12 Home prices on the rise in Hal­i­fax

Agency says in­ven­tory down for buy­ers while de­mand is up Hal­i­fax

Metro Canada (Halifax) - - NEWS - Yvette d’en­tremont metro | hal­i­fax

House prices are up in Hal­i­fax. The Royal Lepage House Price Sur­vey re­sults re­leased on Thurs­day showed home prices across the Hal­i­fax re­gion were up in the third quar­ter of 2017.

Bro­ken down, the num­bers show the ag­gre­gate price of a home in­creased 5.5 per cent to $320,405, while the me­dian price of a two-storey home in­creased 6.2 per cent to $340,204. The me­dian price of a bun­ga­low in­creased eight per cent to $274,861, and the me­dian price of a con­do­minium in­creased by 9.2 per cent to $286,294.

“Hal­i­fax is in a bal­anced mar­ket,” Matt Hons­berger, man­ag­ing as­so­ci­ate bro­ker, Royal Lepage At­lantic, said in a press re­lease.

“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 more higher-end condo sales. The de­crease in condo prices is skewed by fewer higher-end con­dos sold this quar­ter.

“Our im­proved econ­omy and good af­ford­abil­ity makes buy­ing in Hal­i­fax an at­trac­tive choice,” he said.

“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.”

Graeme roy/the Cana­dian Press

A real es­tate sold sign hangs in front of a Toronto prop­erty last fall.

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