April 2020

'COVID-19 means big changes for realtors, home buyers and sellers' ~ Halifax Yvonne Colbert · CBC News · Posted: Mar 27, 2020
... trading has not halted anywhere in Canada and it instead recommends agents try to limit or stop any work that requires personal interaction with others, including in-person appointments, property viewings and open houses... virtual tours... ...
Agents scrapping open houses as real estate industry responds to COVID-19 ~ Mar 20, 2020 By: Michael Lightstone, Halifax Today
... due to the COVID-19 turmoil, he said, visiting a property in person has to be balanced with the greater good. “That’s the balance that we’re trying to strike right now,” said Honsberger, who’s also the president of NSAR ...
Market Watch - COVID-19 Weighing on The Housing Market
The Canadian real estate market is adjusting to tightened restrictions on doing business as properties continue to swap hands in the midst of the COVID-19 pandemic. ... read more
What is Mortgage Payment Deferral?
The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. ... read more
Spring Home Maintenance Checklist
Keeping your home in top shape requires year-round care. While each season brings different tasks and challenges for homeowners, spring is an especially important time – it’s when to assess winter wear and prepare for summer. ... read more
Top Energy–Saving Tips for Your Home
Good energy habits help you save money and the way we use energy plays a big role in how much we’re paying for it. For example, if you leave the hot water running constantly while you’re shaving, you’re using a lot of hot water just to rinse the razor a few times. ... read more
 

With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Martello Road
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.RedDoorRealty.ca

Happy New Year!



Hello 2021! 


May this year be full of restored light, new possibilities and better times ahead. How lucky are we to live in Nova Scotia where it continues to be a 'beacon of light' for so many people near and far. Our real estate market continues to validate all of the years of hard work and vision of so many including our extraordinary public and private sectors and our wonderfully diverse growing communities, towns and cities. The sellers market is still very strong with good listings in short supply across the province.  According to our Canadian Real Estate Association (CREA), in all of 2020, home sales totalled a record 13,923 units in Nova Scotia. This was an increase of 13% from the same period in 2019 and marked the highest level of any year in our history, beating the previous record set in 2019 by more than 1,500 sales. The annual average price, across the province, was $291,224. up 13.8% compared to 2019. In HRM, Halifax-Dartmouth, there were 7,591 residential 2020 sales (approximately 55% of the provincial sales) with the average selling price having increased 14.6% to $369,435. 


The big question is 'will this continue'? Despite the conflicting opinions, I believe it will. The pandemic, in my opinion, added more fuel to our already prime seller market conditions. Nova Scotia has been on many people's radar and wish list for years but especially in recent years as the demographics shift. Logically it makes sense from an affordability point of view but I believe there is more to the story. Maybe the golden rule of real estate; 'location, location, location'  should be changed to say 'lifestyle location, lifestyle location, lifestyle location' to better describe what seems to be motivating buyers. And than there is the '18 hour city' concept talked about i.e. in an article by Ainsley Smith on TorontoStoreys.com... 


'... With remote working making it possible for more people to live in the suburbs, the report points to an “18-hour city” trend to pick up across Canada, whether in larger city centres like Toronto and Montreal or in places like Victoria, Quebec City, and Halifax due to accelerated growth. According to Investopedia, 18-hour cities “describe a mid-size city with attractive amenities, higher-than-average population growth, and a lower cost of living and cost of doing business than the biggest urban areas.' 


What's really in our future? As the old saying goes... time will tell. 


As always, please contact me anytime to confidentially and confidently discuss your real estate ideas and potential goals. 


Wishing you all the best for 2021!


~ Michele 


Michele Vyge-Fraser 

Red Door Realty Agent/Associate Broker 

 


Sources: 

https://creastats.crea.ca/board/nsar?fbclid=IwAR3XtGZakyyor15ow-uZoME60AIGFgJ5lYdfueoxEV_le5OOuxLABptAcAA


https://torontostoreys.com/canadian-real-estate-trends-2021/



NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Feb 18,2020


www.RedDoorRealty.ca

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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