November Newsletter

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Discover the latest trends in Halifax’s real estate market for October 2024.

As we close out October, it’s clear that Halifax’s real estate market is in an interesting phase, marked by notable shifts in home sales, pricing trends, and buyer behavior. September’s low sales numbers set a cautionary tone, and October followed with similar market dynamics. Below, we’ll explore the data in detail, highlighting key shifts, pricing trends, and what this might mean for Halifax home sellers and buyers alike

Halifax Home Sales: October Shows Slight Recovery After September’s Decline

The real estate market in Halifax took a noticeable dip in September, with only 386 inglefamily homes sold, the lowest number since March, which saw 296 transactions October saw a small recovery, with 386 homes sold, slightly up from September yet lower than the 394 units sold in August. This consistent decrease may signal a cooling trend in the market, especially as we enter the colder months, traditionally a slower period for real estate.

PriceDrops:SellersAdjustPricingtoMeetMarketDemand

Oneofthemostsignificanttrendsemergingthisfallisthesharpincreaseinprice reductionsamongsellerslookingtosecuredeals.SinceAugust,theaverageprice decreaseforsingle-familyhomeshasescalatedfrom$41,914to$52,623inOctober.This adjustmentrepresentsthehighestdroprecordedin2024.Ofthe386homessold,224 weresoldbelowaskingprice,withanaveragereductionof$52,623.Thesenumbers revealthatsellersareadjustingtheirexpectationstoalignwithbuyers’tighterbudgets andmorecautiousspending.

Impact of U.S. Tariffs on Canadian Real Estate

The potential imposition of a 10% tariff on Canadian goods and services by the United States would create profound and far-reaching consequences on the economy. While much of the focus often lands on the immediate impacts to manufacturing, agriculture, and consumer goods, it’s crucial to consider how a tariff could indirectly, yet significantly, affect the Canadian real estate market With housing affordability, property values, interest rates, and cross-border investment flows all interconnected, this tariff has the potential to ripple through the real estate sector in multiple, complex ways.

Halifax Condo Debate: Are New Developments Meeting Local Needs?

The Nova Scotian housing market has become a topic o intense debate as we approach the next provincial election Claudia Chender, the latest candidate running for Premier o Nova Scotia, has expressed her strong criticism of the Conservative-led government’s approach to the housing crisis Chender has openly accused both the Houston government and the previous Liberal administration of “doing nothing to address skyrocketing housing costs,” a remark that has quickly made headlines and stirred the pot for loca homeowners, developers, and real estate professionals alike

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Thesestatisticsareforsingle-familyhomes, newlyconstructed. 15Buildersaretracked.

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