Halifax, NS

How did the Halifax Real Estate Market perform in the 3rd Quarter?

Sales for the third quarter down 5% year over year and trail 2007 by 7.3% up to and including the third quarter.

Number of sales 2008 = 5325 Number of sales 2007 = 5746

Active Listings are up 16 percent

The only area that had a slight increase in sales was Dartmouth up 2.8% year over year.

Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit declines in the number of sales year over year.

Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7%

Areas of Note

Sackville - average price rose by 13%

Halifax North End - 10.5% average price increase

Halifax South End - 19.7% average price increase

Fall River - 9.4% average price increase

Crichton/Albro Lake - 13.9% average price increase

Spryfield - 22.4% average price increase

Average days on Market down by 5 days from 84

The Halifax Real Estate Market remains healthy through the 3rd quarter of 2008. Most forecasters were predicting a 2-3% price increase and we continue to see a 6-7% percent increase. What does all this mean? If you are buyer it is a great time to buy. Prices are continuing to rise and inventory is high, thus it is a buyers market. If you are sitting on the fence now is not the time to wait. Our economy in Halifax remains strong in the face of all the financial turmoil going on around the world. If you would like more information on this, or you are looking to buy or sell Halifax Real Estate Contact me anytime.

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Andrew Perkins

Your Halifax Real Estate Expert

On a recent trip downtown I brought my camera along. Let me see if I can jog your memories from years gone by - Maybe some of you were here recently ,but it pretty much remanes timeless.

People Wandering from the Historic Properties to the Pier 21 where the cruise ships tie up. If its a nice day you might catch me at the my local fav. for a keiths or two.

The Lower Deck - Part of a three level complex housing a restaurant and two great pubs.

Part of the Historic Properties. Feels like your in a different era.

Then theres the Nova Scotian Crystal building where you can watch them hand craft magnificent works in crystal.

The Millennium building where Halifax made the news by hosting the G8 conference.

And of course! Our famous tug boat.

No wonder people seem to want to come here. -The lifestyle is so layed back!

You can see all these photos and much more if you check out my website - www.homesearchnovascotia.com

Reporting from the scene - Here in downtown Halifax , Nova Scotia. Only 450 miles from Boston -as the crow flies.

I guess if your going to take a boat.....3 or 4 days straight down the coast across the gulf of Maine -no course change - all the way to Nantucket.

So close to the U.S. and all the termoil thats been happening gripping the markets there and we have so far escaped much of the turn down so far- in the markets.

There was a good article in the Nova Scotia Business Review recently That documented the stats so far this year. Overall we are down a bit over last year ,but the inventory and the price for the units has remained fairly steady.

On a personal note - I'm seeing a fair bit of activity in the Halifax condo market as new buildings come stream in the coming months. See - www.homesearchnovascotia.com

A new report by the Conference Board of Canada has shed new light on the rosy economic prospects for the region. Halifax is expecting growth of 2.4% this year - The highest east of Manitoba. Due to construction projects just getting started and well underway.

The RIM building in Bedford is expected to be completed in the coming month with 1100 employees. --- for example.

This is the Armoury Square Condominium Building. Nearing Completion - very close to the downtown core.

There are numerous projects that have recent approvals as well - expected to get started 4th Quarter.

You can read about the report in a news snippet from the Nova Scotia Business Journal.

Check out www.homesearchnovascotia.com for the latest on Halifax and it's construcion projects and condos.

I came across this great forum today and I wanted to pass along the info that I found. It is very useful and gives you a look into what is going on in Halifax, Dartmouth and surrounding areas with regards to development.

PROPOSED:
HALIFAX - DOWNTOWN | Roy Building | ~70m | 16 floors | N/A | 01172
HALIFAX - DOWNTOWN | Hollis & Morris | ? | 10 floors | N/A | 01162
HALIFAX - DOWNTOWN | 1860 Upper Water St. | ? | 9 floors | PH - September 16, 2008 | 01114
HALIFAX - DOWNTOWN | Water Street Power Plant | ? | ? | January 2009 | Not Issued
HALIFAX - DOWNTOWN | Queen's Landing | ? | ? | N/A | ?
HALIFAX - NORTH | 5552 Kaye St | 22m | 7 floors | N/A | 01113
HALIFAX - WEST | 6955 Bayers Road | ? | 16 floors | N/A | 00930
HALIFAX - MAINLAND | Rockcliffe Village | ? | 3X10 floors | N/A | 01179
DARTMOUTH - DOWNTOWN | King's Wharf | ~100m | ? floors | N/A | 00798
DARTMOUTH - NORTH | YMCA Towers | ? | 2x17 floors | N/A | ?
DARTMOUTH - WEST | 249 Windmill Road | ? | 12 floors | N/A | 00996
DARTMOUTH - WEST | Trinity Harbourview | ? | 6-5-5-5 floors | N/A | 01009/01010/01011
DARTMOUTH - WEST | Notting Village | ? | 6 floors | N/A | 00781
DARTMOUTH - BURNSIDE | Harbour Isle | ? | 12 floors | N/A | N/A
BEDFORD | Southgate Village | ? | 4 floors | N/A | 00762

APPROVED:
HALIFAX - DOWNTOWN | United Gulf Towers | ~90m | 2X27 floors | N/A | ?
HALIFAX - DOWNTOWN | International Place | ? | 22 floors | N/A | ---
HALIFAX - DOWNTOWN | Trillium | ? | 19 floors | October 2008 | 01046
HALIFAX - DOWNTOWN | The Alexander | 55m | 19 floors | N/A | 00971
HALIFAX - DOWNTOWN | Salter Street Block | 41m | 12 floors | Spring 2009 | ?
HALIFAX - NORTH | Trinity Site | ? | 18 floors | Fall 2008 | ---
HALIFAX - SOUTH | Seaport Farmer's Market | ? | 2 floors | Fall 2008 | Not Issued

UNDER CONSTRUCTION:
HALIFAX - NORTH | Hydrostone Place | 25m | 7 floors | Exterior | N/A
HALIFAX - NORTH | Spice | ~20m | 6 floors | Exterior | N/A
HALIFAX - NORTH | 5505 Falkland | ~20m | 6 floors | Frame - 2 | N/A
HALIFAX - NORTH | Armoury Villa | ? | 5 floors | Site Prep | N/A
HALIFAX - SOUTH | 5800 South | ~30m | 9 floors | Exterior | Fall 2008
HALIFAX - SOUTH | Life Sciences Research Centre | 20m | 5 floors | Site Prep | N/A
HALIFAX - SOUTH | The Atrium | ? | 3 floors | Site Prep | N/A
HALIFAX - MAINLAND | Waterton Towers | 40m | 2x12 floors | Exterior/Foundation | N/A
HALIFAX - MAINLAND | Crown Bay | ~15m | 6 floors | Unknown | N/A
HALIFAX - MAINLAND | 273 Bedford Highway | ? | 3 floors | Foundation | November 2008
DARTMOUTH - DOWNTOWN | Founders Corner | ? | 5 floors | Exterior | N/A
DARTMOUTH - BURNSIDE | Park Place V | ~20m | 5 floors | Exterior | Winter 2009
BEDFORD | Dockside | ? | 5&6 floors | Sales Center | Unknown

RECENTLY COMPLETED**:
HALIFAX - DOWNTOWN | Armoury Square | ~40m | 10 floors | August 2008 | ?
HALIFAX - NORTH | Gladstone Ridge | ~40m | 2x12 floors | August 2008 | ?
HALIFAX - SOUTH | St. James Place | ? | 10 floors | June 2008 | ?
HALIFAX - MAINLAND | Lakelands Blvd Office Building | N/A | 5 floors | June 2008 | ?
BEDFORD | RIM Customer Support Centre | ~25m | 6 floors | May 2008

MUNICIPAL INITIATIVES***:
DISTRICT | PROJECT NAME | STATUS | EXPECTED COMPLETION DATE | COST
HALIFAX - DOWNTOWN | Spring Garden Road Revitalization | Proposed | September 2009 | $3 Million
HALIFAX - DOWNTOWN | Halifax Central Library | Proposed | N/A | $30 Million
HALIFAX - NORTH | Barrington Street Trail | U/C | Summer 2009 | N/A
HALIFAX - SOUTH/WEST | Halifax Urban Greenway | Approved | N/A | N/A
HALIFAX - MAINLAND | Halifax Mainland Recreation Centre | Approved | 2011 | $40.5 Million
DARTMOUTH - EAST | Main Street Revitalization | U/C | 2038 | $7.9 Million
BEDFORD/HALIFAX | Fast Ferry | Approved | Fall 2010 | $27 Million

*Not the final public hearing. Usually only for amendments or land zone changes.

**Anything completed on the outside within the last 6 months.

***HRM major projects. Includes redevelopment, revitalization, and paths. No car-oriented projects (there are too many).

Thanks to Bedford DJ for this list

As you can see there is lots of new developments coming on board in the future. Keep checking back as more information becomes available. If you would like more information on these projects let me know and I will dig a little deeper to find the info you require. If you are looking to buy or sell Halifax Real Estate, contact me.

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Andrew Perkins

Your Halifax Real Estate Expert