INSIDE:
Understanding New Construction Sales
The Market... the way I see it
What is Selling and Where is it Selling? MARCH 2024
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Navigating Halifax’s SPRING 2024
Real Estate Market
IsnowagoodtimetosellinHalifax? Absolutely!Despitemarketadjustments, Halifaxremainsfavourableforsellers, withstrongdemandandopportunities forfavourableoutcomes.
Arethereopportunitiesforfirst-time homebuyersinHalifax?Certainly!With asignificantportionofinventorypriced below$499k,first-timebuyershave ampleopportunitiestoenterthemarket.
LocalMarketDynamics:One notableaspectoftheHalifaxreal estatesceneisthestrongpresence oflocalbuyers.Ourteam's
Howcansellersadapttothecurrent marketconditions?Sellerscanadapt bypricingtheirpropertiesrealistically, enhancingtheirappealthrough staging,andutilizingprofessional marketingservices.
Whatfactorscontributetothe slowdowninluxuryhomepurchases? Fluctuationsininterestratesplaya significantroleinslowingluxuryhome purchases,influencingbuyerdecisions inthissegment.
WhatsetsHalifax'srealestatemarket apartfromotherregions?Halifax's marketdynamics,includingstronglocal buyerpresenceanddiverseprice ranges,distinguishitasauniqueand vibrantrealestatedestination.
Arethereadvantagestosellingnow comparedtothepre-COVIDmarket? Despitechallenges,sellingnowoffers advantagesoverthepre-COVIDera, withsellersstillachievingfavourable outcomesamidstchangingmarket conditions.
Listed Sold PriceDrops 0 50 100 150 200 250 300 350 SingleFamilyHomeSalesinFeb2024 Overviewofthemarket:InHalifax, therealestatemarketisvibrantand dynamic,contrarytopopularbelief. year-to-date,649homeshavebeen listed,withanimpressive471already sold,indicatingarobustmarket withsignificantactivity.
experienceechoesthistrend,with themajorityoftransactions involvinglocalresidents O N T H E B L O G BLOG 309 193 105 MARCH2024 Interesting Times
Ahead
FLIPPING A HOUSE
What are the tax implications?
WhatisaFlippedProperty?
A“flippedproperty”ofataxpayerisahousingunitlocated inCanada,thatisnotalreadyconsideredtobeinventoryofthe taxpayerANDwasownedbythetaxpayerforlessthan365 consecutivedayspriortothedisposition(12-monthholdingperiod)
UNLESSthedispositioncanreasonablybeconsideredtooccurdueto, orinanticipationofoneofthefollowinglifeevents:
Thedeathofthetaxpayerora personrelatedtothetaxpayer.
Arelatedpersonjoiningthe taxpayer’shouseholdorthe taxpayerjoiningarelatedperson’s household(e.g.,birthofachild, adoption,careofanelderlyparent).
Thebreakdownofamarriageor common-lawpartnershipofthe taxpayer,wherethetaxpayerhas beenlivingseparateandapartfrom theirspouseorcommon-law partnerforatleast90dayspriorto thedisposition.
Athreattothepersonalsafetyof thetaxpayerorarelatedperson (e.g.,thethreatofdomestic violence).
Thetaxpayerorarelatedpersonis sufferingfromaseriousdisabilityor illness.
Aninvoluntaryterminationofthe employmentofthetaxpayerorthe taxpayer’sspouseorcommon-law partner.
Aneligiblerelocationofthe taxpayerorthetaxpayer’sspouse orcommon-lawpartner(e.g., generally,arelocationthatenables thetaxpayertocarryonbusiness, beemployedorattendfull-time post-secondaryeducation).
Theinsolvencyofthetaxpayer(e.g., duetoanaccumulationofdebts). Thedestructionorexpropriationof theproperty(e.g.,wherethe propertyisdestroyedduetoa naturalorman-madedisaster).
InthecaseofaTAXPAYER whoOWNSarighttoacquire ahousingunitlocatedin Canada,the12-month holdingperiodRESETSonce thetaxpayerwhoentered intoapurchaseandsale agreementSECURES ownershipoftheproperty.
FEBRUARY2024 LISTED SOLD 0 50 100 150 200 250 300 350 LISTEDWHAT SOLDWHAT Jan.&Feb.2024 NSARStatsforYHTDFebruarySIngleFamilyHomesSales 73%ofourinventoryisSELLING SOLD Jan. Listings Feb. Listings SOLD 193 2 7 8 3 4 0 3 0 9
www.thepikegroup.ca FEBRUARY2024 AVERAGEPRICE Jan FebMarch April MayJune July AugSept Oct Nov Dec $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 AVERAGE HOMESELLING PRICES YTD STATS 41%ofsinglefamilyhomesalesYTD werepricedfrom$500k-$699k NSARStatsforYTDFeb.SIngleFamilyHomesSales
What Price Point is Popular for Single Family Homes
Is the Luxury Market slowing down because of bank rates?
0 20 40 60 80 100 120 Under$299k $300-$399 $400-$499 $500-$599 $600-$699 $700-$799 $800-$899 $900-$999 1Million+ 2Million+ FEBRUARY2024
PRICEPOINT
NSARStatsforYTDFEB.SIngleFamilyHomesSales slowingdownbuyersunder$699RATESARENOT 40% of homes SOLD under $499,000
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NumberofHomesSOLD
Is the price point dictating days on the market?
Isittheaveragepriceofahomethatmakesitsellquicker?
January,theaveragepricewas
FEBRUARY2024 #UnitsSOLD TIMEONMARKET Jan FebMarch April May June July Aug Sept Oct Nov Dec 0 50 100 150 200 250 300
$608k
NSARStatsYTDFen SIngleFamilyHomesSales
whilleFebruaryitwas$560k
TIMEontheMarket
0 10 B.L.T EastHants Sackville BeaverBank Bedford FEBRUARY2024 The TOP5AREAS selling inHRM WHEREare theSALES? NSA Asinglefamilyhome onHelmsmanCourt $1,400,000 HighestSelling House inFeb
$ $200k+ $100k+ FEBRUARY2024 ARETHERESTILL COMPETITIVEOFFERS OUTTH $ HighestResale OVERA 0 Sold BELOWasking NSARFEBSTATS SIngleFamilyHomes PRICE DROP AVERAGE finallySOLDahouse inBedford APriceDropof $433,000 That’sa DROPof:
$466
0 20 40 60 80 100 120 140 Listed Sold PriceDrop DaystoSell
,320 CONDO AverageSellingPrice
FEBRUARY2024
SELLING in HRM 2024 NSARStatsforYTDFEBSTATS
61%ofinventoryisSelling
CONDOS
Condosarejust aspopularas singlefamily homes!
$727,906 REAL TALK 75 Homes SOLD $715,900 Feb.AverageCOSTofaNewHome UNDERSTANDING SALESOFNEW CONSTRUCTION Basedon25BUILDERSrecordedonMLS Our Halifax Market 2024 Most EXpensive Builds -Cost & LocationBedford West 1,207,151$
299MarketwayLane 3Beds 4Baths 2913OstreaLakeRoad 4Beds 3Baths VaultedCeilings! 89TuscanyRun 4Beds 3Baths 5Beds 4Baths 4Beds 25Baths CustomDesigned Lot20AngelCourt 3Beds 4Baths C 3 3Beds 4Baths 4Beds 3Baths M 2 4 $785,000 $699,000 $799,000 $750,000 $599,900 $950,000 $1,050,000 $799,900 $999,000 $769,000 $649,900 Haveyourmortgagepaid! 100DartmouthRd. 3Beds 2Baths $519,000 Listings Clickthelinkformore propertyphotos&info
Updated-Modern/Elegant 406-41MoirsMillRoad 2Beds 1Bath $499,000 $319,000
$319,000 2Beds 2Baths $499,900 Listings Clickthelinkformore propertyphotos&info HaveyourlistingseenHERE!
3Beds 1Bath