2020 Halifax market outlook

Talking about the Halifax market

Taking a ride on a rollercoaster can be exhilarating. You start off slow and climb your way up and up to the top. Once you get to the top, you stop for a second and then drop down through twists and turns until you reach the bottom. With the switchbacks and speed, you keep yearning to go back for more and more. The thing about rollercoasters is that it continues on the same track and will repeat the cycle over and over. The housing market can be similar to a roller coaster. It continues on a constant cycle that starts off slow and picks up speed. It goes through switchbacks and turns and keeps you on your toes.

Therefore, we go through a period where it’s slower and fewer houses are being bought, to a period where everything is hot and selling fast. We experience CRAZY switchbacks and turns that cause a little excitement in the housing market. The Halifax market for housing is no different when it comes to a rollercoaster of a ride. This year is bringing some excitement to the city and some fun in relation to housing.  

A recap of 2019

For some, the housing market may have brought some unexpected turns. We’ve seen significant growth in the province as well as Halifax. The population in Nova Scotia reached an all-time high in July. We’ve seen growth and development in the city that has some Halifax natives and older residents in awe.

Our coastal city saw growth and development towards a more modern direction. In 2019, we saw an influx of immigrants and people from outside Halifax looking to reside in the city. Halifax attracted new residents with its affordability and cultural comforts. This caused a low inventory of housing in the city and houses to sell quicker. To compensate for the high demand and low inventory, we saw properties popping up around the city. In other words, Halifax favoured more of a seller’s market in 2019.

Expectations for 2020

The housing market in Halifax is expected to continue in a seller’s market throughout 2020. We anticipate continued growth in real estate sales and the population in 2020. This boost will help to continue the growth in housing in the Halifax market. Real estate companies across the nation expect the gap between high and low housing prices to get smaller and an overall leveling of prices. This will mean we’ll see a healthier growth in housing prices of around four per cent. Home owners are expected to experience a strong appreciation in house prices of around six per cent.

Even with an increase in prices, affordability remains a winning reason for many to move to Halifax. Detached homes and condominiums remain affordable for people moving from out of province. Moreover, the market for condominiums will continue to be in high demand with an aging population. Retirees are one of the driving forces for high demand in condominiums in the city since it allows them to downsize into something more manageable. Nevertheless, an aging population also brings the reality that there will be repercussions in the housing market in the future.

What’s in store?…

The housing market in Halifax will constantly be an exhilaratingly fun rollercoaster of a ride. This means we’ll see periods where it’s slower and periods where it feels like it is moving very fast. In 2020, we’ll expect to see an increase in housing prices and growth in population. It remains an attractive market for out of province buyers with its variety of properties and affordable prices. Correspondingly, this means we’re anticipated to have a seller’s market with a lower inventory of houses for sale. This year will bring excitement to the growing city and is sure to be fun. 

If you have questions about the market or are looking for more information about finding the right mortgage fit get in touch! You can reach us at 902-482-2770 or you can get in touch with us here!