Real Estate Trends In Halifax

Real Estate Trends In Halifax

Halifax, Nova Scotia provides nice high quality of life in a spectacular setting on the Atlantic Ocean. As the region's economic, cultural, and social capital, Halifax has all the facilities and conveniences of a big city - however with a population of solely 380,000, there are fewer big-metropolis issues and a low value of living. As the most important metropolis east of Montreal, it is the regional center for finance, health care, industrial business and transportation - and Halifax can also be residence to six degree-granting universities, many cultures, fantastic dining, and world class shopping.

It is no wonder that Halifax real estate is doing effectively! In January 2010, the common sale value of a house elevated by 2% and the number of sales elevated by 20% over 2009's figures. In line with the Royal LePage Atlantic Bank's Housing Tendencies and Affordability Report of November 2009, although, momentum is now slowing in Halifax, making it a balanced marketplace for both consumers and sellers to do business.

Whether you need to buy or lease in Halifax, there are a wide variety of housing selections, ranging from city to rural, condominiums to single household detached, offered at a full range of prices. According to the Canada Mortgage and Housing Company, the typical promoting value of houses in Halifax in 2007 was $332,821.00. Because of these low dwelling costs and the affordability of other essentials like meals, the price of dwelling in Halifax is one of the lowest within the country. For an extensive checklist of houses at the moment on the market, go to the MLS netsite and select Nova Scotia.

Considering of renting first to see if Halifax is for you? The typical month-to-month rental costs are holding steady at roughly $seven-hundred per month for a self-contained one bedroom house including utilities.

It's attainable to get pleasure from fabulous condominium residing in Halifax, too. Right now luxurious models at the Bishops Touchdown improvement proper on the waterfront at harbour's edge, are going from $459,900 as much as $1,200,000, starting at a huge 1230 square feet. Southwest Properties is the owner and developer.

A special observe on commercial real estate trends - in the 4th quarter of 2009, office emptiness rates stay flat in nearly all sectors throughout the Higher Halifax region. Translation: the market is firmly in the landlords' favour, with a vacancy rate below 5 %, limited leasing options, and no new building (though there are a number of main projects being considered downtown, no new inventory is anticipated until 2012-2013). Business homeowners, don't despair: Within the suburban market, conditions favour the tenant, with lower rents due to less expensive operating costs and property taxes, better high quality leasing options than those offered downtown, and ample free parking in most cases.