Halifax’s Condo Real Estate Specialists

HALIFAX CONDO MARKET UPDATE – 1st Quarter 2013

Posted on Apr 09, 2013

Halifax Condo Market Update 1st Quarter 2013

Halifax Real Estate Market Update, 1st Quarter 2013, Average Price

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

Halifax Real Estate Market Update, 1st Quarter 2013, Number of Sales

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.

If you would like more information on the Halifax Condo market you can always contact us. info@condo-company.ca

-Andrew