Predictions for the Halifax Real Estate Market 2009

The New Year is upon us and who knows what is in store for 2009. 2008 was a tough year on everybody. With all the doom and gloom in the financial industry it is safe to assume that in 2009 we may be in for a rough ride here in Canada. Hot Real Estate markets like Calgary, Vancouver, and Fort Mac Murray have seen a drastic decline in the number of sales and prices have tumbled.

What is in store for us in the Halifax Real Estate market? In my professional opinion I think Halifax is positioned nicely to not feel the sting of this so called recession we are in. Last year we saw a 6.5% increase in average price and this year TD financial fore casted another rise in price but only by 2%. This is a modest increase but it is still an increase unlike other markets in Canada or the United States where the average price has gone down in some places by more than 50%.

I see the first half of 2009 being a buyer’s market, right now we are seeing record volumes of inventory and days on market has increased. Combine those two and there are deals to be had. Interest rates are getting close to an all time low which will help more buyers get into their next home.

If you are looking to buy a home this year make sure you get a Realtor to represent you in the transaction, it could be worth thousands of dollars in your pocket. A strong agent who understands this market is going to get you a better bang for your buck.

In the next few months look for new changes to my blog. In the meantime if you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas you can email me.

 

Andrew Perkins

Your Halifax Real Estate Expert