If you’re reading this, you would have watched Gregory Klump’s summary of Canadian real estate trends in December 2017. If you live in Atlantic Canada, your first take away is that Toronto and Vancouver vastly skew the national averages, as mentioned in the video.
Uncertainty in mortgage changes drove down overall sale and price numbers, all of which were across Canada’s larger markets, but also here in Halifax. There is speculation that the next increase in interest rates will encourage active buyers to purchase before the speculated increase.
Living in a relatively smaller market can make it difficult to access pertinent industry trends to aid in the decision-making process. Hence, Mr. Klump’s advice to contact a local realtor is sound advice. He is also correct in saying you need to know what you’re looking for in a purchase.
It’s not only necessary to know average selling prices in your city, but more so in the immediate neighbourhoods which you are considering. The microeconomic factors are more important for short-term decision making and value determination, while the macroeconomic factors will help with longer-term trends.
For more in-depth information on mortgage changes, or personalized real estate trends in Halifax and Dartmouth, drop us a line at About Halifax, and stay tuned for our market reports.