Halifax real estate
The general economy is Nova Scotia is expected to contract by One percent last year and that is effecting the housing marketplace in the Halifax area. It is expected to recover moderately this year but development of about 1 percent but we have been in a greater position economically than most other regions in Canada as well as the world. We've avoided the peaks and dips that these other locations have observed both economically with our Real Estate Market. The Halifax Area has been relying on an increasing number of people migrating towards the city from rural areas and using their company countries. It has reduced the stress around the recently tight labour market. We percieve a record quantity of employed folks the Halifax Regional Municipality. It has an average 209,000 people employed in Halifax and through the initial A few months there was an average of 213,000.
halifax real estate
Record employment and low interest will continue interest in housing
Despite coming off record amounts of employment in 2008, near record levels on employment in HRM in conjunction with small interest levels continue the interest in housing inside the Halifax-Area. Economic uncertainty will offset this and also the result will be lower demand for both resale and new construction in Halifax than in 2008.
More affordable homes are more sought after
Consumers have now use less expensive homes due to the economical uncertainty. In the Three months of 2008, 54 percent of latest single-detached homes sales averages a lot more than $300,000 in price. This percentage share has dropped to 47% inside the first 3 months of 2009 even though the average sale price of a resale home has risen inside the same period. This trend is expected to continue and can result in a negative effect on the average sale expense of homes in the Halifax Regional Municipality.
Halifax New Home Construction
Existing home sales to say no further in HRM
There is an 11 percent drop in the quantity of MLS sales in 2008 when compared with 2007. Most of this was within the 4th quarter of 2008 with seasonally adjusted sales being off by 26 % that is comparable to the quantity sales dropped inside the first quarter of 2009 when compared to first quarter of 2008. While the economy in Halifax is steady the unhealthy news from other areas of the planet and the uncertainty causes reduced interest in homes, both new and resale. Therefore, the quantity of resale homes in the Halifax Regional Municipality are anticipated to lower by another 11 percent through out 2009. They may be expected to recover in 2010 by 7%.
halifax real estate