CHANCE TO WIN A SERVICE REAL ESTATE LISTING*!!! HALIFAX REAL ESTATE STARTS HERE EVERY THURSDAY!6/28/2012
Halifax (HRM) Residential Market Statistic Update For Week of June 21st to June 28th 2012
New Listings: 488 (511, 507, 544, 513) Sold: 186 (206, 195, 183, 194) Sale to List Ratio: 38% (40%, 39%, 34%, 38%) Expired/Cancelled/Withdrawn: 81 (114, 87, 162, 130) Active Single Family Home: 2997 (2968, 2982, 2962, 2924) Average Single Family Home List Price: $292,136 ($290,506, $291,325, $271,865, $311,580) Average Single Family Home Selling Price: $284,278 ($284,057, $285,079, $265,392, $303,709) Average Days on Market Single Family Home: 69 (92, 79, 78, 73) Active Condos: 265 (267, 259, 261, 263) Average Condo Listing Price: $243,605 ($281,089, $276,180, $256,640, $246,963) Average Condo Selling Price: $233,500 ($265,200, $267,952, $226,373, $237,642) Average Days on Market Condos: 91 (101, 37, 80, 57) *Halifax/Dartmouth Absorption Rate (weeks): 25.5 (25, 25.5, 25.3, 22) Thats right! We are so close to finally tipping over the 3000 mark in single family home volume, I'm offering a free, full service listing if you list with me and your listing becomes 3000! Needless to say the inventory count this year, or lack thereof, has had a few people stumped with finding that "perfect fit" with available property. Combine the lack of availability with fast selling properties and ideal properties with over inflated listing prices, you get a bunch of frustrated, would be property buyers kicking the dirt. But have no fear buyers! With my listing contest I'm sure to poke some sellers out of the bushes and onto the market. Buyers, comment below on what area(s) and specifications you are looking for. Sellers, read the comments and contact me if you fit the description and would consider selling. Lets get this thing viral! tweet me, Facebook me, foursquare me (well that one doesn't really apply but you get my drift). Lets get the Halifax single family home inventory over 3000 for all you buyers out there!!! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst *All offerings are solely of Jeremiah Wallace and cannot be transferred, redeemed or validated by any member, employee or affiliate of his representing brokerage. Administration fee may apply. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of June 14th to June 21st 2012 New Listings: 511 (507, 544, 513, 520) Sold: 206 (195, 183, 194, 193) Sale to List Ratio: 40% (39%, 34%, 38%, 37%) Expired/Cancelled/Withdrawn: 114 (87, 162, 130, 104) Active Single Family Home: 2968 (2982, 2962, 2924, 2964) Average Single Family Home List Price: $290,506 ($291,325, $271,865, $311,580, $291,706) Average Single Family Home Selling Price: $284,057 ($285,079, $265,392, $303,709, $286,217) Average Days on Market Single Family Home: 92 (79, 78, 73, 76) Active Condos: 267 (259, 261, 263, 256) Average Condo Listing Price: $281,089 ($276,180, $256,640, $246,963, $256,963) Average Condo Selling Price: $265,200 ($267,952, $226,373, $237,642, $237,642) Average Days on Market Condos: 101 (37, 80, 57, 123) *Halifax/Dartmouth Absorption Rate (weeks): 25 (25.5, 25.3, 22, 25.5) Holy hot start to summer Batman! Another hot topic swirling around today is the changes being made to the Canadian mortgage. People are very hot and cold on this subject and it has caused some heated debates around the water cooler. I for one am of the opinion that if the government has to crack down on the bad debt "crisis" then they should do so on the bad sections of debt! car loans, credit cards, etc. Why crack down on a successful segment of our economy to "slow the boom" as they say, when they should be encouraging it? Sometimes I really scratch my head at the thought process behind these ideas. I have included the article below. Please leave your thoughts and how you think this is going to effect things here in Halifax, first time home buyers or even sellers in the marketplace. I have a feeling that a spike of activity may occur in the wake of this announcement... Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE Ottawa tightens mortgage rules to avert household debt crisis ![]() The changes, announced by Finance Minister Jim Flaherty, are the fourth time the government has reduced the maximum amortization period in the last four years. Harper Government Takes Further Action to Strengthen Canada’s Housing Market As part of the Government’s continuous efforts to strengthen Canada’s housing finance system, the Honourable Jim Flaherty, Minister of Finance, today announced further adjustments to the rules for government-backed insured mortgages. “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,” said Minister Flaherty. “The adjustments we are making today will help them realize their goals, build on the previous measures we have introduced to keep the housing market strong, and help to ensure households do not become overextended. As just one example, the reductions to the maximum amortization period since 2008 would save a typical Canadian family with a $350,000 mortgage about $150,000 in borrowing costs over the life of that mortgage.” The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent: * Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011. * Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes. * Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates. * Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million. “Investing in a home is a great way to save,” said Minister Flaherty. “That is the dream that mortgage insurance was intended to support. The measures we are taking today maintain that intended purpose.” Minister Flaherty said the new rules will take effect on July 9, 2012. Newest Blog post HERE HALIFAX STATS HERE! WEEKLY REAL ESTATE STATISTICS, MARKET UPDATES AND MORE! (EVERY THURSDAY)6/14/2012
New Listings: 507 (544, 513, 520, 563)
Sold: 195 (183, 194, 193, 199) Sale to List Ratio: 39% (34%, 38%, 37%, 35%) Expired/Cancelled/Withdrawn: 87 (162, 130, 104, 65) Active Single Family Home: 2982 (2962, 2924, 2964, 2950) Average Single Family Home List Price: $291,325 ($271,865, $311,580, $291,706, $296,277) Average Single Family Home Selling Price: $285,079 ($265,392, $303,709, $286,217, $288,607) Average Days on Market Single Family Home: 79 (78, 73, 76, 79) Active Condos: 259 (261, 263, 256, 252) Average Condo Listing Price: $276,180 ($256,640, $246,963, $256,963, $284,242) Average Condo Selling Price: $267,952 ($226,373, $237,642, $237,642, $280,175) Average Days on Market Condos: 37 (80, 57, 123, 84) *Halifax/Dartmouth Absorption Rate (weeks): 25.5 (25.3, 22, 25.5) Condos make a pretty impressive showing with the "days on market" statistic. 37 days on average from list to sold is an amazing feat to accomplish in any market! Granted only 18 condos sold last week but they sold REALLY FAST! Other then that little blip on the radar, the Halifax real estate market kept consistency with the last month in regards to performance. Buzz is starting to be generated around market activity and I can personally attest to the upswing in activity in the last couple of weeks. Now to see if market mood will remain consistent or become another false crest on the way to our market destination... Things are really heating up in the Halifax real estate market. If you have any questions about the current market conditions of your neighbourhood feel free to CONTACT ME at your convenience. Need real estate advice or a free home appraisal to see where you stand in the market? Click HERE to have your questions answered. And don't forget, if you are considering BUYING or SELLING your property, why not get the most advanced and cutting edge marketing system that was developed by yours truly. Follow me on Twitter to have instant Halifax real estate updates, friend me on Facebook and subscribe to my new "Halifax real estate chronicle daily edition" by clicking on the links in the right hand column! Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of May 31st to June 7th 2012 ![]() Jim Irving, right, CEO of Irving Shipbuilding, greets workers at the announcement that Halifax Shipyard is getting the $25 billion contract to build 21 Canadian combat ships, in Halifax on Oct. 19, 2011. (Andrew Vaughan / THE CANADIAN PRESS) New Listings: 544 (513, 520, 563, 632) Sold: 183 (194, 193, 199, 292) Sale to List Ratio: 34% (38%, 37%, 35%, 32%) Expired/Cancelled/Withdrawn: 162 (130, 104, 65, 69) Active Single Family Home: 2962 (2924, 2964, 2950, 2897) Average Single Family Home List Price: $271,865 ($311,580, $291,706, $296,277, $293,401) Average Single Family Home Selling Price: $265,392 ($303,709, $286,217, $288,607, $289,016) Average Days on Market Single Family Home: 78 (73, 76, 79, 60) Active Condos: 261 (263, 256, 252, 240) Average Condo Listing Price: $256,640 ($246,963, $256,963, $284,242, $254,110) Average Condo Selling Price: $226,373 ($237,642, $237,642, $280,175, $250,032) Average Days on Market Condos: 80 (57, 123, 84, 144) *Halifax/Dartmouth Absorption Rate (weeks): 25.3 (22, 25.5) Instead of my usual market analysis rant this week I wanted to share an article with you. If there was any doubts about the upcoming economic surge and the effect it will have on everything from growth, availability and housing, this should be another nod to confirm the buzz. The real estate market has already seen a change (read all my posts since the irving ship building announcement) and is expected that this is the "calm before the storm." As we edge closer to the build dates, speculators, property owners and purchasers alike look for "their time" so they don't miss the bus. Or in this case, miss the ship. "The Canadian PressDate: Wednesday Jun. 6, 2012 10:41 AM ET HALIFAX — A Halifax-based think-tank says Atlantic Canada is experiencing a surge in major project investment that it expects will continue for years to come. The Atlantic Provinces Economic Council has released its annual inventory of major projects in various stages of development in the region. It says the 357 projects account for a record $100-billion worth of investment, up 39 per cent over last year's inventory. The council says most of the growth is due to the awarding of the federal shipbuilding contract to the Irving shipyard in Halifax, which it expects will have a big impact on investment in coming years. It says Shell Canada's plan to spend $970 million in offshore Nova Scotia, the possibility of a second potash mine in New Brunswick and new housing developments have also contributed to the increase. The council says current-year spending on major projects in Atlantic Canada is up about eight per cent to a record $12.8 billion. Newfoundland and Labrador leads the pack with spending, up by 29 per cent to $8 billion this year because of a strong market demand for oil and minerals. Major project spending is down for this year in Nova Scotia, New Brunswick and P.E.I. in part because federal stimulus dollars have stopped flowing." Read more: http://www.ctv.ca/CTVNews/Canada/20120606/atlantic-boom-will-continue-think-tank-says-120606/#ixzz1x7iC0til Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest Blog post HERE ![]() Inventory made a good dash to catch previous year lows but still ended up shy of the mark. Good gains of over 500 listings each week but still didn't add very much to the "peak inventory month." As reported on the weekly recap, Inventory hit a reversal and shaved over 50 listings off of the already low number. ![]() Sales this month continued its mediocre showing with another third place showing over the last 6 years. Volume of sales did increase but not coinciding with type of market that is being shared by other stats. If this stat did however perform like the others, we could have a problem on our hands... ![]() Highest average sold price! another record breaker this month coming in at just over the 275k mark. January was the closest month and this month surpassed the last year by 14k! Great news for people selling at this time. If the values go any higher I'm going to have to change the values on my chart! So this week we broke the record of average sold price for the week (over 300k) and the average sold price. Times continue to fascinate and challenge even the most seasoned real estate speculator. As availability is still at a premium in sections of the city, multiple offers becoming the norm and values at an all time high. It is imperative that anyone giving purchase and sale advise to anyone is completely informed about the Halifax real estate market. If someone hasn't followed along with what has been happening since the "ship building" announcement, they would have no idea about the changes in the market and mainly the values that are placed on properties today. That mistake could cost you thousands of dollars! By coming here you are taking a step in the right direction by becoming informed, asking questions and getting answers. Education is the key to success and you should have all the tools at hand when making such a large decision. After presenting my business offering to a now client of my she hit the nail on the head of how I want to be portrayed in this business "Your an advisor, not a salesman, and you seem to always have your clients best intentions in mind", I smiled and said "thank you". Scroll down to see the weekly Halifax real estate wrap up (every thursday). Make sure to follow me on twitter (@halifaxrealest) Like me on Facebook and check out my pics on instagram (@halifaxrealtor). Feel free to leave a public comment below or CONTACT ME for any personal inquiries. Want to know what your home is worth in todays market? Click HERE to fill out my free appraisal and find out. |
Jeremiah Wallace, CDJeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products.. ListingsPhoto's by Jeremiah
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