Prices have decreased ever so slightly when we compare condos sold in December 2022 to 2021.
You have probably heard from almost every news outlet that the market is changing. Prices are decreasing across the country, fewer sales are occurring when compared to the past three years, and properties are staying on the market longer. The Halifax Condo Market is no exception to this.
When you take into account rising interest rates, rising costs of living, and the winter season - it’s enough to slow any real estate market. That being said, even with all of these factors, the Halifax Condo Market is still very strong.
Over the past two years, we have gotten accustomed to outrageous bidding wars, steep price increases and condos selling in record time, all fuelled by the unprecedented challenges of COVID-19. When you compare the current market to those times, sure, it seems slow and not as “successful”. Condo owners, keep these three things in mind every time you hear someone tell you the market is crashing:
-The average condo still sold in only 8 days last month.
-Our current supply is not meeting demand, which continues to keep the market in your favour.
-Although we saw a 1% price decrease this month, your condo’s value has increased by on average 60% since 2020.
Buyers, it’s always a great time to buy real estate, no matter the interest rate or season. It’s important now more than ever to keep in touch with your mortgage broker and update your pre-approvals, as buying power shifts greatly with even a 0.5% change in interest rates.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373