About Halifax County, NS

OCTOBER SLIDE STEEPENED

Halifax Dartmouth MLS^® home sales continued to slowly slide as global economics soured during the month of October. At month's end our region's year to date market performance was down 8.3% compared to the same 10 months in 2007 (the best MLS^® sales year on record).

While our local market is still "healthier" than markets in many other areas of the country, we do have an obligation to report to you on those market conditions that are going to affect your success as a Buyer or Seller in the weeks and months ahead.

• Halifax Region Sales for the month of October 2007 performed at -18.2% versus October 2007.

• We witness a continuing slide in the number of homes sold in 2008 to date vs. the same ten months in 2007 (-8.3% or 575 units less).
• Average home sale prices are starting to moderate in many of the neighbourhoods within the Halifax Dartmouth region.

NOVEMBER - MORE OF THE SAME!

We have continued to see more of these same trends in the month of November as evidenced in the preliminary monthly stats shown below. As of today's date November has performed at a rate of -39.1%, or 182 fewer sales than November last year. This is a very strong signal that we are in the beginning of a market correction; which again points toward "Buyer's Market" conditions.

"Days on Market" have climbed to an average of 112 days to sell a home in November, up from a healthier 98 day average in November 2007. Homes are selling more slowly and with slowing price increases; more definite signs of a cautious, "deal shopping" Buyers' Market.

November to Date	Sales in Units	Average Sale $	Days on Market
2008	284	$217,150	112
2007	466	$210,540	98
+ or -	-39.1%	+3.0%	-12.5%

THE ECONOMIC IMPLICATIONS FOR BUYERS & SELLERS

• Our regional economy continues to send us mixed messages. Barely two months ago, gasoline was selling in the $1.20 - $1.40 range; today we are buying a litre of gas in Halifax for $0.81; proof that commodity prices have seriously deflated. It is difficult to say yet where the economy is going or if we are at the beginning of a short term slide or in the midst of a full blown recession.
• While the US real estate market is in continued bad shape, and home prices in other centres across Canada are deflating from several years of record growth (Edmonton, Calgary, Vancouver etc.) our Halifax Region real estate market is still fundamentally sound and those who understand the market dynamics will be prepared to prosper.
• Home sale prices are slowing down, toward the lower levels of 2007. Short term price growth is at an end for the foreseeable future (see average November sale price above). Lower prices mean buying opportunities are on the rise for Investors and first time home buyers.
• Buyers may perceive that they are losing money when selling a home in these market conditions. However home value is only determined by what motivated Buyers are prepared to spend for a specific home, in a specific market, at a specific time. One has to understand and accept this, then plan accordingly.
• Sellers soon become buyers and must remember they will be buying their next home in the same Buyers' Market conditions in which they sold their home. The return on the sale of their home will be proportionate and complementary to their purchasing power and options for their next home.
• Good news! Mortgage rates are still low and readily available. Working with a professional Mortgage Broker will ensure that your credit qualifications are in place before shopping.

WHAT DOES THIS ALL MEAN TO ME?

One has to be very well prepared in order to generate a profitable home sale. Clearly one has to manage their expectations in order to maximize the return they receive. Avoid confusing a desire for the double digit price gains of recent years with a "reasonable profit". Those days are gone for now.

Motivated Sellers and Buyers must heed the market indicators in order to have success. Successful, profitable home sales will occur for those who respect these changes and choose to work with an experienced, professional REALTOR^®.

Please remember that only three things sell a home - Good Preparation, the Right Price and Good Marketing!

Expert Marketing and full-service support are essential for success. Avoid discount service plans or do-it-yourself "For Sale by Owner" services - doing so may well mean the difference between an efficient sale and a home sale disaster!

• Every neighbourhood and price bracket has competition - be aware of your competition and be ready, then price aggressively to sell ahead of them. The Seller that sells first amongst "equal competitors" is more likely to extract the highest value! More time on the market means eventual price reductions and fewer net dollars in your pocket!
• You can't live in a RRSP! Think about investment strategies where the proven long-term stability of Real Estate puts accrued home equity or retirement savings to work for you. Think about income property buying opportunities for long term investment growth. Call your REALTOR® today for a professional investment property consultation!
• Remember that prices are slowing down in most neighbourhoods in Metro and surrounding areas; set your expectations realistically and then get to work on a positive selling strategy with your REALTOR^®.
• REALTORS® are trained experts and poised to assist. They understand thee tougher market trends; they know how to manage delicate, changing market conditions and are ready to serve!
• Call a REALTOR® today to help you prepare your property for sale and to experience an efficient and happy home selling or home buying experience.

Halifax Real Estate Market update, December 3, 2008

How has the real estate market in Halifax performed in the last two months? With all the doom and gloom in the financial sector of the news lately I figured it would be a good time to look at the HRM real estate market as a whole compared to the previous year.

Halifax Real Estate market update for all areas of HRM for October, November 2008. Based on MLS stats for single family homes, condominiums and new construction.

MonthAverage List Price Average Sale Price Sale to List Price Average List DurationNumber Of Sales

Halifax Real Estate Blog Market Update 2008
NOV-2008	248024	238845	96%	104 days	239
OCT-2008	240011	233161	97%	89 days	383
Averages:	243090	235345	97 %	95 days	622

Halifax Real Estate market update for all areas of HRM for October, November 2007. Based on MLS stats for single family homes, condominiums and new construction.

MonthAverage List Price Average Sale Price Sale to List Price Average List DurationNumber Of Sales

Halifax Real Estate Blog Market Update 2007
NOV-2007	229987	223989	97%	98 days	409
OCT-2007	228744	221646	97%	87 days	479
Averages:	229317	222725	97 %	92 days	888

Total Active Listings - 3063

As you can see from these numbers the market is definitely softening over the last two months. Sales are down by 30% over last years numbers. Albeit last year was a record for sales but this is still a significant decline. The silver lining I guess is that price continues to increase. The average price has increased by 5.6%. Days on market has also increased by 3 days which is not too significant.

Right now we are seeing a buyers market in the Halifax Real Estate market. There is a lot of inventory out there and not a lot of buyers. Homes are sitting on the market for a long time. If you are looking to buy real estate in Halifax now is as good a time as any. There are deals to be had.

If you would like more info on market stats in your area, send me an email or call 902-488-0012. I would be more than happy to answer any questions you may have pertaining to real estate in Halifax, Dartmouth and surrounding areas. In the coming weeks I am going to be looking at HRM by design and new condo projects coming on board, so stay tuned for that.

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Andrew Perkins

Your HRM Real Estate Expert

New blog.....new career....new vision.....I am so pumped up that I need to take a breath and reflect on where I've come from and where I'm going! I taught in the public school system in NS and in Georgia, USA.....can it really be 37 years!? But I had to make the decision that 'it was time'....to retire, that is! It's was so difficult to end a career I have loved [and was very good at, if I may say so ;-) ]....and it's even more daunting wondering if my new career will be able to hold a candle to my former one! I don't know the answer to my question as yet....but if the generosity, support and professionalism I've already experienced is any indication, the journey will be well worth the price of a 'ticket'. Stay tuned! Melva

Green Condos in Halifax

I was browsing through The Coast weekly Halifax newspaper and noticed this project that Greater Homes is constructing on the Northwest Arm Drive. Looks like a great investment and place to live.

Located in a desirable area of Halifax, The Waterton is Halifax's first condominium project to use geothermal. The Waterton condo project uses the breakout geothermal heating system that extracts stored heat energy from the crust of the earth. Geothermal takes the guess work out of your energy costs by using renewable energy.

It is great to see projects like this in Halifax. I think in the coming years we will be seeing more and more green projects come to fruition. The green shift is starting to happen and I feel in the coming years it is going to accelerate at crazy pace. We have waited to long to shift our focus and our environment is paying dearly for our neglect.

If you would like more information on this condo project or any other condos in Halifax send me an email andrewperkins@exitmetro.ca or call 902-488-0012. I would be more than happy to help you out.

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Halifax Home Buyers Take Notice!!!!

Thinking about buying a home and not sure how the financial crisis will affect your purchase. The Government of Canada is injecting 75 billion dollars to purchase Insured Mortgages. This is great news for home buyers. This should also help interest rates go down and make the purchase of your next home that much more affordable. Below is a press release from the government.

Federal Government's $75-Billion Purchase of Insured Mortgages Should Benefit Home Buyers

As part of its efforts to address the current financial crisis, the federal government announced that it will inject $75 billion of new money* into the financial system, by buying insured mortgage pools from Canadian financial institutions.

The purpose of this measure is to add liquidity to financial institutions - money they can then lend to businesses and consumers. The main effect of such an initiative is to increase the availability of credit while, at the same time, making the cost of credit more affordable. As a result of this plan, financial institutions' mortgage interest rates should drop, which is likely to stimulate activity on the resale market.

This announcement is good news for our financial system and for the economy in general. Ultimately, it is borrowers who will benefit from this initiative, particularly future home buyers.

This federal government intervention was made necessary by the fact that the financial crisis has led to a significant reduction in the amount of credit made available by the private sector and, as a result, higher costs. In this context, banks' financing costs increase, which translates into higher prime rates and mortgage rates.

The purchase will be made through the Canada Mortgage and Housing Corporation (CMHC) and will focus exclusively on mortgages that are already insured under its mortgage loan insurance program.

*Minister of Finance, Jim Flaherty, made an initial announcement of $25 billion last October 10, and announced an additional $50 billion on November 12.

"Excerpted from The Montreal Real Estate Blog"

The Halifax Real Estate market is starting to show signs of slow down in the last couple of months. Sales are down although average price continues to rise. Now is not a time to wait to buy, it's a buyers market right now. If you are thinking of getting into the spring market you will be looking at higher prices, although inventory will be up and more selection will be available.

If you would like more information on market stats and trends in the Halifax Real Estate market contact me or send me an email at andrewperkins@exitmetro.ca.

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Andrew Perkins

Your Halifax Real Estate Expert