The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: March 24th-31st, 2022
*Previous Year's Stats
New/Back to Market Listings: 263 () *402
Sold: 149 () *295
Sale To Listing Ratio: 57% () *73%
Price Changes: 18 () *53
Listings that went conditional/pending: 200 () *277
Expired/Cancelled/Withdrawn: 37 () *63
Total Active Halifax/Dartmouth Inventory: 577 () +911
Single Family Home Stats
Active Single Family Home: 215 () *347
Average Single Family Home List Price: $499,216 () *$450k
Average Single Family Home Selling Price: $610,995 () *$500k
Single Family Home Sale to List Ratio This Week: 122% () *111%
Median Single Family Home List Price (6 mo): $425,000() *$380k
Median Single Family Home Sold Price (6 mo):$499,000 ()*$395k
Average Days on Market Single Family Home: 9 () *26
Active Condos: 37 () *90
Average Condo Listing Price: $386,060 () *$432k
Average Condo Selling Price: $471,430 () *$453kk
Condo Sale to List Ratio This Week: 122% () *105%
Median Condo List Price (6 mo): $369,900 () *$300k
Median Condo Sold Price (6 mo): $405,200 () *$310k
Average Days on Market Condos: 9 () *30
Active Vacant Lots: 233 () *358
You can feel it in the air, Spring is on the way and so is the Spring market! The last couple of weeks have seen a decent amount of inventory hit the streets, and although they are still being gobbled up by the buyer pool, a few more weeks of this sustained activity should result in a cooling effect to the market. Where it was only one or two options in areas of interest and price, buyers are noticing a few more choices in the past couple of weeks showing up, giving them a better shot at locking something up, since the buyer pools attention is divided amongst the options. Still, there has been some extremely hot properties, and extreme overbids on appropriately market priced properties, but how much longer will these situations persist this year? With the drastic value increase Halifax has seen over the last two years, a couple of key groups have been sidelined by this market; entry level property buyers, and folks looking to complete a lateral move locally. Many property owners have contemplated a move, especially to take advantage of increased value they see in their current property, but quickly find themselves on the other side of the coin with a purchase. Naturally, the reluctance to list for local, lateral move sellers is occurring, contributing to the lack of listings in the current market. As out of province buyers continue to descend into HRM, and the outlying areas, prices continue to skyrocket and inventory swallowed up. In an attempt to capitalize on this, Nova Scotia will be passing an "outsiders" tax for people purchasing from out of province. If you are planning to move here, then it appears you will not be affected, but if you are looking to purchase an income property, then you may be targeted. See below:
Deed Transfer Tax: Effective April 1, 2022 the province will implement a Deed Transfer Tax of 5 per cent of the value of residential real property purchased by a non-resident of Nova Scotia. The tax will not apply to a transaction where the Agreement of Purchase and Sale was entered into prior to April 1, 2022. An exemption from the tax will be in place for non-resident purchasers who move to the province within 6 months of the closing date of the transaction.
Nova Scotia Non-Resident Property Tax: Effective for the 2022-23 fiscal year, the province will implement a Property Tax of $2.00 per $100 of assessed value on residential real property owned by a non-resident of Nova Scotia. The tax will not apply to residential properties that contain more than 3 units nor to residential properties that are leased to individual Nova Scotian residents for a period of at least 12 months. Where a property has multiple owners, an exemption from this tax is provided if 50 per cent or more of the owners are residents of Nova Scotia.
Looks like Sellers aren't the only ones looking to take advantage of the market. Will this implementation be a cooling factor to the market? Are we nearing the end of the pandemic market? Only time will tell, and I have you covered! Stay tuned to the blog to stay on top of the market, thanks for stopping by!
The Weekly "Adogtable"
Hi everyone, my name is Jonah and I am a 1 year old, 10 pound Texan chi mix boy who recently made my way to Nova Scotia looking for my forever home.
I have yet to bark and I barely shed, which doesn't mean that I'm hypoallergenic nor that I'll never find my voice. I love to play with my foster fur siblings (and neighbours, I’ve never met a dog here I didn’t like), so a fur sibling for me would be great. I could be happy in a home where I am the only dog as long as I have some furry friends to play at my disposal. I am not intimidated by other dogs, and have even won over my foster brother who apparently doesn’t always like other boys. I don’t mind the cat at my foster home and when she asks for space, I give it to her. I haven't met any kids but don't think I'd have an issue with them as long as they're careful as I am just a tiny boy.
I am really not a fan of the cold, and it is hard for me to go bathroom out there sometimes, so I should learn how to use a pee pad (but I haven’t yet because my foster sibling keeps eating them). I still have accidents even on the nicer days so I still need work with house training which is possible with routine, structure, and patience.
I’m not really that shy, maybe just the first time we meet I will be a little bit, but when I feel at home I am goofy and cuddly and like Velcro – stuck right onto your lap. I love to snuggle in my foster mom’s arms while she works.
I walk well on a leash, though don’t always see the point of just going outside and walking around, when I could be running around the house with all my toys. My favourite toys are stuffies with crinkles in them, followed by small dog-safe chewies. I don’t guard my food or toys from the other dogs or cat.
Being a stray, you always worry about where your next meal is coming from. I am still getting used to not having to rummage around looking for food. If you give me the chance I will go through the garbage and climb up onto the dinner table looking for scraps. So keeping these things off limits to me is a must so I don’t accidentally ingest something I shouldn’t.
If you don’t want dogs on the furniture then I am not the dog for you: I love to snuggle, climb and cuddle wherever you are sitting. I insist on sleeping with you in bed and sharing your pillow. Sometimes I am a bit clumsy and fall off of furniture so I need help being safe.
I may not sleep my first night because of nerves, but once I feel comfy in my new home, that will be a non issue. I am a very good boy in the car, and when I hear “good boy” my whole face lights up 😊. So with lots of praise, I'm sure my couple of issues will be a thing of the past in no time.
Have you been looking for a fur friend like me?
My adoption fee is a $400 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped, come with a 6-week trial of pet insurance from PetSecure and have all my doggy papers to come home to you! You can apply for me at https://form.jotform.com/60895241776264
This "cuddly companion" is available through the Save a Life Canada Animal Rescue, a non profit rescue organization from Nova Scotia. More info about him and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE
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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