Over the past twenty years, we have seen some significant changes to the Halifax Real Estate Market. Our city has grown traction, undergone major developments, expanded its culture and has truly become the hub of Atlantic Canada.
Our population has steadily increased over the past two decades, totalling at approximately 412,674 residents today. In comparison to the rest of Atlantic Canada, our job forces have expanded like no other. In the past 5 years, young professionals have increasingly viewed Halifax as a home they could start a career and raise a family in. In previous times, most young professionals thought that to achieve this, they must relocate to Central or Western Canada.
These factors, along with the economic boost from recent increases in immigration have caused the changes we see in the average number of properties sold, and they're selling prices in the municipality.
The average number of properties sold each year in the past two decades is 5547 per year. When looking at the graph, above, we can see that there are very few years with less. Overall, the number of homes sold remains quite constant. In the past 5 years, there has been a sharper increase, which correlates with the increase in immigration, and young professionals flocking to Halifax.
The average sold price on Halifax properties has increased steadily year after year. There has been no decrease in average selling prices, only a couple of near-plateaus. This means that on average, Real Estate investments in Halifax will reap rewards rather than losses.
We have seen an even sharper increase in sold prices within the past two years and this trend is not likely to stop anytime soon. With such limited inventory in Halifax, prices will continue to rise, and any properties that hit the market have high chances of selling quickly.
There is no time like the present to sell your Halifax property. These statistics prove this. Reach out to us today if you would like more information on scoring top dollar for your Real Estate investment, condo, or family home.
Cheers to the new year,
Andrew
andrew@andrewperkins.ca
902-488-0012