How did the downtown Halifax Condo Market perform in 2008?

Downtown Halifax has seen a wave of new condominiums break ground in 2008.  Here is a list of several that have begun construction and nearing completion with links to there respective websites.

Under Construction

1. Falkland St Condos

2. The Trillium Condos

3. Armoury Villa

Nearing Completion

1. Armoury Square

2. Spice

3. Hydrostone Place

I am going to look at a year over year comparison of downtown Halifax Condos and how the average price was affected and the percentage of change in the number of sales.

Downtown Halifax Condo Market Update 2008
Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	Number Of Sales
DEC-2008	255275	223817	88%	180 days	6
NOV-2008	234461	227284	97%	172 days	17
OCT-2008	257800	246913	96%	112 days	15
SEP-2008	312350	300924	96%	242 days	19
AUG-2008	229888	223425	97%	114 days	21
JUL-2008	268403	260796	97%	155 days	32
JUN-2008	242774	236581	97%	196 days	26
MAY-2008	270251	264135	98%	161 days	29
APR-2008	250041	244341	98%	211 days	44
MAR-2008	231453	224205	97%	122 days	19
FEB-2008	239255	235205	98%	108 days	20
JAN-2008	226709	222974	98%	98 days	23
Averages:	251970	244723	97 %	160 days	271

Condo market update for area 1-4 which encompasses the South, North, West and Central Halifax for 2007 including new builds.

Downtown Halifax Condo Market Update 2007
Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	Number Of Sales
DEC-2007	277020	271860	98%	179 days	10
NOV-2007	247869	241415	97%	190 days	24
OCT-2007	233449	225126	96%	105 days	23
SEP-2007	243639	237643	98%	195 days	23
AUG-2007	224390	219158	98%	156 days	36
JUL-2007	249021	244131	98%	197 days	16
JUN-2007	243370	236363	97%	104 days	40
MAY-2007	261716	256805	98%	106 days	38
APR-2007	249152	242485	97%	122 days	27
MAR-2007	272557	266686	98%	194 days	28
FEB-2007	269676	263130	98%	276 days	24
JAN-2007	253040	246587	97%	123 days	19
Averages:	250238	244090	98 %	155 days	308

Looking at these numbers there is not a lot to say.  The average price remained the same year over year.  This could be attributed to the slowdown in the economy in 2008.   The number of sales declined by 12%.  The state of the Halifax Condo market is looking good for the future, there are a lot of new builds coming on board and it should be an exciting time.  City planners are looking to get another twenty five thousand people into the downtown core to reduce traffic congestion and increase the vibrancy of the downtown area.

If you would like more information on any Condo project in Halifax.  I can be reached at 488-0012 or email me.

Related Articles

- Halifax Real Estate Market Year in Review 2008

- Halifax Condo Outlook

Andrew Perkins

Your Halifax Real Estate Expert