The Canadian Real Estate Market as a whole has seen significant declines in both average price and number of sales in the last couple of months. In my last couple of market updates Halifax had seemed to weather that storm. I figured it would be a good time to take a look at where we stand compared to previous years in terms of average price and number of sales dating back to January 01/2007.
Below are the MLS stats for The Halifax Real Estate Market for areas 1-50 which encompasses all of HRM. Based on single family homes, condominiums and new construction.
The numbers above show a downward trend in average price, albeit a minimal one for the first time since I have been writing this blog. Is this a trend we may see in the next coming months? Only time will tell. The most telling number is the the decline in sales over the last 3 years. Although, in 2007 we had a record year for sales. But it is easy to see that a steady decline is happening.
In the coming months I am changing the look at feel of my blog. Please check back for regular updates. In the meantime if you are in the market to buy or sell a home in Halifax, Dartmouth and surrounding areas do not hesitate to contact me at andrew@halifaxrealestateguy.com or call 902-488-0012.
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Andrew Perkins
Your Halifax Real Estate Expert
Theatre Lofts/Best Halifax Condo Purchase
I recently visited an exciting new project in the North End of Halifax that is going to help reshape the neighborhood and make it even more attractive for people to live there. Theatre Lofts are beautifully designed contemporary loft-style condominium townhouses that are fresh and vibrant and will give a whole new look to Gottingen Street and the North End of Halifax. I was so impressed with this project that I am thinking of purchasing a unit myself. The development team is Atlantic Developments Inc. and the architect is Michael Napier an award-winning designer of nearly 2,000 highly acclaimed condominium units across Canada. I spoke with David Graham president of Atlantic Developments Inc. on February 12 about this exciting new project. Below are bullet points with relevant information that a prospective buyer should know.
- 43 residential units available and 2 commercial units
- prices start at $139,900 and go up to $299,900
- 28 underground parking spots, additional $10,000(only for larger units)
- completion date, summer of 2010
- storage unit for all residents
- condo fees range from $93.50 to $256.63
- to secure a unit you would need 5% of the purchase price down
- designed for maximum energy efficiency and comfort
- heating is in floor radiant on first two levels and electric baseboard on top level
- landscaped courtyard
- terraces and balconies
- all units are separately metered
With it’s uniqueness and proximity to the downtown core I do not see these units lasting long. To get more information on this project you can contact me at 902-488-0012 or email andrew@halifaxrealestateguy.com . As well If you are looking for a mortgage broker Scott Walker of Home Loans Canada would be more than happy to sit down with you and go over your options.
Below is an artists rendition of the project.
Theatre Lofts
Theatre Lofts
I also mentioned at the beginning of the week that I would be visiting McCully Worklofts on Agricola, Unfortunately that project has been put on hold.
For more info on any Real Estate Projects or just general questions, contact me here
Andrew Perkins
Your Halifax Condo Expert
This week I am going to be trying something a little different. There are a few new condo projects going on in the North End of Halifax that seem very interesting. I will be visiting the sales center of each one, taking pictures and getting info on prices, configuration, how the sales are going, amount of deposit needed to purchase a unit and other relevant information.
Here is a couple of the Condos I will be visiting this week.
-Theatre Lofts
-McCully WorkLofts
Check back later this week and I will have the updates for you.
If you are thinking of buying a condo in Downtown Halifax do not hesitate to contact me at andrew@halifaxrealestateguy.com or call 902-488-0012.
Thanks
Andrew
Your Halifax Condo Expert
It could not be a better time to start to renovate your home. The government has recently announced a new program to help home owners with renovation projects. Coupled with the the Eco Energy retrofit grants, this makes renovating your home not only logical but economical as well.
Below is a list of a few highlights of the program
- 15 per cent tax credit of up to $1,350 for eligible renovations to home or cottage
- The credit can be applied to projects like a new kitchen or bathroom, a new furnace, water heater, or a resurfaced driveway. Items like new furniture, appliances or home electronics would not be covered
- The total cost has to be in excess of $1,000 and the credit tops out after $10,000 — the 15 per cent credit is applied to the amount between the $1,000 minimum and $10,000 ceiling, hence $1,350. It’s a non-refundable credit, which means it will reduce your taxes owing, but you don’t get the cash if you have a positive balance.
- The federal goverment estimates as many as 4.6 million homeowners will take advantage of this new program
- Homeowners can also do some double-dipping, as the renovation credit can be claimed on projects that also qualify for ecoEnergy Retrofit grants. Under that program, Nova Scotians can qualify for a federal grant of up to $5,000, and a matching provincial grant of up to $1,500 for renovations that make your home more energy efficient.
- Last week’s budget also included some tax relief for first-time homebuyers. This includes a credit of up to $750 to cover closing costs, such as legal fees, title insurance and deed transfer taxes. This credit covers 15 per cent of eligible closing costs, up to a maximum of $5,000.
- As well, the amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.
Information Taken From Chronicle Herald
This is great news for homeowners and first time home buyers. This will add a much needed boost to the ecomomy. If You would like more info on this program do not hesitate to contact me at 902-488-0012 or email me
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Andrew Perkins
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