Today I am going to look at the average price in the Halifax Real Estate Market for the last 8 years dating back to 2000. This should give you an idea of how the Halifax Real Estate market has fared over the years and where is it headed in the future.
|
Halifax Real Estate |
Average Price |
Number of Sales |
% Price Change |
|
|
|
|
|
|
2000 |
$120,161 |
5843 |
|
|
2001 |
$127,337 |
6484 |
+5.6% |
|
2002 |
$142,034 |
6943 |
+10.3% |
|
2003 |
$156,539 |
6424 |
+9.2% |
|
2004 |
$167,720 |
6777 |
+6.7% |
|
2005 |
$181,560 |
6925 |
+7.6% |
|
2006 |
$194,150 |
6679 |
+6.5% |
|
2007 |
$207,198 |
7493 |
+6.3% |
|
2008 |
$221,737 |
6039 |
+6.6% |
|
Totals |
|
59,607 |
+7.3 |
Source: MLS data
The Halifax Real Estate market has had a very steady rise in price since the turn of the century. The number of sales has remained relatively the same over that period. This year we are on pace to be slightly behind last year’s numbers which were a record. I do see this trend slowing a little in the future due to the financial turmoil in the world markets, however I think Halifax will still remain as one of the healthiest Real Estate Markets in Canada. Some of the factors that I feel gives the Halifax Real Estate Market such promise are;
1) Gateway port
2) Military/Navy
3) University city
4) Hub for Atlantic Canada
5) IT sector
When I say that the market is going to slow I am referencing the number of sales. I do not see prices going down in the foreseeable future. Now is not the time to wait for that to happen in Halifax. The prices here are far below other cities in Canada and have a lot of room to grow.
If you are in the market to buy or sell do not hesitate to contact me.
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$2.6M on the table for green projects
HALIFAX – Residential windmills and carbon-capturing concrete are two of 21 environmental projects to win government grant money.
Mark Parent, provincial environment minister, made the announcement at the Power of Green conference in Halifax yesterday. “In terms of greenhouse gases, (these projects are) equivalent to taking over 10,000 cars off the road permanently, forever,” Parent explained to reporters after his speech at the Cunard Centre.
These were the winners picked by EcoNova Scotia for clean air and climate change. Applications were placed under two grant-giving programs for environmental technologies and municipal projects.
This group of winners —the third announcement so far for EcoNova Scotia — cost $2.6 million. Parent said that money will leverage into over $8 million with what the projects will bring in. He said he has especially high hopes for the Carbon Sense Solutions project, which captures carbon emissions in concrete. “I dream of the day — because we make concrete in Nova Scotia — instead of importing asphalt from elsewhere, we can build our own concrete roads and we capture carbon at the same time.”
But for some companies, investing in green solutions might take a backseat because of the grim global economic outlook. Some people will be cautious, Parent said, but there are ‘real opportunities’ in the green economy. “We’ve seen a freeze in capital and lending so these programs (like EcoNova Scotia) will be more important for businesses to find the necessary capital to do innovative projects,” he said.
Shawna Eason, energy officer with Cumberland County, got $10,000 from EcoNova Scotia to conduct an energy audit of county properties. “It’s looking at where they’re losing money, but also emissions because anywhere electricity is being used where we can reduce it is going to save them money and is going to save the emissions,” she said.
Taken From The Chronicle Herald
It is great to see initiative being taken in a Green Economy. Over the years I am sure we will see more projects coming on board. If you are in the market for a new house, as a member of Clean Nova Scotia I offer my clients a free energy audit which could save you thousands of dollars for both renovation costs and energy savings. If you are looking to buy or sell Halifax Real Estate contact me at 488-0012.
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Andrew Perkins
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How did the Halifax Real Estate Market perform in the 3rd Quarter?
Sales for the third quarter down 5% year over year and trail 2007 by 7.3% up to and including the third quarter.
Number of sales 2008 = 5325 Number of sales 2007 = 5746
Active Listings are up 16 percent
The only area that had a slight increase in sales was Dartmouth up 2.8% year over year.
Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit declines in the number of sales year over year.
Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7%
Areas of Note
Sackville – average price rose by 13%
Halifax North End - 10.5% average price increase
Halifax South End – 19.7% average price increase
Fall River – 9.4% average price increase
Crichton Park/Albro Lake – 13.9% average price increase
Spryfield – 22.4% average price increase
Average days on Market down by 5 days from 84
The Halifax Real Estate Market remains healthy through the 3rd quarter of 2008. Most forecasters were predicting a 2-3% price increase and we continue to see a 6-7% percent increase. What does all this mean? If you are buyer it is a great time to buy. Prices are continuing to rise and inventory is high, thus it is a buyers market. If you are sitting on the fence now is not the time to wait. Our economy in Halifax remains strong in the face of all the financial turmoil going on around the world. If you would like more information on this, or you are looking to buy or sell Halifax Real Estate, Contact me anytime.
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