Home Prices in Halifax

The aggregate price of a home in Halifax remained steady in the fourth quarter of 2015, rising 2.2 per cent to $305,688.  When broken out by housing type, the median price of a condominium increased 4.8 per cent year-over-year to $300,184.

 

During the same period, the median price of a two-storey home rose 2.6 per cent to $346,435.  

 

Bungalows remained relatively flat, rising 0.2 per cent year-over-year to $236,503.

 

"Higher inventory in Halifax is helping to create a buyer's market" and job creation in 2015 should lead to stronger unit sales in 2016. "Increased migration to the Halifax area will help home prices in the year ahead"

 

Looking ahead to 2016, a forecast of a year-over-year price increase of 2.5 per cent for homes in the Halifax region.

 

Nationally, Canada's residential real estate market showed strong growth in the fourth quarter of 2015, led by hot Vancouver and Toronto markets. Looking forward to 2016, We can expect continued price increases in most markets, but not at the pace that has been the recent norm. Instead, the national real estate market is expected to slow later this year, principally due to the effects of a dampened economy in Western Canada and eroding affordability in Toronto and Vancouver.

 

The price of a home in Canada increased 6.5 per cent year-over-year to $500,688 in the fourth quarter. 

The price of a two-storey home rose 7.7 per cent year-over-year to $610,134 , and the price of a bungalow increased 5.4 per cent to $420,082 . 

During the same period, the price of a condominium increased 3.1 per cent to $341,448 .

 

Looking ahead to 2016, A forecast that the median price of a home in Canada will increase at 4.1 per cent for the full year when compared to 2015.

 

The frenetic pace of our country's largest housing markets should moderate throughout the year ahead.

 

While most of the country will continue to see house value appreciation in 2016, we expect that the pace of price increases in the Greater Vancouver and the Greater Toronto Areas – where real estate appreciation has significantly outpaced job and wage growth –  will settle to a more sustainable, single-digit price increase trajectory.”

 

In 2016, expect the price of residential real estate in Canada to be more heavily influenced by macroeconomic factors than by housing-specific variables such as tighter regulation in the mortgage industry. 

 

The Bank of Canada is expected to keep its overnight rate steady through the all-important spring market, extending the prolonged period of exceptionally low borrowing rates. While the new Federal Minister of Finance kicked off his appointment with a hike to 10% in the minimum down payment required for the portion of mortgage insurance over $500,000, expects this change to have a marginal effect on the overall market.

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