As many of you know we are definitely in the midst of an intense seller’s market. New properties hit the market only long enough in some cases for your first and only viewing before it is sold shortly there after. It’s also the low number of new listings that are pushing the pricing higher on the remaining few on the market.
So while I am waiting to get the data that I requested from NSAR, here is some proof that we are in a very hot housing market. In Dec of 2020 the average cost of a home in Halifax/Dartmouth was $400,965 and just 12 months later that had jumped by 22.2% to $490,127. All the while the whole country averaged a 17.7% increase and the the markets everyone mentions in the news Toronto was up 31.1% and Vancouver was up 17.3%
While all this talk and news reports about pending rate increases may temporally calm the market, it will not correct the greater underlying issue which is that we have a fundamental supply problem. We do not have enough homes for people who want to buy them nor do we have enough rental unit for those looking to down size. This is preventing the empty nesters from selling as they have no place to go. Until these factors are correct we will be seeing price wars and multiple offers on properties for a while yet.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here