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
Over the past year the price of cottages has increased on average by 13% and is expected to continue on this steady incline, according to the 2007 Royal LePage Recreational Property Report. Though the price may be rising, Canadians are still willing to fork over the bucks and purchase one of these properties.
The reasons for buying a cottage vary. About 31% of Canadians buy cottages because they enjoy the outdoors, 30% because they want to escape the bustle of city life, and 29% because they want to spend quality time with family and friends, according to the report.
Today the demographic of cottage buyers ranges from singles, to newly married couples, to large families. Cottages have even peaked investor interest because they offer cash flow through rental yields.
But before rushing to your local realtor, there are certain things to consider. The most important of which is what area you'd like to purchase in. Once that question has been mulled over, you can discover what amenities you prefer, when high season and low season start in the area, and how much price appreciation you can expect. The east coast encompasses the most reasonably priced recreational properties in Canada. Nova Scotia, New Brunswick and Newfoundland have average prices of $149,700, $146,625 and $86,500, respectively, for waterfront cottages, notes the report.
The most popular areas across the nation include Nova Scotia's South Shore because of its sandy beaches. To read more about cottages in Nova Scotia, visit here:
http://www.canadianrealestatemagazine.ca/news/25672/details.aspx
Lets get started on finding your perfect summer cottage along the beautiful South Shore of NS!
Pam Pritchard 902.483.7119 www.yourNShome.com
Yes, I know that sounds crazy since I've already pulled out my winter coat. But there's still a lot of amazing oceanfront and oceanview properties for sale along the South Shore of Nova Scotia. And as we enter the slow time of year for home sales, these sellers are willing to negotiate further. This is good news for buyers, because it usually means getting the home for a cheaper price than you would have at the peak of summer.
Plus it's something to look forward to! May is just around the corner, you know, and you can spend the winter doing any updates that need to be done. I just sold a cottage last month to a family from Ontario and they got a wonderful oceanview nautical cottage in Mill Cove. Beautiful workmanship in the home and beautiful scenery surrounding the home. It doesn't get any better than that...
Buying a vacation home can be very rewarding, both personally and financially, but it's certainly a big decision! Before making any sudden moves, take the time to engage in some thorough research, organize your finances and choose a trustworthy professional. For more leisure property buying tips, read here:
http://www.hgtv.ca/articles/articledetails.aspx?ContentId=2062&cat=3&by=1
So please contact me and we can get started on finding the perfect summer cottage for your family.
Pam Pritchard 902.483.7119 www.yourNShome.com
Your perfect Nova Scotia home is out there, and I look forward to helping you find it!
Pam Pritchard 902.483.7119 www.yourNShome.com
Full-time REALTOR® serving the communities within HRM and the surrounding area. Specializing in oceanfront homes along the South Shore of Nova Scotia, as well as condos within HRM. My goal is to exceed your expectations and give you the service you deserve!
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