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Halifax Home Prices See Healthy Growth in Fourth Quarter of 2017

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 price 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.  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.  Commentary on housing and foresee values are supposing by Royal LePage residential genuine estate experts, formed on their opinions and marketplace knowledge.

About Royal LePage                                        
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

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