The city’s housing inventory has fallen to its lowest point in 10 years
Low supply has pushed the Halifax residential real estate sector towards being a sellers’ market, according to real estate industry players on the ground.
Figures from Royal LePage Atlantic indicated that as of this year, the region has only a little over 2,800 residential properties for sale. This was a far cry from the nearly 5,000 in 2016.
“I’d say we have probably the strongest selling market that anybody I’ve talked to can remember having here,” Royal LePage Atlantic broker of record Marc Doucet told CBC News.
“Although there’s been years past where we’ve had maybe a higher number of sales that have happened, it’s never been accompanied by such low inventory."
RE/MAX real estate professional Al Demings noted that this supply level – indeed, the lowest in a decade – had a noticeable effect on the average cost of a sale. In 2019, this was around $320,000 per transaction, growing by 4.7% annually and by 33% compared to 10 years ago.
“It’s got a lot of real estate agents happy,” he said. “One of the outcomes of a sellers’ market like we’re in right now is an increase in prices, and there’s no question we’re seeing that.”
This has also fuelled competition, with multiple offers going into vogue. The market should thus brace itself for further price growth, Demings warned.
“When the inventory is high, people can take their time, pick and choose, offer low prices and maybe get it. That’s not the market we’re in today.”
