaking year in more than just sales. It was a year to remember in terms of how many smiles and happy clients there were.
Because of the faith my Selling clients put in me, I am proud to announce that I am now firmly entrenched in the West End Halifax market. The expertise I have managed to develop, and the reputation I have garnered from the results I have delivered my awesome clients, I am confident that my business in this amazing part of HRM will continue to grow. Again, all because of the many clients who placed their faith in me.
What’s more, I have also been fortunate enough to become a top producer within my Brokerage - EXIT Realty Professionals. This amazing team of agents has not only been supportive, but they have become some of my biggest fans. Without their contribution to my personal development, I’m not sure where I would be today. The ongoing support of my managing Broker, Scott Grace, and the Broker/Owners, Sue and David Grace, has been paramount to my growth and continued success.
The related industry professionals- Lawyers, Home Inspectors, Mortgage Brokers - have been immensely helpful in making it all happen. Special shout out to Byron Balcom from Atlantica Law Group, Ethan Kim from Bland and Associates, Zdenko Juric from a Buyer’s Choice Home Inspection, Chuck and Eddy Crocker from CEC Home Inspections, Daryl Woodill with The Mortgage Group, Kathleen Soares from the Mortgage Centre, Kris Bollivar with RBC, Nancy Althouse with RBC, Jeff Barrett with Desjardins and more!
A special shout out to my amazing clients who made this year possible, whether there was a transaction or not: Glenn, Sherry, Dennis, Alberta, Bruno, Maryse, Trevor, Nicole, Alex, Kieu, Alfie, Melissa, Kim, Sandra, Doyle, Jacklyn, George, Bill, Michelle, John, Derek, Dean, Paula, Justin, Amy, Emily, Holly, Jon, Tracy, Glenn, Brandon, Lee, Trevor, Charleen, Tressa, Paul, Joe, Lisette, Steve, Warren, Emma, Beth, Brian, Vince, Nicole, Steve, Nicole, Shanice, Ryan, Allison, Murray, Sandy, and a anyone else I have regrettably forgotten - you all made this year happen!
Finally, a special thanks to my website development team, Torusoft. The hard work of Chris, Ari and Jobelle has been not only professional, but superbly friendly and efficient. I started out this business working with them and they have been nothing but a treat. Thanks Guys. You’re the best!
So, let’s celebrate the end of an amazing business year. Let’s raise our glasses to history and to the future. And let’s make 2014 that much better.
From the bottom of my heart - THANK YOU!
This beautifully renovated bungalow is located in the heart of West End Halifax. Literally redone from top to bottom including new windows, new roof, new deck, new bathroom, new kitchen, new floors and more. Priced aggressively at $224,900 makes this property the lowest priced listing in the area. Literally walking distance to everything you need, including shopping malls, grocery stores, restaurants and more. Don’t sit back and wait, this property is a real gem in an exceptional location.
When you buy or sell real estate through us, in addition to the GREAT service you will recieve a ballot in one of our FREE cruise giveaway draws!!! Odds in winning are 1 in 10 !!!
I’ve known Andrew for several years on a friendly level and when it came to purchasing our first home, he was our first choice. We had to move within a fixed budget and timeframe as we were expecting a new addition to our family, but he made sure our first house purchase was not only a great fit for what we wanted, but was genuinely a good purchase and investment.
He showed great dedication to our interests by selecting houses that fit our specific needs and he made sure we found a place that we were truly satisfied with. All aspects of the transaction happened smoothly and we were in our new home very quickly. He also made sure we understood the intricacies of the entire process and did not hesitate to explain everything.
He recommended some fantastic people to work with as part of the buying process and corresponded on our behalf, whenever necessary. He ensured all parts of the process were taken care of, which made our lives much easier. Andrew is definitely a realtor who places professionalism and customer satisfaction as his highest priority, and we would not hesitate to recommend him to friends and family who are looking for an amazing agent.
Jamie, Alycya and Brody
This is a smoking hot listing! Just a block away from an elementary and juniour high school and just down the street from a new shopping mall development that will bring new economic life to the Timberlea area, this home is move-in ready for any young couple or young family. A freshly painted interior, with a roof only 6 years old and laminate floor on main and lower level - this property has everything you need to move into already done. Priced at an amazing $169,000, this property won’t last on the market long, so make a move on it before it’s too late. Buying this home will cost even less than rent, so what are you waiting for?
Listed with EXIT Realty Professionals
Andrew Murray, REALTOR