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 Cathedral Lane
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
D: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.RedDoorRealty.ca

Hello! 

It is June 6, 2021 (2 weeks and 1 day until the official start of Summer!) and there are currently 1003 conditional MLS® sales and 2214 MLS® SOLDS in all categories (just since May 1) and 1870 active residential listings across the province currently showing on our Nova Scotia MLS® system.

The Spring Market is technically starting to transition into the Summer Market, yet, with the recent Nova Scotia lockdown now re-opening, we expect some of the energy of a Sellers Spring market to continue into July as buyers and sellers 'catch up'. Multiple offers are still to be expected on good listings but there are signs that some 'buyer fatigue' may be emerging. Is this temporary? Is it because of the higher level mortgage stress test that has taken effect? Or is it buyers just quite simply need a rest from the relentless and often disappointing process of competition? Time will tell but more importantly, if you are a buyer, the next few weeks could be an ideal time to buy. 

Since May 1, 2021, approximately 44% of all classes of properties sold have been in HRM.Just looking at residential sales, that number shifts to closer to 52% have been sold in HRM. This continues to be such a shift from a few years ago as all of Nova Scotia is clearly being re-discovered and sought after. 

Median SOLD prices shifted up as well in HRM and across the province; 

  • Since May 1, 2021, just looking at residential sales, the median SOLD price is HRM $421,250 compared to across Nova Scotia at $375,000.
  • Since Jan 1, 2021, again, just looking at residential sales, the median SOLD price is HRM $415,000 compared to across Nova Scotia at $333,000.

Compared to all of 2020, the median residential SOLD price in HRM was $331,237 and across Nova Scotia it was $260,000. 

So again, where are we going with our prices and will they start to stabilize anytime soon? Recently an out of province new client suggested to me that our prices may be going too high, questioned the sustainability and wondered if their money was better invested in Ontario. Here is a portion of my response;

'Beyond lifestyle comparisons... If the decision is strictly based on investment stability, I expect the typical Maritime 'slow progressive growth' attitude to kick in again once the market balances out vs the up/down/up etc... of i.e. Toronto. Clearly our median prices have increased though we did experience up/down/up in 2020 during the first lockdown - however,the 'down' was almost a complete 'hit pause' vs panic selling. Again, typical of Maritimers.'

I went on to say that I believe it is Nova Scotia's time with further proof that pre-pandemic we were already in a sellers market as a result of years of planning, development, demographic shifting and growth. Again time will tell but watching average prices in similar size markets across the country may help to forecast our affordability threshold. 

Here is the link for the House Price index. It's a great tool where you can add up to 6 cities to compare. 

 https://housepriceindex.ca/#maps=c11

Would love to hear your thoughts and of course, 'Let's Talk Real Estate' anytime! 

Hope you have a great month! 


With Gratitude as Always, Michele 



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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