2016 turned out to be a positive year in Nova Scotia real estate with residential sales increasing 21.6% overall and vendors accepting the asking price for their homes. The increase has greatly affected the Halifax real estate business in the capital of Nova Scotia.
Nova Scotia Association of Realtors communications adviser, Tanya White says many of the younger buyers are searching for homes that require minimal work.
According to Ms. White, “the younger buyers are no longer willing to work much even if it’s only beautifying.”
For older buyers, they are searching for a smaller space, than their usual large two-storey houses, which have greatly increased the number of listings available in Halifax. The baby boomers are searching for bungalows where they can do anything in one storey, including laundry.
Buyers are now after affordability, aside from searching homes with modern finishes, contemporary appliances and home furnishings like heat pumps, kitchen islands, decorative faucets, granite countertops and hardwood flooring.
In some areas of Halifax real estate, there are those attracted with foreclosed homes. They serve as a nice household for low-income buyers or those wanting to rent so they can make money.
In 2015, Halifax-Dartmouth showed a strong real estate market with condo sales soaring at 2.6%.
However, the all-residential category remained the strongest sales at an increase of 5.8%.
In the city, the average sale price was $195,150; the Annapolis Valley area had $138,389; and for Yarmouth area $93,669, as indicated in the January 2017 MLS data.
According to Ms. White, the trends vary in every region of the province.
“However, the rural areas seem to struggle just to keep the younger generation from moving to Halifax-Dartmouth. Also, people from the rural areas remain within their homes, rather than moving to senior homes or apartments.”
In the Yarmouth area, prices of homes range from $100,000 to $150,000.
In Nova Scotia, sales to listing ratio is up at 14%. This also includes sales in the Halifax real estate business. Whether you are a baby boomer, a young professional, or probably starting out your own family, check out listings which will definitely suit your preference and needs.