Halifax end of summer market outlook

As hard as it is to believe, summer is already coming to a close! While the end of summer can make some people a bit glum, the fall season can be just as exciting. If you are a home owner or future home buyer, you might be wondering how the housing market shaped up this summer, and what’s in store for autumn. Here’s a quick review of the Halifax market as we move into the new season!

What do supply and demand look like?

The Nova Scotia Association of Realtors reported a lot of interesting information about the Halifax housing market from July. 1150 units sold last month, which was a 12.2 per cent increase from July 2023. The average housing price for the month of July was $454,376, which is also an increase from the previous year of 4.4 per cent. These factors seem to indicate a seller’s market, with reports of strong sales and higher prices. 

However, there is another side to the story. The number of homes sold this past July may have been higher than that of July 2023, but it was still 8.9 per cent below the five year average for that month. 1758 new home listings went up that month as well, which was a 19.9 per cent increase from 2023. At the end of last month, there were 4552 active listings, a 34.4 per cent rise from last year and the highest point in five years. All of this information indicates there are many homes up for grabs in the area. This, combined with the fact that interest rates have finally decreased, is an optimistic sign for potential buyers looking to enter the market.

What can home buyers do?

If you are looking to buy a home, what does this end of summer update mean for you? The key point here is the Bank of Canada’s recent actions to lower interest rates. If you choose to enter the market in the near future, you will be working with lower rates than one year ago. This could help many buyers afford a home and mortgage. We recommend starting by securing a mortgage pre-approval, which will help you get an idea of your buying power in today’s market. From there, you can look into contacting real estate agents and finding properties. Take some time to consider what you need in a home, and where you would like to buy. This will help your agent narrow down options to find the right home for you more quickly.

What can home owners do?

If you are an existing home owner, should you take any action? Interest rates are likely to continue to fall. This means if you are considering a mortgage refinance, doing so could help you secure a lower rate. This depends on when your current mortgage term began, and what type of product you have. Variable-rate mortgages will naturally fluctuate with rate changes, but fixed-rate mortgages will not. You will also need to make sure if you do refinance, the rewards will outweigh the costs of breaking your current term. That’s where a mortgage broker comes in!

How can a mortgage broker help?

Using a mortgage broker as a home owner or buyer is the best way to ensure you get the right guidance and make the best decisions. As we approach the end of summer and look toward a new season, it’s a good idea to get in touch with a broker if you are thinking about making any changes to your mortgage or homeownership situation. If you are hoping to purchase a home, we can work together to understand your current finances and find the right lender and product for your needs. If you are an existing home owner, we can discuss whether you should consider a refinance, debt consolidation, or any other change to your mortgage. 

While the end of summer might make you feel a bit blue, there is a lot to look forward to in the coming months! If you want to become involved in the housing market, you can contact your local broker to get started. We are ready to help you have the best autumn season ever and reach your homeownership goals.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.