Record emigration to Halifax shifts segment into offset market
HALIFAX, Jan. 10, 2018 /CNW/ – The total cost of a home in Halifax saw healthy expansion in a fourth entertain of 2017, rising 4.2 per cent year-over-year to $319,891, according to a Royal LePage House Price Survey1 expelled today.
When damaged out by housing type, a median cost of a two-storey home rose 4.6 per cent year-over-year to $337,975, while a median cost of a bungalow increasing 6.9 per cent to $275,514. During a same period, a median cost of a condominium posted a diminution of 7.3 per cent to $299,277 year-over-year.
“Halifax has returned to a offset market, after 3 years of favoring buyers,” pronounced Marc Doucet, attorney of record, Royal LePage Atlantic. “We saw record emigration to Halifax this year, with a top series of people entering a segment given a 1980s. This is fixation ceiling vigour on home prices and bringing some-more certainty to sellers.
“We’re saying increasing transformation into a city from Alberta and Ontario, as good as students and refugees re-locating to Halifax,” combined Doucet. “The opening of a new Halifax Convention Centre is also attracting visitors to a segment and augmenting Halifax’s prominence within Canada and around a world.”
Nationally, Canada’s residential genuine estate marketplace saw strong, though negligence year-over-year cost expansion in a fourth entertain of 2017. The Royal LePage National House Price Composite, gathered from exclusive skill information in 53 of a nation’s largest genuine estate markets, showed that a priceÂ of a home in Canada increasing 10.8 per cent year-over-year to $626,042 over a three-month period. When damaged out by housing type, a median cost of a two-storey home rose 11.1 per cent year-over-year to $741,924, and a median cost of a bungalow climbed 7.1 per cent to $522,963. During a same period, a median cost of a condominium appreciated faster than any other housing form studied, rising 14.3 per cent to $420,823 on a year-over-year basis.
“To impending homeowners in a largest cities, condominiums paint a final citadel of affordability,” pronounced Phil Soper, boss and CEO, Royal LePage. “This is generally loyal for first-time buyers whose purchasing energy has been reduced by tightening debt regulations.”
In line with Royal LePage’s prior Market Survey Forecast, Royal LePage predicts that a cost of a home in Canada will boost 4.9 per cent by a finish of 2018.Â Looking ahead, a association anticipates that a new OSFI highlight exam will delayed a housing marketplace in a initial half of 2018, as buyers adjust their expectations and many marketplace participants take a “wait and see” approach.
“The unsustainably high rates of home cost appreciation witnessed in new years in B.C. and Ontario were dangerous to a fortitude of not usually a housing market, though to a broader economy itself,” continued Soper. “Policy measures like a OSFI highlight exam will relieve exile housing acceleration to an extent. However, we do predict an upswing in direct in a latter apportionment of a year, as impending buyers adjust to a new realities. To put it another way, a direct is still there.”
About a Royal LePage House Price Survey
The Royal LePage House Price Survey provides information on a 3 many common forms of housing in Canada, in 53 of a nation’s largest genuine estate markets. Housing values in a House Price Survey are formed on a Royal LePage National House Price Composite, constructed quarterly by a use of association information in further to information and analytics from a sister company, RPS Real Property Solutions, a devoted source for residential genuine estate comprehension and analytics in Canada. Â Commentary on housing and foresee values are supposing by Royal LePage residential genuine estate experts, formed on their opinions and marketplace knowledge.
About Royal LePageÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Serving Canadians given 1913, Royal LePage is a country’s heading provider of services to genuine estate brokerages, with a network of tighten to 18,000 genuine estate professionals in some-more than 600 locations nationwide. Royal LePage is a usually Canadian genuine estate association to have a possess free foundation, a Royal LePage Shelter Foundation, dedicated to ancillary women’s and children’s shelters and educational programs directed during finale domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed house trade underneath a pitch TSX:BRE.
SOURCE Royal LePage Real Estate Services