Halifax Condo Market Update 1st Quarter 2013
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
1st Quarter review
The first quarter in the Halifax Real Estate Condo Market was very similar to single family home sales. The average price continues to increase, however the number of sales continue to drop. We saw average price increase by 10% in the 1st quarter and the number of sales decreased by 41% . This can be attributed to 2 main reasons. 1) The federal government changing of the mortgage rules to a shorter amortization and 2) with the announcement of the shipbuilding contract for Halifax last year, there was a lot of speculation and the market picked up substantially with buyers eager to pick up properties especially on the peninsula of Halifax. The condo market is currently in a buyers market with 36 weeks of inventory.
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