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. 

I had the luxury and absolute pleasure of experiencing New York City last week. In enjoying all the sights, sounds and attractions - one thing stood out in my mind - Halifax has the potential to be as worldly and as awe inspiring as this bustling metropolis south of the border. Perfect public transportation, city planning and urban development are just a few of the charms that make this city not only large, but easy to traverse. Admittedly, New York has benefitted from being the focal point for all immigrants entering the United States over the last 200 hundred years (in Canada, that luxury goes to Montreal and Vancouver), but Halifax has even more to offer than these cities.

Firstly, Halifax is a coastal town with a large port. It has a long history (albeit not as long and rich as New York) and a deeply entrenched upper echelon. The biggest thing standing in the way of Halifax rising the ranks of the top Canadian cities is the old guard in city council and the money and power behind it. Taxes play a role, but this is a clear result of the way the city is run. Lower taxes, cut the red tape on development and this city will explode. With it will come all the benefits (and problems) of a large metropolis. As it stands right now, Halifax is on the cusp on such an explosion. It continues to grow despite the ball and chain currently attached around its ankle. Just imagine, if you will, that this heavy weight is let loose?