Andrew Perkins

Canada Mortgage and Housing Corporation

Fall 2008

Economic Overview for Halifax

Halifax has had sound economic fundamentals in the past few years but the economy is starting to show signs of change. Overall Employment in Halifax remains strong, rising 2 percent in 2007 and reached near record levels midway through 2008, however growth has moderated to 0.7 percent and is expected to remain near 1 percent in the next two years.

Metro Halifax is experiencing a high level of economic activity. Commercial and residential construction projects have boosted the demand for labour. Developments such as Dartmouth Crossing, Russell Lake West, the parking facility at the airport and hotel construction spurr on economic growth

Both residential construction and home sales are fore casted to ease, however sustained employment and strong unemployment will help bolster housing demand.

New Home Construction

2008 saw a decline in new home construction and is expected to remain the same in 2009. New Single detached homes however has remained strong. After the record year for sales in 2007 inventory was depleted and builders built new to catch up to demand. Single starts are up 12 percent in the first three quarters compared to 2007. This trend should soften in the last quarter and into 2009.

There are several reasons for the expected drop in single family detached starts. Inventory is up giving buyers more choice. Also increased economic uncertainty, weaker economic growth, slower employment and wage growth will result in weaker demand for new housing.

Resale Market

In the re-sale market, home sales have cooled compared to last years record. Average price for an existing home continues to rise while price growth will remain positive through next year. Sales are down 7 percent over last years record. Average price is forecast to be 235,000 in 2009. New home average price is forecast to be 355,000. Average days on market has decreased from 89 to 84 days on market.

The Halifax market is sound and there is no reason to panic. Sure sales are down, but only from last year which was a record, they are on par with 2002 and 2005 which were records at the time. Average price continues to increase. I hear a lot of people saying they are going to wait it out to see if prices come down. In our market this is not a good idea, prices are forecasting to rise steadily for the next couple of years.

If you are in the market for Halifax Real Estate, give me a call and I can discuss your options. I have a great team of mortgage brokers, inspectors, insurance agents, tradesman, contractors at my disposal to make your next home purchase as stress free as possible. I can be reached at andrewperkins@exitmetro.ca or by phone 488-0012.

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Andrew Perkins

Your Halifax Real Estate Expert

How is the Sackville Real Estate Market performing in the Last 3 months?

Sackville Real Estate Market update for August, September, October 2008 for single family detached and semi-detached homes.

Sackville Real Estate Market update for August, September, October 2007 for single family detached and semi-detached homes.

Number of Active Listings = 216

The Sackville Real Estate continues to be one of the fastest growing markets in HRM. Average sale price continues to rise, the last three months by 7.3%. Unlike many other areas of HRM which saw a sharp decline in the number of sales, Sackville only declined by 1 sale. Days on market are up by 4 days. I attribute this to Sackville still remaining affordable. For what you get in Sackville for your money and what you get in Halifax, Bedford, Hammonds Plains, there really is no comparison.

If you are interested in Sackville Real Estate or have any questions regarding Real Estate in Halifax and surrounding areas contact me at 488-0012.

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Andrew Perkins

Your Halifax Real Estate Expert

How is the Fall River Real Estate market doing in the last 3 months?

Fall River Real Estate Market update for August, September, October 2008 for single family detached and semi-detached homes.

Fall River Real Estate Market update for August, September, October 2007 for single family detached and semi-detached homes.

Number of Active Listings - 131

The Fall River Real Estate market has slowed down in the past 3 months. This has been a normal trend in a lot of areas of HRM. Number of sales are down 33 percent over last year, a huge decrease. The average price is also down slightly by 1.7%. Right now we are seeing a buyers market although there doesn't seem to be a lot of buyers out there. Inventory is up and sales are down. This has to do with a number of factors. The slowing economy and the steady rise in housing prices.

In the coming months I see the trend remaining the same with not a lot of transactions in the Halifax Real Estate Market. This will continue into next year and hopefully we will start to see a turn around next summer. Surprisingly price continues to rise in most areas of Halifax.

Next week we will have a look at the Sackville Real Estate market. If you are looking to buy or sell Real Estate in Halifax send me an email andrewperkins@exitmetro.ca. I will respond promptly.

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Andrew Perkins

Your Halifax Real Estate Expert

Today I am going to look at the average price in the Halifax Real Estate Market for the last 8 years dating back to 2000. This should give you an idea of how the Halifax Real Estate market has fared over the years and where is it headed in the future.

Source: MLS data

The Halifax Real Estate market has had a very steady rise in price since the turn of the century. The number of sales has remained relatively the same over that period. This year we are on pace to be slightly behind last year's numbers which were a record. I do see this trend slowing a little in the future due to the financial turmoil in the world markets, however I think Halifax will still remain as one of the healthiest Real Estate Markets in Canada. Some of the factors that I feel gives the Halifax Real Estate Market such promise are;

1) Gateway port

2) Military/Navy

3) University city

4) Hub for Atlantic Canada

5) IT sector

When I say that the market is going to slow I am referencing the number of sales. I do not see prices going down in the foreseeable future. Now is not the time to wait for that to happen in Halifax. The prices here are far below other cities in Canada and have a lot of room to grow.

If you are in the market to buy or sell Halifax Real Estate do not hesitate to contact me.

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$2.6M on the table for green projects

HALIFAX - Residential windmills and carbon-capturing concrete are two of 21 environmental projects to win government grant money.
Mark Parent, provincial environment minister, made the announcement at the Power of Green conference in Halifax yesterday. "In terms of greenhouse gases, (these projects are) equivalent to taking over 10,000 cars off the road permanently, forever," Parent explained to reporters after his speech at the Cunard Centre.
These were the winners picked by EcoNova Scotia for clean air and climate change. Applications were placed under two grant-giving programs for environmental technologies and municipal projects.
This group of winners -the third announcement so far for EcoNova Scotia - cost $2.6 million. Parent said that money will leverage into over $8 million with what the projects will bring in. He said he has especially high hopes for the Carbon Sense Solutions project, which captures carbon emissions in concrete. "I dream of the day - because we make concrete in Nova Scotia - instead of importing asphalt from elsewhere, we can build our own concrete roads and we capture carbon at the same time."
But for some companies, investing in green solutions might take a backseat because of the grim global economic outlook. Some people will be cautious, Parent said, but there are ‘real opportunities' in the green economy. "We've seen a freeze in capital and lending so these programs (like EcoNova Scotia) will be more important for businesses to find the necessary capital to do innovative projects," he said.
Shawna Eason, energy officer with Cumberland County, got $10,000 from EcoNova Scotia to conduct an energy audit of county properties. "It's looking at where they're losing money, but also emissions because anywhere electricity is being used where we can reduce it is going to save them money and is going to save the emissions," she said.

Taken From The Chronicle Herald

It is great to see initiative being taken in a Green Economy. Over the years I am sure we will see more projects coming on board. If you are in the market for a new house, as a member of Clean Nova Scotia I offer my clients a free energy audit which could save you thousands of dollars for both renovation costs and energy savings. If you are looking to buy or sell Halifax Real Estate contact me at 488-0012.

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Andrew Perkins

Your Halifax Real Estate Expert