The market's home prices saw modest growth during the first quarter
Halifax home sales activity might get a considerable boost from the federal government’s recently announced incentives for first-time buyers, according to Royal LePage Atlantic broker of record Marc Doucet.
“Unlike cities in Canada where the shared mortgage plan won’t enable people to make a down payment, you can find a good selection of listings lower than the proposed lending cap,” Doucet explained.
“We’ll have to wait and see, but if enacted, it would be a good thing for first-time buyers.”
The latest edition of the Royal LePage House Price Survey showed that the aggregate price of Halifax residential properties had a modest 1.6% annual growth during the Q1 2019, reaching $318,733.
Two-storey homes in the market saw their prices increase by 1.2% year-over-year to end up at $333,307. Bungalows’ value also rose 2.6% during the same time frame to $266,078, while condos had a respectable 2.9% growth to reach $362,397.
“Activity remains steady with modest price increases,” Doucet noted. “Our excellent selection of affordable properties continues to attract the attention of both interprovincial and foreign buyers.”
“Halifax is still very much a seller’s market. We expect a busy spring with more showings and a decrease in inventory. Though a number of apartment-style units are scheduled to be built, most are poised to be rentals.”
Going into the second quarter of the year, the city’s aggregate home price is expected to rise by a further 1.2% to $322,667.
