Halifax’s Condo Real Estate Specialists

December 2012

Condo Declaration Posted on Dec 12, 2012

A condo’s declaration is the basic document that defines the legal agreement between the condo corporation and the individual condo owners. The declaration should provide a definition of the building’s shared spaces, individual unit’s boundaries, as well as the portion of the common expenses are owed by a given unit. The amount paid to common expenses may vary from unit to unit depending on size or placement in the building. The portion of the common expenses paid by the condo owner will make up a part of the monthly condo fee. The declaration also lays out any restrictions there may be on use of the building and use of the individual units such as whether tenants can have pets etc.
Declarations are different from building to building and are written in legalese, which can sometimes be a challenge, we always recommend that you have a lawyer take a look at them before committing to a building that may not be right for you.

-Chris

Halifax Condo Market Update – November 2012 Posted on Dec 05, 2012

Halifax condo market update – November 2012.  The data below is based on MLS® statistics for area 1-40 which encompass all of HRM

Figure 1 – All data based on MLS® statistics for areas 1 – 40 which encompass all of HRM

Figure 2 – All data based on MLS® statistics for areas 1 – 40 which encompass all of HRM

Overview

Average Price – Average price for a condo in Halifax increased by 3.3% compared to November of 2011.

Number of Sales – The number of condo sales in HRM were down by 50% compared to November 2011. This big decrease can be attributed to the announcement of the ship building contract for Halifax.  There was a lot of speculation of how the market would respond to this announcement.  We saw a huge increase in condo sales during this time.

Be sure to check back monthly for Halifax condo market updates.