Great News for the Halifax Real Estate Market!!!!
Halifax will post the strongest economic growth rate this year among metropolitan areas east of Manitoba at 2.4 per cent, the Conference Board of Canada said Monday.
In a report entitled Metropolitan Outlook for Autumn 2008, the board cited an expanding manufacturing sector, increasing non-residential construction and solid gains in the services sector as drivers of economic growth in Halifax this year.
Buoyed by their strongest rates of economic growth in more than a decade, Saskatoon and Regina rank first in terms of economic growth among Canadian census metropolitan areas, the board said.
“Saskatoon will lead Canadian CMAs in economic growth for the second consecutive year,” Mario Lefebvre, the board’s director for municipal studies, said, referring to major metropolitan areas.
To some extent, Halifax’s performance gets an impressive ranking mostly because of poor results in other major eastern metropolitan areas.
However, a number of factors are coming together to contribute to a positive economic outlook for the city, Mr. Lefebvre said in an interview.
He said manufacturing remains robust in the city, despite problems with this sector in other jurisdictions, and the population of Halifax continues to increase at a healthy pace.
“This allows for increased housing activity and also increases the number of people in shopping malls,” he said.
He said the metropolitan area’s anticipated 6.8 per cent increase in retail sales for 2008 stands on its own as an indicator of a robust economy.
The services sector in Halifax will grow by about 2.5 per cent in 2008 and an additional 2.8 per cent in 2009, the board said.
The biggest increases in Halifax for the year will be in the wholesale and retail trades and in finance, insurance and real estate.
“The economy is experiencing relatively broad-based growth this year, with all sectors save primary (industries), utilities and public administration expanding solidly,” reads one part of the report.
Several major construction projects slated for the downtown core are singled out by the board as contributors to solid economic performance in the city.
Some big commercial projects factored into the positive economic forecast, including Centennial Properties’ estimated $70-million hotel, condo and shopping development and a $250-million twin office tower complex to be built by United Gulf Developments.
The conference board notes public and administrative output is forecast to increase significantly next year as some cash from Nova Scotia’s agreement with Ottawa on offshore royalties finds its way into energy research, university infrastructure and protection of public land.
Quebec City experienced economic growth of 3.1 per cent in 2007 but is forecast to grow by a more moderate 2.3 per cent in 2008, mostly due to weakness in the goods-producing industries, especially manufacturing and construction.
The report notes economic growth in Montreal is projected to reach just 1.7 per cent in 2008, the lowest rate in five years, while a hobbled manufacturing sector in Toronto is expected to limit economic growth in that metropolitan area to 1.3 per cent.
Taken from The Chronicle Herald.
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Andrew Perkins
Your Halifax Real Estate Expert
Canadian Real Estate home sale MLS stats for July 2008
Today I will be looking at other provinces and how their Real Estate Markets are performing. I have created a table to show you the average prices in all provinces in Canada. This will give you an idea of what markets are hot and what markets are cold.
|
Province |
Average Sale Price July 07 |
Average Sale Price July 08 |
|
Newfoundland |
$152,718 |
$181,269 |
|
Nova Scotia |
$182,267 |
$192,160 |
|
PEI |
$136,469 |
$145,852 |
|
New Brunswick |
$135,631 |
$141,255 |
|
Quebec |
$202,395 |
$214,070 |
|
Ontario |
$291,807 |
$298,630 |
|
Manitoba |
$167,774 |
$190,354 |
|
Saskatchewan |
$182,920 |
$237,604 |
|
Alberta |
$371,817 |
$352,421 |
|
BC |
$446,481 |
$444,589 |
|
Northwest Territories |
$372,127 |
$272,779 |
|
Yukon |
$252,262 |
$228,023 |
National Average 07 – $309,885
National Average 08 – $302,298
Based on MLS® Statistics
As you can see from these numbers, Atlantic Canada’s average price continues to rise, none more so than Newfoundland. The average price there went up by 18.7%. Mainly due to the announcement of the Hebron Oil Deal. Here in Nova Scotia we saw a modest 5% increase. The surprising markets are out west which saw actual declines in average price. In Alberta we saw a 5.5% drop in average price. Price skyrocketed their way too fast and a correction needs to happen. Also in BC the average price fell slightly.
What does all this mean for the Halifax Real Estate market? Our market is still going strong. I am seeing a slight shift to a buyers market. Number of sales are down but the average price continues to rise. In the second quarter we saw a healthy 7.3% increase.
If you are looking to buy or sell Halifax Real Estate contact me anytime for a free market analysis.
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Andrew Perkins
Your Halifax Real Estate Expert
This is my very first of many Halifax Real Estate Blog posts in the all new redesigned halifaxrealestateguy.com. The blog is going to be your source to keep up to date with all the news, stats and happenings in the market.
I am very excited to have recently become a member of the National Association of Green Realtors! I have completed my first 2 online courses and I am working towards my accreditation. I will be posting on issues and trends in Green Real Estate here in Halifax and globally. If you have any questions regarding Green Real Estate and how, you the Buyer or Seller can benefit from my expertise in this field by all means drop me a line.
As well I am going keep abreast of all the new happenings with Halifax Condo projects that are coming on board in the coming years. Halifax has several new condo buildings being built and new ones that are breaking ground. Stay tuned for regular updates on the local Halifax Real Estate condo market.
Another area I will be covering is local market conditions. I will be doing year over year comparisons so you the Halifax home buyer or seller can get an idea of what the market is doing and how it will effect the sale or purchase of your next home.
To keep up to date on the latest Halifax Real Estate news and trends be sure to click the button in the top right corner “grab our RSS feed” and you will be notified immediately of any new blog posts. I am looking forward to this new venture and I hope you the reader will benefit from it. If you are looking to buy or sell Halifax Real Estate contact me and I would be happy to help. Thanks again.
Andrew Perkins
Your Halifax Real Estate Expert
