Teamwork essential as Halifax continues to grow

The Clinton Wilkins Mortgage Team was proud to sponsor a luncheon with the Halifax Chamber of Commerce this week. The focus was on development in the city and how to get it right.

Getting growth right

You have no doubt read about some of the major economic announcements in recent months that will have a profound impact on our economy, both in the defense and energy sectors. A panel of leaders from the real estate and construction industries was convened to share their thoughts on where we go from here.

Halifax Chamber of Commerce President and CEO Don Bureaux

The big buzzword of the discussion was collaboration. You do not have to look very far to see that Halifax is facing infrastructure challenges, whether it is transit, traffic, stormwater management, or housing. The real focus of the discussion was bringing all stakeholders together and getting everyone on the same page.

Industry leaders told the group that, in order to succeed, government and industry need to put their differences aside and work together.

Development delays

The speed of development was also an area of discussion. New developments and redevelopment projects tend to move at a snail’s pace. In some cases, the length of time it takes for a project to move from concept to completion can make the investment unviable.

What Does This Mean for You?

The concern is that capital is mobile. Right now, there are plenty of cranes in the sky and construction projects underway across the municipality. It is a busy time.

The trouble is that with every delay, and with every project that becomes mired in red tape, investors may begin to look elsewhere. That capital could move to other provinces where development timelines are more predictable, and the likelihood of success is greater.

If that happens, there is concern that the current construction boom could slow significantly, limiting future opportunities and reducing the supply of new housing and commercial space.

We have heard from the Nova Scotia Association of Realtors that we are currently in a balanced market, and some suggest that conditions could continue to shift in favour of buyers in the weeks ahead.

As we continue to navigate this period of growth and economic uncertainty, now may be the time to have a conversation with your family and an unbiased mortgage professional about what makes the most sense for your situation.

Get in touch with us at the Clinton Wilkins Mortgage Team. Give us a call at (902) 482-2770 or contact us here.