Halifax Real Estate Market Report Multi Unit Buildings(4 units or less) based on MLS® data.
Today I figured I would look at something a little different. I have many clients who have and are actively looking for multi unit buildings as another way to enhance cash flow. There are things you need to look for when thinking of purchasing a multi unit rental. Firstly you have to make sure that the building generates income, a lot of multi units on the market today just won’t carry themselves and they are better served as an owner occupied so someone will help with the mortgage. I always advise my clients to look at the net income(rent minus heating, maintenance, and other expenses associated with the property). A general rule of thumb is if the net income is 10% of the purchase price it is definitely a building worth taking a closer look at. Secondly, what a lot of my clients look for and I recommend is electric heat and separate electrical meters. This way the heating and electricity of the units can be passed off onto the tenant. Obviously there are many other factors to look at but these are the main ones to keep in mind.
Lets take a look at the numbers over the years.
From Aug 20,2006 – Aug 20,2008 for area 1-40 which encompass all of HRM for multi unit buildings, 4 units or less.
number of sales – 330
average sale price – $274,920
number of days on market – 72 days
From Aug 20,2004 – Aug 20,2006 for area 1-40 which encompass all of HRM for multi unit buildings, 4 units or less.
number of sales – 282
average sale price – $247,671
number of days on market - 66 days
Looking at these numbers we can see that the same trend continues throughout the Halifax Real Estate Market. Average price continues to rise, an 11% increase. Number of sales are up 17% from the same period 2 years ago which goes against the trend in residential unit sales. Average days on market are up slightly.
What does all this mean? Well if you are in the market for rental units it may now be the best time as I don’t see the market going down anytime soon. Also the rental vacancy rate in Halifax is very low so there are a lot of prospective tenants out there. Rents continue to rise. If you would like more info on rental units or would like a market analysis done specific to your area, let me know.
Andrew Perkins
Your Halifax Real Estate Expert
Dartmouth Real Estate market report for July 2008 based on MLS® data
Dartmouth Real Estate market report July 2008 for areas 10-17 which encompass all of Dartmouth. Single family detached and semi-detached including new construction.
| Halifax Real Estate Blog/ Dartmouth Market Report July 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2008 | 217133 | 212317 | 98% | 59 days | 152 |
| Averages: | 217133 | 212317 | 98 % | 59 days | 152 |
Market Report July 2007 for areas 10-17 which encompasses all of Dartmouth. Single family detached and semi-detached including new construction.
| Halifax Real Estate Blog/ Dartmouth Market Report July 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2007 | 210373 | 206544 | 98% | 81 days | 113 |
| Averages: | 210373 | 206544 | 98 % | 81 days | 113 |
Total Active Listings – 685
The Dartmouth market continues to be one of the hottest areas in Metro. The number of sales are up by a whopping 34.5% one of the only areas to see an increase like this. The average sale price is also up modestly at 2.8% which is lower than the rest of HRM. The average days on market dropped significantly by 21 days.
I see the Dartmouth market as one of the best investments in metro right now. Prices are still affordable and you are close to Downtown Halifax. I would recommend you take a serious look at this area if you are buying in the near future. With Dartmouth Crossing going strong and Russell Lake West expanding at the rate it is, I can only see Dartmouth as a market that is going to increase in years to come.
Next week I am going to look at something a little different. Multi-unit buildings of 4 units or less and how the prices have changed through the years.
Andrew Perkins
Your Halifax Real Estate Expert
Halifax Peninsula Market Update July 2008.
Market update for Halifax Peninsula; areas 1-4 which encompasses South End, North End, West End and Central for July 2008; single family detached and semi detached homes, including new construction.
| Halifax Real Estate Blog/Peninsula Market Update 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2008 | 358234 | 347925 | 97% | 57 days | 44 |
| Averages: | 358234 | 347925 | 97 % | 57 days | 44 |
Market update for Halifax Peninsula areas 1-4 which encompasses South End, North End, West End and Central for July 2007; single family detached and semi detached homes, including new construction.
| Halifax Real Estate Blog/Peninsula Market Update 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2007 | 317395 | 314512 | 99% | 60 days | 55 |
| Averages: | 317395 | 314512 | 99 % | 60 days | 55 |
Number of Active Listings – 128
The numbers show a similiar trend that is taking place throughtout the Market, number of sales are down but the average price continues to rise. Sales are down by 11 units compared to last year but the average price is up 9%. Days on market are actually down by 3 days.
The Peninisula is still one of the markets most desirable areas. Condos continue to be built and infill is happening everywhere. The hot market that I see right now is the North End. Gentrification is taking place there as old homes are getting updated and new condo projects seem to popping up everyday. It is very hard to find anything in the North End now for under 200K. The west end is another area that has been taking off in recent years. As the south end prices continue to rise people still want to live close to Downtown so they are looking a little farther out. Personally I think Fairview is a area of Halifax that will explode int the next few years. Next week I will be looking at the Dartmouth Real Estate Market to see whats happeing there. If you are looking to buy or sell contact me at 488-0012, I would be happy to assist you!
Andrew Perkins
Your Halifax Real Estate Expert
Halifax Condo MLS® Market Report July 28/2008
Halifax Condo Report for Areas 1 – 40 which encompasses all of HRM for 2008 including new construction
| Halifax Real Estate Blog – Condo Report 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2008 | 220769 | 214505 | 97% | 95 days | 65 |
| JUN-2008 | 207291 | 202183 | 98% | 117 days | 73 |
| MAY-2008 | 220137 | 214078 | 97% | 111 days | 88 |
| APR-2008 | 211476 | 205712 | 97% | 132 days | 103 |
| MAR-2008 | 201322 | 195383 | 97% | 98 days | 64 |
| FEB-2008 | 203251 | 198449 | 98% | 107 days | 55 |
| JAN-2008 | 209658 | 204978 | 98% | 132 days | 50 |
| Averages: | 211210 | 205617 | 97 % | 114 days | 498 |
Halifax Real Estate Condo Report for Areas 1 – 40 which encompasses all of HRM for 2007 including new construction
| Halifax Real Estate Blog – Condo Report 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2007 | 211521 | 208664 | 99% | 145 days | 58 |
| JUN-2007 | 216900 | 210916 | 97% | 93 days | 88 |
| MAY-2007 | 207318 | 203087 | 98% | 124 days | 114 |
| APR-2007 | 199875 | 195295 | 98% | 155 days | 86 |
| MAR-2007 | 205128 | 200753 | 98% | 192 days | 86 |
| FEB-2007 | 212375 | 207162 | 98% | 182 days | 62 |
| JAN-2007 | 216707 | 211558 | 98% | 124 days | 65 |
| Averages: | 209433 | 204777 | 98 % | 143 days | 559 |
Total Active Halifax Condos – 497
The Condo market has slowed down with regards to number of sales year over year. There are a lot of new builds coming on board now and in the future. The market is currently in a little downturn with regards to number of buyers although average price continues to rise, just slightly year over year. The average days on market are up by 23 days which is a result of all the new builds.
A couple of new builds that I think a potential Condo buyer should be looking at are; Armoury Square, Armoury Villa, Falkland Street Condos and Spice. The Falkland Street condos have already increased prices by 10 – 15K on select units. A good investment for sure! Be sure to check back regularly for more market updates and news. If you are looking to buy or sell Halifax Real Estate be sure to contact me.
Andrew Perkins
Your Halifax Real Estate Expert
