CMHC Housing Forecast for Halifax, Nova Scotia (2009)

After a record-setting year in 2007, MLS® sales have cooled in 2008 and activity will remain subdued during 2009. The number of MLS sales dropped close to 11% in 2008 and sales are expected to fall a further 4% in 2009. In spite of the decline in 2008, total MLS performance for the Halifax Region in 2008 was still the second best year on record after 2007!

The average price of an existing home in Metro Halifax continues to rise and while price growth will slow, it will still remain positive throughout the forecast period. Resale prices are expected to rise 3% in 2009, leading analysts to forecast the average sale price of an existing home to be $235,000 in 2009.

For a new home, however, the average price is forecast to be $355,000 in 2009 which is 50% higher than an average existing home.

Download the full forecast from Canada Mortgage and Housing Corporation (CMHC): 2009 Housing Market Outlook - Halifax

It is a buyer's market right now, and with the mortgage rates so low, makes it a good time to buy. So please contact me and we can get started on finding the perfect home, cottage, or investment property for your family.

Also, please don't hesitate to contact me with your questions.

Pam Pritchard 902.483.7119 www.yourNShome.com