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Halifax Housing Market Experiencing Slowdown

A Halifax-based realtor reports that the city is witnessing a housing market slowdown, similar to other parts of Canada. Mark Stein, the owner of Priority One Real Estate, states that homes are now staying on the market for 10 days or even two weeks, which is quite unusual compared to the previous trend of properties selling within just four days. Consequently, home prices are softening as sellers realize that they may have overpriced their properties.

Halifax housing market

Buyers Benefit from Reduced Prices

As prices are being reduced, buyers no longer have to bid tens of thousands of dollars above the asking price. Stein believes that the downward trend is not due to the holiday cooldown, which typically begins in mid-December. Instead, he points out that the high cost of food, rent, and fuel is affecting everyone’s budget, leaving potential home buyers with less money to spend.

On November 22, 2023, TD Bank released a report warning of a potential 10% drop in Canadian home prices due to weaknesses in Ontario and British Columbia housing markets. However, this is not expected to occur in the Maritimes, where strong population growth is being observed.

Maritime Markets Remain Tight

TD economist Rishi Sondhi explains that markets in Nova Scotia and New Brunswick continue to be tight, with conditions largely favoring sellers. This is in contrast to Ontario and British Columbia, where conditions are mainly favoring buyers.

Meanwhile, the New Brunswick Real Estate Association has found that sales are holding steady, with an 11% increase in October compared to the previous year. However, trends vary across the province, with Saint John experiencing a slower year and Moncton seeing an 11% increase.

Stein advises patience for both buyers and sellers in the coming months as the market continues to shift.

Orginal article: Link To Article – provided by Kansas City Realtors