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Expired/Cancelled/Withdrawn: 162 (130, 104, 65, 69)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
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Jeremiah Wallace, CD
Jeremiah 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..
Photo's by Jeremiah