This page is designed to keep you up-to-date with house prices in Nova Scotia.
26 Feb 2010
CREA reports the average price for existing homes and properties in Halifax sold through the Multiple Listing Service®. January 2010 $241,968 compared to January 2009 $242,861.
The average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. January 2010 $194,301 compared to January 2009 $179,340.
16 Feb 2010
Latest government report on the Canadian housing market can be read
here.
They are making some changes to the finance mortgage measures to ensure a safe environment.
8 Feb 2010
CMHC reports January housing starts
here.
23 Jan 2010
CREA reports the average price for existing homes and properties in Halifax sold through the Multiple Listing Service®. December 2009 $246,380 compared to December 2008 $234,063.
The average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. December 2009 $200,194 compared to December 2008 $182,638.
24 Dec 2009
CREA reports the average price for existing homes and properties in Halifax sold through the Multiple Listing Service®. November 2009 $239,514 compared to November 2008 $239,438.
The average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. November 2009 $195,493 compared to November 2008 $185,020.
19 Nov 2009
CREA reports the average price for existing homes and properties in Halifax sold through the Multiple Listing Service®. October 2009 $235,465 compared to October 2008 $224,607.
The average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. October 2009 $189,570 compared to October 2008 $175,490.
23 Oct 2009
CREA reports the average price for existing homes and properties in Halifax sold through the Multiple Listing Service®. September 2009 $234,150 compared to September 2008 $239,740.
16 Sep 2009
CREA reports the average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. August 2009 $231,203 compared to August 2008 $222,180.
19 Aug 2009
CREA reports the average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. July 2009 $243,525 compared to July 2008 $236,514.
14 Aug 2009
Best July on record says CREA report read here.
When you drill down to the Halifax market you find for July '09 Year over Year, Average prices were $243525 up 3%, New Listing up 3.5%, Unit Sales down 3.5%.
Comparing July '09 Year to Date, Average prices were $240947 up 3.5%, New Listing down 1.3%, Unit Sales down 15.7%.
1 Aug 2009
Latest report from CMHC Second Quarter 2009.
Resales: MLS® sales in Nova Scotia were down 22.4 per cent in the first
quarter of 2009 and will improve somewhat to finish the year 17 per
cent lower than 2008, with 9,000 sales. Upside potential in the
forecast exists due to the fact that interest rates are at historic lows
and buyer market conditions exist throughout most of the province.
As economic growth begins to improve towards the end of 2009 and into
2010, existing home sales are expected to increase by just over five per cent
in 2010 to approximately 9,500.
Prices: Weaker sales will result in more subdued price growth
compared to previous years. The average price is expected to remain
basically unchanged in 2009 at $190,000 increasing to
approximately $195,000 in 2010.
17 July 2009
CREA reports the average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. June 2009 $240,093 compared to June 2008 $235,312 up compared to last year but down just over 3% compared to May's average of $248,209 '09 $243,692 '08 figures.
14 July 2009
MLS® home sales rebound in the second quarter.
OTTAWA – July 14th, 2009 – National resale housing market activity bounced back strongly in the second quarter of 2009.
According to statistics released by The Canadian Real Estate Association (CREA), actual (not seasonally adjusted) home sales, via the Multiple Listing Service® (MLS®) of Canadian real estate boards, totaled 147,351 units in the second quarter of 2009 – the fourth strongest quarterly sales figure ever.
This is on par with the record for the month of June set in 2007 and is the fourth highest level for activity in any month on record.
“Potential buyers who moved to the sidelines late last year when economic uncertainty peaked are returning to the housing market now that the worst of the recession may be behind us,” said Dale Ripplinger, President of The Canadian Real Estate Association.
The supply of homes coming onto the MLS® market continued retreating in second quarter down 16.9 per cent from the previous quarter the lowest level since the fourth quarter of 2005.
Nationally, the number of months of inventory was 4.2 months in June 2009. This is the lowest level since August 2007, and well down from the recessionary peak of 12.8 months in January 2009. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
“Low interest rates have improved the affordability of homeownership.” said CREA Chief Economist Gregory Klump. “Housing markets where negotiations recently favoured the buyer have become more balanced and the stage is being set for modest price appreciation as inventories are drawn down by sales.”
Although this is a National picture it reflects well for the Nova Scotian market. As stated above it is more a balanced than buyers market, which makes it all the more important for sellers to price their property to sell and for buyers to avoid low-ball offers and risk missing the house they want.
23 June 2009
CREA reports the average price for existing homes and properties in Nova Scotia sold through the Multiple Listing Service®. May 2009 $248,209 compared to May 2008 $243,692
16 May 2009
MLS® home sales forecast revised May 14th 2009.
Source CREA.
A Spring housing market nationally that was more active than anticipated has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association for the rest of 2009, and for 2010.
The revision reflects recently downgraded forecasts for economic growth next year and the economic challeges going forward.
The number of resale units sold in the whole of Nova Scotia during 2008 was down 8.3% and is forecast to drop 17.2% for 2009 followed by a rise of 6.1% in 2010. This drop in supply will some what mitigate the downwards pressure on prices forecast below.
Average prices for resale houses in Nova Scotia which saw a 4.9% increase during 2008 and forecast to soften 0.7% during 2009 and then increase 0.5% for 2010.
These figures are broad averages and individual properties will react differently depending on price band and sub-markets.
1 May 2009
First Quarter 2009 MLS Sales Trends. Source CMHC.
Number of sales in the existing housing market were down 26.4% in the first quarter 2009 compared to 2008. This figure is an average for the HRM and vary between the sub-markets.
Average prices in the existing housing market for the first quarter 2009 were up 3.3% compared to the same period 2008.
24 Apr 2009
According to CREA stats based on MLS figures the latest average price for a resale house in Nova Scotia was $229548 for March 2009 compared to $226015 for March 2008.
12 Apr 2009
CMHC report 1st Quarter 2009.
According to the latest MLS Statistics sales will fall 12.6% in 2009 and a slight rebound of 3.7% in 2010. These numbers still have sales forecast above or near the ten year average.
Prices over the forecast period are expected to cool, rising by 0.6% for 2009 and 1.8% for 2010.
One of the major factors influencing the health of the housing market is employment. The forecast is for an increase in employment of 0.2% in 2009 and 0.8% in 2010.
18 Mar 2009
According to the latest MLS Statistics the average price of a home in Nova Scotia increased from $223,579 in February 2008, to $229,660 for February 2009. (Source CREA website.)
11 Mar 2009
January 2009
New House prices remain firm in Halifax according to the latest statcan report. See under.
http://www.statcan.gc.ca/daily-quotidien/090311/t090311c1-eng.htm
Again Atlantic Canada has held up well. Builders are trimming their output to match the reduced market demand keeping a balance and avoiding an overhang in supply inventory.
6 Mar 2009
HOME PURCHASE INTENTIONS REBOUND IN ATLANTIC CANADA, FINDS
RBC STUDY
Majority say it’s a buyer’s market
HALIFAX, March 4, 2009 – Homebuying intentions in Atlantic Canada have
jumped up over last year and have even surpassed 2007 levels, according to the
16th RBC Annual Homeownership Survey. The poll found that 25 per cent of
Atlantic Canadians said they were likely to purchase a home within the next two
years, up from 20 per cent in 2008 and 24 per cent in 2007.
The survey, conducted by Ipsos Reid, also found that a majority (58 per cent)
believe it is a buyer’s market right now. Given current housing prices and
economic conditions, most Atlantic Canadians (56 per cent) believe it makes
more sense to buy now, rather than wait until next year.
“We’re likely to see increased home buying activity in Atlantic Canada over the
next two years, with purchase intentions springing back from last year,” said
Craig Bannon, regional manager, Mortgage Development RBC. “The change in
sentiment may be due to more favourable mortgage rates and housing prices,
which have many in the region convinced it’s a buyer’s market.”
According to the survey, an overwhelming 84 per cent of those polled in Atlantic
Canada said that buying a home is a good or very good investment. On average,
homeowners in the region approximate the value of their home of their home at
$181,555. On average, they also estimate that the market value of their homes
increased 14 per cent over the last two years.
Among those who plan to purchase this year or next, 26 per cent said they will do
so because their current home doesn’t meet their needs, while 23 per cent cited
the need for a bigger home. Sixty-four per cent said they plan to purchase resale
and most (84 percent) will opt for a detached house.
13 Feb 2009
Home sales fall by 41 per cent
(source Globe and Mail.)
Bet that got your attention! That is what headlines are supposed to do. Some people go through life only reading headlines and planning their lives accordingly. Is this a good policy? Well if we read the full article and maybe talk to someone we trust who works in the industry we get a better perspective.
Average resale price of a home in Nova Scotia increased from $218,505 January 2008 to $242,861 January 2009. (source CREA.)
It is true that the number of resale units on the market and new build starts are down across Canada, including Nova Scotia. This decline is due to consumer confidence being eroded by job loss or the prospect of job loss. However, less supply and lower demand should help stabilize the resale housing market, creating balance and put a floor under prices. House sales can be expected to take slightly longer to complete due to extended negotiations between the two parties.
Looking forward CREA is forecasting an overall decrease in prices of 0.1% for all of 2009 and an overall increase in prices of 0.4% for all of 2010 for Nova Scotia.
We continue to be a province where our educated workforce and the quality of life is drawing in employers needed to support our economy.
20 Jan 2009
According to CREAstats residential unit sales for Nova Scotia in 2008 were down 8.3% However, residential average price for Nova Scotia in 2008 was up 4.9%
This indicates that we have moved from a sellers market, to a more balanced market here in the Maritimes.
It could be that people are put off from listing by the negative perception they encounter so anyone who lists now will find they don't have much competition and with less to choose from prices are holding up.
Those people that are looking are serious buyers but expect a fair price. With the bank rate cut again there are good deals on mortgages.
15 Jan 2009
CREA reported that the average home price in Halifax was $234063 Dec '08 compared to $209156 Dec '07 a 11.9% increase.
Although active listings in Nov were up 16% compared to Nov last year. The total value of sales in NS for Nov was down 32% compared to the same period last year.
16 Dec 2008
This CBC story gives a mixed picture of housing in Canada.
Read the full story here
http://www.cbc.ca/consumer/story/2008/11/14/f-realestatemap.html
According to figures released by CREA and Statistics Canada the number of sales are trending down in Nova Scotia 3.9% in 2008 and a further 2.2% for 2009.
However prices were up in Nova Scotia 4.7% in 2008 (which was the forecast earlier in the year so they tend to be accurate) and set to rise 2.6% in 2009
08 Dec 2008
RBC Report
For those of you that can't be bothered to wade through the charts I will summarise below but it is a good read and I encourage you to chew on this dry material.
http://www.rbccom/economics/market/pdf/house.pdf
Basically the Canadian housing market has turned down, some places worse than others. Starting late 2007 and then early 2008 up to date AB, BC, SC, ON all started to slide quite significantly but bear in mind this is nothing like the US or UK markets. Locally Halifax, St. John's and St. John are still on a mild uptrend. 2009 will see these markets revert to a balanced state or marginal decline.
None of this under estimates the serious nature of the global collapse. Here in Canada we had much stricter lending standards and more prudent banking regulations. This may prove our protection.
I was listening two weeks ago to probably the top real estate lawyer in the province and he described what happened to the housing market in previous recessions in this manner. He said that the markets just stopped dead. They didn't drop significantly but prices froze for a couple of years until it was over then started up again as if nothing had happened. I imagine that people would not be listing their houses in a market like that, which would decrease supply and tend to support the prices of those houses that were for sale. Well take that for what it's worth.
14 Nov 2008
CMHC 3rd qrt 2008.
Number of sales in HRM declined by 5% compared to the 3rd qrt. 2007. On a year to year basis they were down 7.3%
Bear in mind that 2007 was a stellar year and these figures represent the second highest sales level on record.
Average prices were up 6.7% for the year. This is encouraging considering the world economic situation and I hope it bodes well for the Maritimes.
14 Aug 2008
Good to know that our prices are still going up. The world economy is going into stagflation. Very difficult to predict with any certainty how governments will react to solve or deepen the problem. Read on.
http://www.globeinvestor.com/servlet/story/RTGAM.20080814.wmls0814/GIStory/
