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House Prices In Halifax Post Healthy Gains

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Tags: halifax home price survey, halifax house prices

The Royal LePage House Price Survey showed healthy year-over-year price appreciation across all housing types surveyed in Halifax.

The average price of detached bungalows in Halifax increased by 5.6 per cent to $269,000 over the third quarter of last year, while the average price for standard two-storey homes was up 4.5 per cent to $300,000. Standard condominiums had the largest year-over-year average price gains, with an increase of 10.4 per cent to $193,500.

“Overall, inventory is up slightly and we are seeing healthy market activity,” states Matt Honsberger, broker of Royal LePage Atlantic. “Although we do see many first-time buyers and those looking at higher-end homes, the typical buyer at the moment is someone looking at mid-range properties valued closely to the average house price.”

To clarify the strong price appreciation for condominiums, Honsberger noted that the surge actually reflects more expensive waterfront units being sold this year compared to units sold last year.

Nationally, the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian economy.  Year-over-year gains appear deceptively strong in comparison to a weak third quarter of 2010.

“The strength in Canada’s national housing market conceals signs of predictable softening in some regions,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded.”

In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to $239,300.

“To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year’s weakest period,” continued Soper.

About the Royal LePage House Price Survey

The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast.  This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country.  A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the third quarter 2011. A printable version of the third quarter 2011 survey will be available online on November 4^th, 2011.

Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.

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