Halifax Condo Market Report - August 2021

Time to review the Halifax Condo Market!

The limited inventory in Halifax has kept the market in the seller’s favor for some time now. We've seen an increase in the number of sales in all areas except Bedford this past month. Even with only 74 active condo listings, sales have increased significantly as well. Prices also continued to rise on average 12% across the board this past month when we compare to this time last year. The number of days on market has continued to decrease significantly, which is expected with the limited inventory we are experiencing (only 5 active listings in both Clayton Park and Bedford!).

In all 4 regions, we have less than a month of inventory currently. As we have said before, this means that if no new listing hit the market, we would be completely sold out of condos in Halifax by the end of this month!

As you can see, the average price across the board is around 328K. Sellers, if you have a condo within the 300K-350K range that you are looking to sell, you have what the buyers want!

Andrew Perkins
902-488-0012
andrew@andrewperkins.co

Halifax Condo Market Report - July 2021

Overview

Let’s review how the Halifax Condo Market performed last month!

Prices are on the rise in all areas: The Peninsula, Dartmouth, Bedford, Clayton Park, and Fairview. We are still seeing a strong seller's market in all areas as well: Inventory is limited, prices are up and time spent on the market is at an all-time low.

In Dartmouth and Bedford, we saw no change in the number of condos sold when we compared July of this year to that of 2020. This is the first time we have ever reported the same exact number of properties sold when comparing two years!

If you are thinking of buying, selling or investing in a condo in Halifax or the surrounding areas, give us a call today. We are here to help you succeed!

Andrew Perkins
902-488-0012
andrew@andrewperkins.co

Halifax Condos Market Report - June 1 - 30, 2021

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Overview

We see green across the board for the month of June! In all of the major condo communities of Halifax, sales and average sold prices have increased over the past year!

In June, the Halifax Condo market was very much still in the seller’s favour. With the exception of Dartmouth, condos were selling in less than ten days! This is extremely fast. Dartmouth had a bit of a slow market last month, however, sales and prices still rose dramatically.

We are seeing average sold prices in all communities that align with the average selling price in Halifax over the past year: close to 350K. Condos are gaining popularity with the limited inventory as buyers are now seeing the benefits of securing Downtown property.

If no new condos were to hit the market, our current inventory would hit zero in under two months.

If you have a condo to sell, look no further. Give us a call today to maximize your return.

Andrew Perkins
902-488-0012
andrew@andrewperkins.ca

 

Halifax Condos Market Report - May 1 - 31, 2021

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Starting This Month, we are going to review the Halifax Condo Market monthly. We have decided to focus on the four areas of Halifax where the majority of the condo buildings are: The Peninsula, Bedford, Dartmouth and Clayton Park/Fairview. We are truly seeing some incredible numbers in Halifax, so we wanted to share. Let’s dig in!


First off, we see green arrows all across the board. This means that in all four areas, prices and number of sales are on the rise, in comparison to last year. Some increases have exceeded 100% which means that our market is rapidly changing year over year. 


In all four areas, inventory is extremely limited. In Clayton Park, there are only 3 active listings in total! We hope to see the inventory increase this summer for the eager buyers out there! Sellers, limited inventory typically works to your advantage: there is not much competition for your potential listing.


All four areas are in a strong seller’s market. Condos are selling in less than one month in most areas; some areas in under a week! If you want your condo sold for top dollar, and fast at that, now is the time to list. 


If you were to list your condo, wouldn’t you want to list it with a condo specialist? Someone who knows the market in and out, and can advise you on the best possible position for your circumstances? We would too. That’s why we know you should list with us. Give us a call today to get started! 

Andrew Perkins
902-488-0012
andrew@andrewperkins.ca

Halifax Condos Market Report - January 1 - March 31, 2021

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Overview

Let’s have a look at how the Halifax Condo Market behaved for the first few months of the year!

We see green arrows all around! The number of condos sold and the selling prices have also all increased in comparison to last year. Halifax Condos have been increasing in price steadily for the past two decades, so this is not a surprise. It is good news for current condo owners.

With all areas of Halifax combined, we have a total of 80 active condo listings. With Halifax’s growing population of over 400,000 residents, this market is extremely competitive.

Sellers, the number of days your condo will sit on this market depends on many factors, but from our statistics, we see that condos located in Bedford and Clayton Park are selling at record speed (possibly due to the limited inventory). Condos on the peninsula are selling as expected, in a little over 2 months, and Dartmouth condos are taking a little longer than the rest. That being said, sellers have a great chance of making a profit in any of these areas.

Inventory is limited, prices are on the rise and for the majority of Halifax areas, condos are selling fast. Sellers, the ball is in your court! Buyers, understanding the statistics can help you make an educated decision on which location is best for you!

Andrew Perkins

902-488-0012

andrew@andrewperkins.co

Downtown Halifax Market Stats - 2020 Review

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Overview

This year has been very busy in the Downtown Halifax Condo Market. Inventory is at an all-time low, and in some areas, there is no inventory at all. This makes the market extremely competitive for buyers and has the potential to be very profitable for sellers.

There is a general trend that prices are on the rise in all areas of Downtown Halifax. Sales have decreased since last year, simply because there are fewer condos to buy.

Most condos are selling in under a month, and the market is still very much in the seller's favour.

Just think, if you were to sell your Downtown Halifax Condo now, you would have very little competition and A LOT of motivated buyers. This can mean competing offers and higher offers.

If you’re looking to buy in Halifax, it is very wise to work with a real estate professional. In times like this, an expert in the field will make it so much easier to score your dream condo.

Give us a call anytime. We look forward to working with the great residents of Halifax, and the newcomers to the area this upcoming year.

Cheers to the new year,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012


Downtown Halifax Condos Market Report - July 1st - September 30th, 2020

Overview We are still very much in a seller’s market concerning the Downtown Halifax Condo Real Estate Market. There is only 76 active listings in all of the downtown core, and less than 2 months of inventory! Prices are on the rise in three quarter…

Overview

We are still very much in a seller’s market concerning the Downtown Halifax Condo Real Estate Market.

There is only 76 active listings in all of the downtown core, and less than 2 months of inventory! Prices are on the rise in three quarters of the downtown area, and the trend for the entire year shows all four quarters having increases in price. This is a great time to get your Halifax condo on the real estate market as the average days on the market in all areas of the Downtown core are very low. Number of sales has declined from last year, not due to interest, but due to low inventory. When there are less condos to buy, there will ultimately be fewer sales: inventory is very limited.

Do not be scared if you are considering buying! Buying in a sellers market is still very possible: it is simply competitive and fast paced. Having an experienced REALTORⓇ on your side will make navigating the market much easier. Sellers, if you want to sell your Downtown Halifax Condo the easiest way possible, now is the time.

If you have any questions, require more information, please do not hesitate to contact me.  

Regards,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012


Downtown Halifax Condo Market Report - First Half 2020

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Overview

The Downtown Halifax condo market has been bustling in the first half of 2020.  We do not see as many bidding wars as single-family homes, but the market is stable, and prices are rising.  The monthly inventory is low, which means that if condos continue to sell at the pace they are currently selling, there is not much inventory for buyers to choose from. When a good condo listing does come to market, it is typically sold within a day or two. It is an excellent time for a seller. Buyers will need a trusted advisor to guide them through this competitive market. 

 If you have any questions, require more information, please do not hesitate to contact me.  

Regards,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012

DOWNTOWN HALIFAX CONDO MARKET YEAR END REPORT, 2019

CENTRAL HALIFAX

Active Listings = 2
Average Sold Price = $342,173
% vs 2018 = +2.3% increase
Number of Sales = 42
% vs 2018 =  -6.6% decrease 
Avg days on Market = 48
Sales Last Month = 4
*Absorption Rate =  2 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 48
Average Sold Price = $371,590
% vs 2018 = -5.6%% decrease
Number of Sales = 175
% vs 2018 = +33% increase
Avg days on Market = 78
Sales Last Month = 3
*Absorption Rate = 20 weeks
Type of Market = Sellers Market

NORTH END

Active Listings = 1
Average Sold Price = $221,029
% vs 2018 = +8% increase
Number of Sales = 48
% vs 2018 = -2.4% decrease
Avg days on Market = 44
Sales Last Month = 5
*Absorption Rate =  1 week
Type of Market = Sellers Market

WEST END

Active Listings = 0
Average Sold Price = $316,600
% vs 2018 = +8% increase
Number of Sales = 18
% vs 2018 =  -30% decrease 
Avg days on Market = 38
Sales Last Month = 1
*Absorption Rate =  0 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

Downtown Halifax Condo Market Report, 3rd Quarter, 2019

CENTRAL HALIFAX

Active Listings = 8
Average Sold Price = $379,327
% vs 2018 = +3.7% increase
Number of Sales = 11
% vs 2018 =  +-38% decrease 
Avg days on Market = 83
Sales Last Month = 3
*Absorption Rate =  12 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 60
Average Sold Price = $365,684
% vs 2018 = +6.2% increase
Number of Sales = 65
% vs 2018 = +50% increase
Avg days on Market = 53
Sales Last Month = 19
*Absorption Rate = 15 weeks
Type of Market = Sellers Market

NORTH END

Active Listings = 3
Average Sold Price = $211,900
% vs 2018 = +5.2% increase
Number of Sales = 17
% vs 2018 = -10% decrease
Avg days on Market = 47
Sales Last Month = 3
*Absorption Rate =  4 weeks
Type of Market = Sellers Market

WEST END

Active Listings = 0
Average Sold Price = $318,757
% vs 2018 = +9.2% increase
Number of Sales = 7
% vs 2018 =  -12.5% decrease 
Avg days on Market = 6
Sales Last Month = 1
*Absorption Rate =  4 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

Downtown Halifax Condo Market Report, 1st half 2019

CENTRAL HALIFAX

Active Listings = 5
Average Sold Price = $315,268
% vs 2018 = +11% increase
Number of Sales = 22
% vs 2018 =  +37% increase 
Avg days on Market = 35
Sales Last Month = 12
*Absorption Rate =  2 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 73
Average Sold Price = $378,285
% vs 2018 = -6% decrease
Number of Sales = 82
% vs 2018 = +57% increase
Avg days on Market = 90
Sales Last Month = 19
*Absorption Rate = 17 weeks
Type of Market = Sellers Market

NORTH END

Active Listings = 5
Average Sold Price = $240,904
% vs 2018 = +14% increase
Number of Sales = 20
% vs 2018 = +5% increase
Avg days on Market = 43
Sales Last Month = 4
*Absorption Rate =  6 weeks
Type of Market = Sellers Market

WEST END

Active Listings = 1
Average Sold Price = $308,950
% vs 2018 = +1% increase
Number of Sales = 10
% vs 2018 =  -9% decrease 
Avg days on Market = 64
Sales Last Month = 1
*Absorption Rate =  4 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

Downtown Halifax Condo Market Report 1st Qtr 2019

CENTRAL HALIFAX

Active Listings = 12
Average Price = $347,725
% vs 2018 = +26% decrease
Number of Sales = 4
% vs 2018 =  -42% decrease 
Avg days on Market = 53
Sales Last Month = 2
*Absorption Rate =  26 weeks
Type of Market = Buyers Market 

SOUTH END

Active Listings = 73
Average Price = $309,304
% vs 2018 = -65% decrease
Number of Sales = 24
% vs 2018 = +50% increase
Avg days on Market = 80
Sales Last Month = 6
*Absorption Rate = 52 weeks
Type of Market = Buyers Market

NORTH END

Active Listings = 11
Average Price = $291,555
% vs 2018 = +57% increase
Number of Sales = 9
% vs 2018 = +80% increase
Avg days on Market = 63
Sales Last Month = 3
*Absorption Rate =  16 weeks
Type of Market = Sellers Market

WEST END

Active Listings = 0
Average Price = $277,166
% vs 2018 = -4.4% decrease
Number of Sales = 3
% vs 2018 =  50% increase 
Avg days on Market = 120
Sales Last Month = 0
*Absorption Rate =  2 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

Downtown Halifax Condo Market Report 2018

CENTRAL HALIFAX

Active Listings = 7
Average Price = $334,371
% vs 2017 = -6.2% decrease
Number of Sales = 45
% vs 2017 =  45% increase 
Avg days on Market = 54
Sales Last Month = 2
*Absorption Rate =  15 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 63
Average Price = $393,701
% vs 2017 = +11.% increase
Number of Sales = 131
% vs 2017 = +7.3% increase
Avg days on Market = 81
Sales Last Month = 12
*Absorption Rate = 17 weeks
Type of Market = Sellers Market

NORTH END

Active Listings = 8
Average Price = $221,933
% vs 2017 = +11% increase
Number of Sales = 51
% vs 2017 = +24% increase
Avg days on Market = 53
Sales Last Month = 4
*Absorption Rate =  9 weeks
Type of Market = Sellers Market

WEST END

Active Listings = 2
Average Price = $293,260
% vs 2017 = +12% increase
Number of Sales = 26
% vs 2017 =  36% increase 
Avg days on Market = 117
Sales Last Month = 0
*Absorption Rate =  2 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

Downtown Halifax Condo Market Report, 3rd Qtr, 2018

CENTRAL HALIFAX

Active Listings = 12
Average Price = $365,827
% vs 2017 = +17% increase
Number of Sales = 18
% vs 2017 =  +63% increase 
Avg days on Market = 61
Sales Last Month = 6
*Absorption Rate =  10 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 71
Average Price = $344,490
% vs 2017 = -11% decrease
Number of Sales = 43
% vs 2017 = -10% decrease
Avg days on Market = 79
Sales Last Month = 12
*Absorption Rate = 26 weeks
Type of Market = Buyers Market

NORTH END

Active Listings = 11
Average Price = $201,476
% vs 2017 = +5% increase
Number of Sales = 19
% vs 2017 = +22% increase
Avg days on Market = 50
Sales Last Month = 5
*Absorption Rate =  10 weeks
Type of Market = Sellers Market

WEST END

Active Listings = 2
Average Price = $242,066
% vs 2017 = -4.2% decrease
Number of Sales = 6
% vs 2017 =  no change 
Avg days on Market = 100
Sales Last Month = 1
*Absorption Rate =  9 weeks
Type of Market = Sellers Market 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

The Condo Selling Process

Step One: Deciding to Sell

When deciding to sell your condo you should take into account what time of year is best.  Typically January and February are regarded as the slow months in the real estate market, however you will also have less competition and the buyers who do view your condo are often more serious.  You should keep a close eye on the competition particularly in your building.  Having a good understanding of the market will help you and your REALTOR® effectively price your condo.  

Step Two: Hire a REALTOR®

Hiring a professional to sell your condo will not only cause a lot less stress on you, everything from paperwork, marketing, negotiation is taken care of. A REALTOR® will also advise you on how to best stage your condo for viewings.  

Step Three: Obtain Condo Documents

Your property management company will have all the pertinent documents available that a buyer will want to view.  Be sure they provide with the most up to date financialS, reserve fund study, condo board meeting minutes, declaration and by-laws.  By having these readily available will make the selling process that much smoother.

Step Four: Sign a Listing Agreement

Before your listing hits the market you will have to sign the listing documents provided by your REALTOR®.  Be sure to read them over and ask any questions you may have.  The documents are there to protect you.  

Step Five: Determine the Asking Price

Your REALTOR® will provide you with a comprehensive comparative market analysis.  They will take into account the state of the market, what condos have sold similar to yours and what is active on the market that will be your direct competition.  Pricing your condo competitively in the market is essential for a stress free sale.

Step Six: Prepare Your Home for Sale

A good REALTOR® will have connections to a home stager.  The home stager knows what works best for preparing your condo and how the flow of the condo should be.  For the best results it is highly advised to listen to their advice.

Step Seven: Market Your Home

This is where your REALTOR® goes to work for you.  Marketing your condo for all it's worth.

Step Eight: Viewings

This is your time to shine.  First impressions are everything for buyers so make sure your condo is show ready.  Buyers these days are looking for move in condition.    

Step Nine: Receive and Accept an Offer

Generally when accepting an offer you will see 4 conditions of sale.  1) Financing - there will usually be a 7-10 day period where the buyers will have time to arrange their financing through a financial institution.  2) Insurance - A buyer will need a letter of insurability stating the condo is insurable. 3) Inspection - Some buyers will, but not all will want to a inspect your condo. 4) Comprehensive review of the all condo documents.  

Step Ten: Closing Day

Your condo is officially sold and it is time to move out.  A good rule of thumb when cleaning and packing is to leave the condo the way you would want it left if you were the buyer.  Make sure there is no junk left behind, clean all appliances, floors and countertops.  Make sure bathrooms are clean. Be sure the elevator is booked for your move out.  You should inform your property manager, utiliities, post office and insurance company.  

If you are thinking a selling your condo we would love to help.  Fill out this form and we will be in touch as soon as possible.  

Andrew

Halifax Condo Market Report - First Half 2018

SOUTH END

Active Listings = 91
Average Price = $404,123
% vs 2017 = +24% increase
Number of Sales = 52
% vs 2017 = +6% increase
Avg days on Market = 68
Sales Last Month = 16
*Absorption Rate = 24 weeks
Type of Market = Balanced Market

CENTRAL HALIFAX

Active Listings = 14
Average Price = $282,487
% vs 2017 = -23% decrease
Number of Sales = 16
% vs 2017 =  +6% increase
Avg days on Market = 45
Sales Last Month = 3
*Absorption Rate =  20 weeks
Type of Market = Sellers Market 

WEST END

Active Listings = 7
Average Price = $306,482
% vs 2017 = +12% increase
Number of Sales = 11
% vs 2017 = +57% increase
Avg days on Market = 79
Sales Last Month = 2
*Absorption Rate = 10 weeks
Type of Market = Sellers Market

NORTH END

Active Listings = 20
Average Price = $209,685
% vs 2017 = +10% increase
Number of Sales = 20
% vs 2017 = +5% increase
Avg days on Market = 57
Sales Last Month = 9
*Absorption Rate =  8 weeks
Type of Market = Sellers Market

 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, I would love to help. Feel free to contact me andrew@andrewperkins.ca or call/text 902-488-0012

Kind Regards,

Andrew

 

Relocation Blog: Understanding Halifax Neighbourhoods

It can be quite difficult purchasing a new home or condo in a city you haven’t spent much time in. Most often, distinguishing one neighbourhood from another is the hardest part in choosing where to live when relocating to Halifax.  So, here we did our best to break it down for you.

Peninsula of Halifax

The Halifax Peninsula can be broken into three sub areas; South End, West End and North End Halifax. And of course, there are unique neighbourhoods within each of these as well. 

South End Halifax

Depending on who you ask, South End Halifax begins “somewhere” around the Halifax Commons and carries through to Point Pleasant Park. It encompasses DowntownThe Halifax Waterfront, the Hospitals and both Dalhousie and Saint Mary’s universities.  One could easily argue that South End Halifax is one of the most expensive neighbourhoods in Atlantic Canada and the prices of homes and condos reflect that. If you’re the type of person who wants to be in the heart of the city, this is the place for you.

North End Halifax

“Up-and-coming” and “Hipster” are two terms that are often used to describe the various neighbourhoods in North End Halifax.  From the southern end of Gottingen Street through Agricola Street and into The Hydrostone, North End Halifax offers trendy restaurants, coffee shops, distillery’s, condos and so much more. Prices of homes and condos in North End Halifax are typically less than the South End but of course, there are some very nice, high-end homes here as well. If working downtown Halifax with a short commute is your thing, North End Halifax might just be for you.

West End Halifax

From Quinpool Road down through Armdale Rotary and over to Dutch Village RoadWest End Halifax is mostly made up of single family homes and residential neighbourhoods. Outside of the Halifax Shopping Centre, West End Halifax isn’t known for its shops and restaurants. Still, if you want to be on the peninsula and close to downtown, there are many excellent options for single family homes.

Mainland Halifax

Just off the peninsula, Mainland Halifax includes Fairview, Clayton Park and Bayers Lake. Here is where you really start to see the value when purchasing a home or condo. Prices in these neighbourhoods are typically 20-50% less than those in the South End of Halifax. While getting on and off the peninsula during rush hour can be a little bit of a hastle, Mainland Halifax is perfect for investors, young families and first time home buyers. 

Bedford

Bedford is arguably the fastest growing suburb of Halifax and it's easy to see why. Hammonds PlainsLarry Uteck and all of West Bedford continue to see many new home, apartment and condo buildings going up every year. With relatively quick access to the peninsula, Dartmouth, Bayers LakeHalifax International Airport and highways leading to TruroSouth Shore and the Annapolis Valley, to many, Bedford is the central point to HRM

Purcell’s Cove & St. Margaret’s Bay

Purcell's Cove and St. Margaret's Bay are located along the Atlantic Coast of Nova Scotia. If you're seeking that true, Nova Scotian feel, want to be close to the ocean, hiking trails and don't mind a moderate commute (15 - 30 minutes) then these communities might be perfect for you. There are a lot of older homes however new construction continues to spring up in multiple areas. There is some tremendous value in these communities while there are also some very expensive, gorgeous waterfront homes as well. 

Dartmouth

To many, South End Dartmouth (downtown) has a very similar feel to North End Halifax. With a lot of trendy restaurants and pubs popping up every other day (see The CanteenBattery Park, etc.) Dartmouth is beginning to attract a lot of young families, investors and first time home buyers. But Dartmouth has something for all demographics. Multiple community collegeshospitalsschoolsparks, in addition to Dartmouth Crossing and  Burnside Industrial Park (nearly 2,000 businesses employing 30,000 people) the city is growing and has something to offer everyone. One of the biggest complaints is the commute to Halifax, however for most parts of Dartmouth it is not bad as many believe.  Home and condo prices offer great value and there are many fantastic neighbourhoods to choose from including, but not limited to: Montebello, Portland Estates and Woodlawn.

Cole Harbour

Home of Sidney Crosby and Nathan MacKinnon. What more do you need to know? 😉

In all seriousness, Cole Harbour has a lot to offer it’s residents. There are some excellent neighbourhoods and many schools to choose from in addition to grocery stores, restaurants and Cole Harbour Place. Home prices are very affordable and with it’s proximity to Dartmouth and Halifax it’s become a very attractive city for families. Not to mention, many of the cast members from Trailer Park Boys are also from here. 

Fall River & Waverley

Fall River and Waverley are highly sought-after suburban communities on the outskirts of Halifax. With so many lakes within and surrounding both communities, kayaking, canoeing and cycling are popular activities among the residents. Waverley doesn’t have much for amenities however because of it’s proximity to Dartmouth it doesn’t need any. Meanwhile, Fall River has a grocery store, Tim Horton’s, pharmacy, gas stations and much more while it’s also very close to Sackville and Bedford. Last, both communities are close to highways and the Halifax Stanfield Airport making this an excellent area for outdoor enthusiasts and established families. 

Lawrencetown & Porters Lake

Approximately 15 minutes to Dartmouth and 25-40 minutes to downtown Halifax, If you enjoy being outside the city close to beaches, hiking trails and places to surf - Lawrencetown, Lake Echo, Mineville and Porters Lake all have some great neighbourhoods to choose from. Outside of Porters Lake, you won't find much for amenities however that isn't slowing home sales. Like the other outlying suburb communities, home buyers can find both value in older homes and land while expensive, modern waterfront properties are available as well. 

Downtown Halifax Condo Market Report, First Quarter 2018

SOUTH END

Active Listings = 77
Average Price = $518,387
% vs 2017 = +56% increase
Number of Sales = 16
% vs 2017 = no change
Avg days on Market = 74
Sales Last Month = 4
*Absorption Rate = 84 weeks
Type of Market = Buyers Market

CENTRAL HALIFAX

Active Listings = 11
Average Price = $275,514
% vs 2017 = -11% decrease
Number of Sales = 7
% vs 2016 =  +133% decrease
Avg days on Market = 59
Sales Last Month = 2
*Absorption Rate =  23 weeks
Type of Market = Balanced Market 

WEST END

Active Listings = 6
Average Price = $291,250
% vs 2016 = +52% increase
Number of Sales = 6
% vs 2016 = +11% increase
Avg days on Market = 109
Sales Last Month = 2
*Absorption Rate = 11
Type of Market = Sellers Market

NORTH END

Active Listings = 21
Average Price = $184,700
% vs 2016 = +3% increase
Number of Sales = 5
% vs 2016 = +200% increase
Avg days on Market = 109
Sales Last Month = 3
*Absorption Rate =  30 weeks
Type of Market = Buyers Market

 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, we would love to help. Feel free to contact us by email andrew@andrewperkins.ca

Buying vs Renting

In this months blog we explored the difference between buying a condo versus renting a similar apartment.  For the purpose of this exercise we took a standard $300,000 condo and used Halifax averages for condo fees, utilities, interest rates and so forth. Note that in an exercise like this there will always be variances in costs and no two scenarios are ever the same. That said, we did our best to be neutral (if anything we rounded favourable numbers down) and the process is standard. 

BUYING

Buying a standard $300,000 condo with the current five-year fixed interest rate and 5% down would look something like this:

Condo Purchase Price: $300,000

5 Year Fixed Interest Rate: 3.25% 

Total Due on Signing:

o Down Payment: 5% = $15,000

o Deed Transfer Tax: 1.5% of purchase price = $4,500

o   Lawyer Fees: ~ $800

o   Total Up Front Costs: $20,300
____________________________________________

o   CMHC fees (added to loan amount to be financed):  $11,400

Balance Remaining to be Mortgaged: $296,400

Mortgage Payment: $1,441 / Month

o   Interest Paid: $797

o   Principal Paid: $644

Condo Fees / Utilities / Insurance: $450

Property Tax: $250

Total Monthly Carrying Costs: $2,141

At this rate, in 5 years, the mortgage will be paid down to $254,552. Meanwhile, the estimated condo value in 5 years with 2.5% appreciation equates to $339,422.

Equity Gained = Appreciation ($339,422) - Balance Remaining on Mortgage ($254,552) = $84,870 – Upfront Costs ($20,300) = $64,570.

However, in this example buying costs $541 more per month (see ‘Renting’ below) so we want to back that number out now; $64,570 - $32,460 ($541 x 60) = $32,110.

So after five years, assuming you have to live somewhere (and that rent is $1,600 / month) purchasing a condo will provide you with a lift on investment of approximately $32,110.

Note that if you put more than a 5% down payment you would reduce the CMHC insurance fee in addition to the interest paid on your mortgage so that the lift on your investment would be even greater. 

RENTING

Renting Similar Unit: ~ $1,600 / Month = $96,000 in Rent over 5 Years

Monthly Savings Renting vs. Buying = $541 ($2,141-$1,600)

By renting, one would be saving $541 / month in addition to the $20,300 in up front purchasing costs.  If you were to invest all of this money in a GIC with a 3% annual compound interest rate you would make $6,274 profit in five years (see below).

Current Principle: $20,300

Annual Addition: $6,492 ($541 x 12)

Years to Grow: 5

Interest Rate: 3%

Future Value: $59,034

Gain on Investment: $59,034 - $20,300 - $32,460 ($6,492 x 5) = $6,274

BOTTOM LINE

No two scenarios are ever the same and some people are much more savvy investors than others. For example, a renter may choose to invest in stocks instead of a GIC and do very well. In contrast, appreciation on your condo might only be 2% or if it’s new construction it could be more than 5%. Regardless, whatever the scenario, you can take the guidelines set out here and apply them so they match your own.

Last, it’s very important for us to note that this is meant only as an example. We always recommend discussing any investments you plan on making with your financial advisor and mortgage broker.  After all, while we know and understand the Halifax Condo Market very well the same cannot be said for your personal finances and investment goals. Whichever the case, we hope you found some value here and if you would like to discuss this exercise in greater detail, please feel free to contact us. Thank you for reading.

DOWNTOWN HALIFAX CONDO MARKET YEAR END REPORT 2017

CENTRAL HALIFAX

Active Listings = 9
Average Price = $356,498
% vs 2016 = +30% increase
Number of Sales = 31
% vs 2016 =  -29% decrease
Avg days on Market = 62
Sales Last Month = 3
*Absorption Rate =  20 weeks
Type of Market = Sellers Market 

SOUTH END

Active Listings = 71
Average Price = $353,959
% vs 2016 = +0.66% increase
Number of Sales = 122
% vs 2016 = +12% increase
Avg days on Market = 111
Sales Last Month = 28
*Absorption Rate = 11 weeks
Type of Market = Sellers Market

 


NORTH END

Active Listings = 17
Average Price = $199,369
% vs 2016 = -3.8% decrease
Number of Sales = 41
% vs 2016 = +11% increase
Avg days on Market = 91
Sales Last Month = 1
*Absorption Rate =  73 weeks
Type of Market = Buyers Market

WEST END

Active Listings = 5
Average Price = $262,236
% vs 2016 = -7.8% decrease
Number of Sales = 19
% vs 2016 = +11% increase
Avg days on Market = 52
Sales Last Month = 2
*Absorption Rate = 11
Type of Market = Sellers Market

 

*Absorption rate is the number of weeks it would take to sell out the current inventory at the previous months pace of sales. Balanced market = 24 weeks | Buyers = > 24weeks | sellers = < 24 weeks

If you are thinking of buying, selling or investing in a condo in Downtown Halifax, we would love to help. Feel free to contact us by email andrew@andrewperkins.ca
Kind Regards,

Andrew