Overview
Let’s review the Halifax Condo Market for October 2022!
In each condo district, there were different trends in the number of sales. Downtown, we saw a slight decrease. In Bedford, we saw an increase. In Dartmouth we saw no change, and on the Mainland, we saw a large decrease. We’ve been in a shifting market for the past few months, and the differences in these districts show that.
Prices in some districts have increased, while in others, decreases are noted. The last time we saw any price decrease occur was in December of 2021. In a normal market, the winter slows activity slightly, so this paired with increasing interest rates, inflation and a market shift has indoubetably caused these decreases.
Overall, it seems that condos are staying on the market longer than this time last year. Dartmouth saw a small decrease in time spent on the market, but this is minimal in comparison to the large increases noted in the other districts.
We are still very much in a seller’s market in all districts, even with the price decreases. In the past two years, we have seen almost a 60% price increase (30% year over year), so even with prices slightly decreasing this past month, we are still on an upwards trend. Sellers, there’s still time to capitalize on this market.
Buyers, you are in a better position today then you’ve been for the past two years. Even with interest rates rising, they are still historically low. Reach out to successfully purchase your future Halifax Condo.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373