Halifax real estate continues to thrive; low inventory drives price appreciation

Strong economy, welcoming culture cited as draws for home buyers

HALIFAX, October 10, 2019 – The aggregate price of a home in Halifax rose 1.6 per cent yearover-year to $328,690 in the third quarter of 2019, according to the Royal LePage House Price Survey released today.

The median price of a two-storey home increased 2.5 per cent year-over-year to $349,159, while the median price of a bungalow rose 0.3 per cent year-over-year to $274,321. During the same period, the median price of a condominium decreased 3.2 per cent year-over-year to $320,962.

“Halifax has seen the best year in real estate out of the past couple decades,” said Marc Doucet, broker of record, Royal LePage Atlantic. “Low inventory was the only factor that slowed sales as buyers wait on more listings to become available.”

Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggregate price of a home in Halifax will rise 3.7 per cent year-over-year to $330,333, which is a 0.5 per cent increase compared to the third quarter of 2019.

“Our province is appealing to Canadians from across the country, partly because the economy is not as dependent upon oil or manufacturing,” said Doucet. “A lot of new Canadians are seeing the affordability of Halifax and the welcoming spirit of Maritimers as a draw when looking for a new place to start up. A number of newcomers are starting their own businesses locally.”

Nationally, the aggregate price of a home in Canada has continued to post steady year-over-year gains during the third quarter of 2019 as the real estate market sustained its recovery from the significant downturn of 2018 and early 2019, following the introduction of the federal mortgage stress test.

The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the median price of a home in Canada increased 1.4 per cent year-over-year to $630,335 in the third quarter of 2019. Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggregate price of a home in Canada will rise 1.5 per cent year-over-year to $632,226, which is a 0.3 per cent increase compared to the third quarter of 2019. The 2019 fourth quarter forecast is dependent on consistent economic conditions and no new housing policy changes.

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See The Full Report Here: https://www.royallepage.ca/en/realestate/news/royal-lepage-ceo-urges-caution-with-election-promises-aimed-at-stimulating-housing-demand-that-lack-concrete-plans-to-address-supply-shortages/

See the Halifax Region Report Here: https://docs.rlpnetwork.com/HousePriceSurvey/RegionalUpdates/2019/Q3/Halifax_RoyalLePage_House_Price_Survey_Q3_2019_EN.pdf

Courtesy of Royal LePage Canada’s Q2 2019 Royal LePage House Price Survey and Market Forecast
Learn more: www.royallepage.ca