📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

National aggregate home price forecast to increase 5.5% year over year in Q4 of 2024

Following several years of unprecedented ups and downs, Canada’s housing market could return to more normal levels of activity and price trends next year. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to increased demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping point for the national economy as most Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”  

According to the Royal LePage 2024 Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5% year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0% and 5.0% to $879,164 and $616,140, respectively.2 

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five percent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada. 

📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

National aggregate home price forecast to increase 5.5% year over year in Q4 of 2024

Following several years of unprecedented ups and downs, Canada’s housing market could return to more normal levels of activity and price trends next year. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to increased demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping point for the national economy as most Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”  

According to the Royal LePage 2024 Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5% year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0% and 5.0% to $879,164 and $616,140, respectively.2 

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five percent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada.