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HALIFAX, October 12, 2017 – The aggregate price of a home in Halifax increased 5.5 per cent year-over-year in the third quarter of 2017 rising to $320,405, according to the Royal LePage House Price Survey on Residential Housing Stats released today.
When broken out by housing type, the median price of a standard two-storey home rose by 6.2 per cent year-over-year to $340,204 in the third quarter, while the median price of a bungalow increased by 8.0 per cent year-over-year to $274,861. During the same period, the median price of a condominium decreased 9.2 per cent year-over-year to $286,294.
“Halifax is in a balanced market,” said Matt Honsberger, managing associate broker, Royal LePage Atlantic. “We are seeing demand from first-time buyers who were hoping prices would return to the lower levels seen in previous years jump into the market. As a result, inventory is down about 15 per cent compared to last year and most notably in entry level homes.”
Honsberger noted that in the third quarter of last year, there were considerably more higher-end condo sales. The decrease in condominium prices is skewed by fewer higher-end condos sold this quarter.
“Our improved economy and good affordability makes buying in Halifax an attractive choice,” continued Honsberger. “However, we are seeing uncertainty caused by the federal government’s proposed tax changes having a dampening effect on the market as small business owners and their employees wait to see how they will be affected.”
Honsberger added there is an increase in foreign buyer interest especially from the United States although not at the same heightened level as 2006. There is also increased interest from Asian buyers in the region.