Report outlines market's 2023 concerns and prospects
The rising cost of living remains a top priority for consumers in Halifax, but development red tape and “missing middle” housing are also becoming prominent sources of anxiety this year, according to the 2023 Real Estate Industry Trends Report by RE/MAX.
The concerns stem from forecasts of Halifax continuing to see slowdown through the first few months of the year, although the rate environment could “present opportunities for Canadians before things pick-up in Q2 and in the spring and fall when there’s increased inventory due to seasonality,” RE/MAX said.
Still, the market is likely to see a protracted period of low supply. Inventory sharply declined from 3,600 active listings a decade ago to 500 units by the end of 2022.
“Buyers can mitigate buying challenges caused by low supply by being prepared to move forward with a home at a moment’s notice. This includes documentation, lawyers, and property inspectors,” RE/MAX advised.
The significant shift in buyers’ preferences over the past three years will also continue to make itself felt in the region.
“In the Halifax market, we’re seeing a sustained demand for work-from-home friendly spaces and energy efficient homes,” RE/MAX said. “Coming out of the pandemic, we’re seeing increased interest and demand for homes in Halifax outside of the province, which may offer a benefit to those looking to sell this year.”
