20 Year Review of the Downtown Halifax Condo Market

Over the past twenty years, we have seen some significant changes to the Downtown Halifax Condo Market. Our city has grown traction, undergone major developments, expanded its culture and has truly become the hub of Atlantic Canada.

Our population has steadily increased over the past two decades, totalling at approximately 412,674 residents today. In comparison to the rest of Atlantic Canada, our job forces have expanded like no other. In the past 5 years, young professionals have increasingly viewed Halifax as a home they could start a career and raise a family in. In previous times, most young professionals thought that to achieve this, they must relocate to Central or Western Canada.

These factors, along with the economic boost from recent increases in immigration have caused the changes we see in the average number of condos sold, and they're selling prices in the municipality.

The average number of downtown condos sold each year in the past two decades is 231 per year. The graph shows the common ebbs and flows of any real estate market. We tend to see a wavelike pattern which repeats itself every 10 years or so. In the past 5 years, there has been a sharper increase, which correlates with the increase in immigration, and young professionals flocking to Halifax.

The average sold price on Downtown Halifax Condos has increased steadily year after year, even with the number of condos being sold fluctuating. There has been almost no decrease in average selling prices. The only decrease we saw was between 2012 and 2013, and even then, prices continued to climb afterwards. This means that on average, downtown condo investments in Halifax will reap rewards rather than losses.

We have seen an even sharper increase in sold prices within the past two years and this trend is not likely to stop anytime soon. With such limited inventory in Halifax, prices will continue to rise, and any condos that hit the market have high chances of selling quickly.

There is no time like the present to sell your Halifax condo. These statistics prove this. Reach out to us today if you would like more information on scoring top dollar for your Downtown Halifax Condo.

Cheers to the new year,

Andrew 
andrew@andrewperkins.ca
902-488-0012

Preparing Your Condo for Viewings

When your Halifax condo is on the market, there is potential that many eyes will be peering in. You will have likely had professional photos taken, and a home staging completed. This kind of marketing will highlight all of your Halifax condo’s best features, and you will want to keep your condo up to those picture-perfect standards when curious buyers see the unit in person. 

The most obvious step in preparing your condo for viewings is to do a deep clean. While most understand this, they tend to overlook the fact that this deep clean must be maintained for the duration of your listing. 

There are several things that you can do to make it easier on yourself to maintain a high level of order and cleanliness while your condo is listed. Read through for some tips on how to set yourself up for successful condo viewings!

Deep Cleaning

We all know that a Halifax condo that is about to hit the market needs a deep cleaning. You are going to want to ensure everything sparkles. The obvious areas are the windows, countertops, baseboards, floors, mirrors, surfaces, bathtub and toilet. Areas that are sometimes forgotten are the trash bin, arranging toiletries, wiping out cupboards, dusting behind furniture and organizing underneath the sink. You do not know what your potential buyers are going to look at when viewing your condo, so you need to make sure you’ve got all of your bases covered.

Reduce your Clutter

Removing clutter is an essential component of prepping your Halifax condo to sell. You want your condo to feel as spacious as possible to incoming buyers because space = value. If you are toying between leaving something personal on the mantle or putting it away, you should probably put it away. The less personal you can make your condo, the easier it is for someone else to see themselves in it.

This goes for the closets too. Do not simply take all of your extra items and store them in your closet. Buyers will look in the closets to see if they would have enough space for themselves. A cluttered closet will not sell a buyer on your condo.

Take Control of Odours

Smell is a very strong sense and can sway buyers to or away from your condo. It is best to avoid scents in general so that they are not distracting to the buyer, and in case a buyer has a scent allergy. Try to cook milder dishes that do not leave scents lingering as well. If you insist on adding fragrance to your condo, opt for candles or air freshers with very common smells such as fresh linen, lavender or vanilla.

Leave the Unit

It is often very hard for a buyer to picture themselves living in your condo if you are present during the showing. It is also hard for their agents to receive honest feedback from their buyers on what they thought of your space. Sometimes, this feedback is crucial to adjusting your condo or listing to lock in a sale. 

Not only should you physically leave the condo, but you should also remove any family photos or decor specific to your family. This will aid the buyer in picturing themselves in your space.

Open Concept

Buyers in this day and age love open-concept condos. If your condo is built like this, you are in luck. If it is not, however, you can still succeed! Ways to make your condo feel more open-concept are to: remove bulky furniture, keep sightlines open, and rearrange existing furniture to invite people into the room. If you are not sure how to do this, there are professional condo stagers who can help you immensely. 

A Fresh Coat of Paint

A fresh coat of paint on the walls can do wonders when you need to renew a space. Walls get dirty and scuffed over time, and we do not want the buyers thinking about that when they are looking at your condo. If you are going to paint your walls, opt for a light and neutral colour that matches everything, and opens up the space.

Do Not Leave Anything Broken in Sight

This may seem like an obvious one, but it is still worth mentioning. You should fix things that are visually broken. This includes leaking faucets, missing tiles, broken handles or hinges and so much more. If you can see that it's broken, the buyer can too.

Adjust the Temperature

Make sure that the temperature in your Halifax condo is comfortable when buyers walk in. If your condo is too cold, the buyer may not feel like they can relax after a long day of work. If the condo is too hot, they may think there is not enough airflow. The most preferred room temperature is typically between 20-22 degrees Celsius.

The Bottom Line

Your top priority as a condo seller is to get your home sold. And not only get it sold but for top dollar. By following these tips, and any other tips that your REALTOR® or condo stager provides will not only make it easier to reach your goal, but to make the process much smoother from start to finish. When your condo is clean and marketable, it not only increases its value but can add a much more pleasant and excited buyer.

Questions about getting your condo sold? Call us anytime at 902-488-0012

Andrew Perkins

Thinking of Moving to Halifax?

One of the hardest parts about moving to a city that you are unfamiliar with is picking which part of the city you will call home.

It can feel overwhelming browsing through so many unfamiliar neighbourhoods, schools, clinics and shops. You almost wish that there was a guide to each city, breaking down its most appealing attributes, exploring its unique characteristics, and narrowing down the choices for you.

We are positive that you are not the only one looking for guidance.

This is why we developed this free and comprehensive e-book detailing everything you need to know about relocating to Halifax, Nova Scotia. We know there is nothing worse than moving to a new city and finding out later that you should have bought a house in the west end rather than the east end, to be near a particular school, job, or club you are a part of.

One of the most important steps in moving to a new city is deciding on what it is that you need to live near. This is different for everyone. We hope that this informative guide about Halifax, Nova Scotia will make it a bit easier for you, and save you hours of scrolling through Google. With this guide, you can easily learn about your new home town, and focus on finding your dream home or condo instead.

Browse through this free guide to learn about everything from Halifax’s taxing system to local festivals that grace our downtown. Discover our beautiful beaches and educate yourself on our current government. We are certain that all of your questions will be answered.

Click here to receive our Halifax Relocation Package!

Why You Need to Stage Your Condo to Sell

Staging your condo to sell is a new checklist item in the condo selling process. Not only does it make your condo look the most appealing to potential buyers, but it also may increase offer prices! Let look at some statistics that were pulled by The National Association of REALTORS Research Group in 2019:

40% of buyers’ agents cited that condo staging had an effect on most buyers’ view of the home. 

83% of agents said that staging a condo made it easier for buyers to picture the unit as a future home. 

47% of buyers said that staging the living room was the most important. The second most important was the master bedroom, and then the kitchen.

25% of agents said that a staged condo had an increased dollar value between 1-5%, compared to similar homes that were not staged. 17% of agents said that the dollar value increased between 6-10%.

The average dollar value spent on home staging was $400.

28% of sellers’ agents stated that there were decreases in the time on the market when the condo is staged compare to similar homes that were not staged.

So, what the statistics are saying, is that if you spend on average $400 to stage your condo, and your unit is worth $300,000, you are looking at a probable increase in dollar value of about $7,500, and a potential increase of up to $30,000. Even if it only increased your home’s value by 1%, you are looking at a possible extra $3000!

What does it mean to stage a condo?

Home staging is the process of adding decorations, arranging pre-existing furniture and/or hiring experts to dress your condo to make it look its best for photos and open houses. It is essentially showing buyers the unit’s potential and allows buyers to picture their future home more easily than staring into an empty or unfurnished space.

Some Home Stagers are so good, they can make your unit look like something out of a magazine! Our most trusted home stagers in the Halifax Area are A&E Home Staging. Danielle is phenomenal at aesthetics and design, and working with her guarantees your condo will look its best. Pictured below is some of her work:

Still not convinced? Here are some more reasons below why staging your condo should be non-negotiable in the selling process:

1. Your condo will sell faster

According to the Real Estate Staging Association, condos that are staged sell on average 73% faster, than similar units that were not staged. Just think: the main determinant in a buyer putting in an offer on your unit will be its visual presentation. The average buyer is not going to put an offer on a condo that they do not love the look of, or that they can picture themselves in. If you were a buyer and you looked at five condos, and one of them was beautifully staged, the other four bare, which one would be the most tempting?

2. Highlight the good stuff

Maybe your unit has built-in shelves on the walls or a large fireplace in the centre of the room. Expert Home-Stagers will take these unique aspects of your condo, and stage them properly to show buyers how these accents can upgrade your space, rather than clutter it. A shelf that may have been home to your gaming console for years can easily be turned into a display of artwork or local craft.

3. Hide the flaws

Maybe your condo has some things that you wish you could cover up or erase before buyers walkthrough. If this is the case, home-stagers will factor this into how they carefully place furniture, decor, lamps and rugs so that the buyer is pulled through the perfect flow of the unit, and away from the less favourable features. 

4. You may not see your own clutter

Unless you're a minimalist, you probably have clutter. We are also typically all blind to our own clutter because many of our possessions hold emotional value. You may think that a dresser full of family picture frames makes your bedroom feel like home, but a potential buyer has no connection to these photos, and they will make the room appear smaller to them. When you hire an expert to stage your condo, they look at your space as a product on the market, not as the home that built your life. They will remove what they know buyers do not want to see and replace it with what will get you the top dollar.

5. More money in your pocket

The top priority of home stagers is to get buyers interested in your unit. The more buyers that are interested, the more offers you will receive. Bidding wars can lead to higher offer prices which is what every seller hopes and dreams of. If a couple falls in love with your condo and hears that there are multiple offers, they may offer much more than they were planning to, to make sure they don’t lose it.

Don’t take it personally

A Home-Stager may remove many things from your condo that you cherish and love. You must remember to not become offended if your home-stager tells you to hide your favourite poster or painting: The home-stager is not saying that your favourite wall decor isn’t beautiful - they are trying to make your unit less personal and as marketable as they can to the widest range of buyers. When we remove personal objects and favourite colours and replace them with more generic and neutral decorations and colours, a wider range of individuals may be able to picture themselves in your condo.