This week on Market Watch Wednesday I am taking a look at the stats for the Downtown Halifax Condo market year to date. Price has increased at a good pace however sales are down.
If you would like more information on the Downtown Halifax Condo market you can always contact me by email andrew@halifaxrealestateguy.com or call 902-488-0012
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Mike,
What is the median price for a condo in Halifax? I don’t expect Canadians feel their market will dip like the US market as the banking rules are much better as far as keeping the market healthy?
I reported the condo sales (3rd quarter) were down an additional
8 % over last year in my latest blog. That’s a total of 38% slower than usual!
I’m not sure whats fueling the drop in sales, but pricing had better be right on for the 4th quarter or else the inventory will climb!
Hi Paul,
I think there are a couple of factors that is affecting the market right now;
1) the market was so hot in the first half of the year it had to slow down at some point
2) all the negative publicity surrounding the Real Estate market across Canada is making buyers hesitate about getting into the market. I think the 4th quarter we will see the market pick up again, especially with the mortgage rates staying low
I agree if we don’t see more sales in the 4th quarter inventory will rise and we will be in an even stronger buyers market then we are now.
Thanks for the comment
Andrew