Halifax
Low interest rates, domestic and international demand and oceanfront views are creating a ‘perfect storm’ seller’s market.
Market Overview Halifax’s low inventory, coupled with its position as a
were being listed again by mid-month. Despite home
destination for entrepreneurial millennials and international
sales decreasing by 47.3 per cent year-over-year and
buyers has positioned it as an up-and-coming Canadian
residential listings dropping 42.1 per cent year-over-year,
“market to watch.”
prices did not.12 Short supply combined with buyer
The year began with an active first quarter compared to last year. Fewer days on market, multiple offer situations and price increases were typical conditions in the first and second quarters, even amidst the COVID-19 pandemic. Halifax closed the second quarter holding its position as a strong seller’s market with sustained buyer demand from
demand contributed to a sharp 9.3 per cent price increase in May 2020. The average residential home price reached $359,958.13 A popular area with homes priced under $1 million dollars is the North End, a bustling, vibrant community with an entrepreneurial spirit attracting locals and newcomers.
locals within the province. June reported a significant
Supply
increase of 10.4 per cent in home sales compared to last
pandemic, even as lockdown restrictions eased. Engel &
year, setting a new sales record for the province.10
Völkers data shows within the price segment $1 million
Halifax’s spring season started off strong with active buyers and sellers. However, as COVID-19 restrictions set in, mid-April experienced an abrupt stop in new inventory that
sustained
for
three
weeks.
Within
the
Halifax-Dartmouth region, April showed a 47.2 per cent drop in home sales year-over-year.11
remained
consistently
low
throughout
the
and below, active listings of condominiums increased from 153 in April to 156 in June. For detached single-family houses priced below $1 million, active listings increased from 1,121 in April to 1,304 in June. The market saw an uptick in new listings matched by high absorption rates. Housing inventory remained relatively low compared to last year, especially in the core Halifax peninsula. This
As COVID-19 stretched into May and consumers became
trend continued through the end of Q2, seeing the sales
accustomed to changes in market conditions, properties
to listings ratio get even tighter due to increased demand, from 98.77 per cent in April to 100.57 per cent in June.
10
Nova Scotia Association of Realtors, June 2020
11
Nova Scotia Association of Realtors, April 2020
12
Nova Scotia Association of Realtors, May 2020
13
Nova Scotia Association of Realtors, May 2020
13
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
13
