Halifax prices boosted by multi-family activity

by Ephraim Vecina14 Apr 2019

Halifax home prices enjoyed modest growth during Q1 2019, according to the latest Royal LePage House Price Survey released earlier this month.

The aggregate price of a home in the market went up by a respectable 1.6% year-over-year during the first quarter of the year, reaching $318,733. Going into the second quarter, this aggregate price is expected to expand by a further 1.2% to end up at $322,667.

Much of this could be attributed to the multi-family sector. The value of Halifax bungalows increased by 2.6% annually to $266,078, while condos enjoyed an even greater 2.9% growth to $362,397.

Meanwhile, two-storey homes in the market had a 1.2% year-over-year rise to reach $333,307.

“Activity remains steady with modest price increases,” Royal LePage Atlantic broker of record Marc Doucet said. “Our excellent selection of affordable properties continues to attract the attention of both interprovincial and foreign buyers.”

“Halifax is still very much a seller’s market. We expect a busy spring with more showings and a decrease in inventory. Though a number of apartment-style units are scheduled to be built, most are poised to be rentals.”

The city’s home sales might get propelled by the federal government’s recently announced incentives for first-time buyers, according to Doucet.

“Unlike cities in Canada where the shared mortgage plan won’t enable people to make a down payment, you can find a good selection of listings lower than the proposed lending cap,” he explained.

“We’ll have to wait and see, but if enacted, it would be a good thing for first-time buyers.”

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