Home price growth is not proving to be an impediment to accelerated demand, market players say
Halifax, Nova Scotia is seeing significantly accelerated housing demand, according to industry players.
“[Demand is] up about a third from last fall,” said Jim Graham, executive director of advocacy group Affordable Housing Association of Nova Scotia.
This might be alleviated a bit by housing developments that are getting close to being ready for occupancy, Graham told CTV News.
“Rapid housing initiative projects that started last year are coming online,” he said. “They’ll be ready between, I’d say, the first one could be occupied in October, maybe the end of next month.”
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Activity in the region continued to be strong despite the 22.2% annual price increase in July, according to data from the Nova Scotia Association of Realtors. This brought the average home price in the Halifax-Dartmouth to $567,671 last month.
The average price of homes sold across Nova Scotia in July was $380,760, up by 9.4% from last year. The province’s comprehensive year-to-date average price was $429,855, increasing by 20.5% from the first seven months of 2021.
However, the total dollar volume of all home sales in Nova Scotia last month was $444.3 million, down by 10.1% annually.
