Halifax Condo Market Update – May 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.
The trend we had in the first quarter has continued for the month of May in the Halifax Condo Market. Average price continues to increase, this month at a rate of 6.5% over May 2012, while sales continue to decline by 28% over 2012. This is consistent with the Halifax single family home real estate market as a whole. The drop of sales can be attributed to tightening mortgage rules by the federal government in 2013 and also with the announcement of the ship-building contract for Halifax in late 2011 there was a rush in the market spiking sales for early 2012. In May 2010 there were 72 sales, in May 2011 there were 68 sales, 2012 there were 81 sales and now in 2013 we find 58 sales. Based on these numbers the market is not as dire as some media outlets tend to make it out to be.