The rest of Canada will likely boom in relation to the real estate business. However, homes for sale Dartmouth will continue to slowdown in 2016, proceeding a two-year trend.
According to Re/Max realtor Al Demings, “we’re one few market in the country to experience a considerable slowdown,” telling CBC’s Information Morning.
Although the Nova Scotia markets are unchanging, the figures concerning that activity are smaller to begin a slowdown in Halifax, he said.
The Many Causes Triggering the Problem
This may be due to several elements, he said.
According to Mr. Deming, “first-time home buyer activities, which act as the accelerators of the market, is nearly non-existent.”
Modifications had been done to lending regulations, making it impossible for new buyers to qualify the mortgage, he said.
The decline in oil prices including military transfers to Halifax have emphasized the slowdown as well, he said.
Illogically, there is a continuing low interest rates provided for homes for sale Dartmouth, which take responsibility in the fluctuation of rates so consumers have the sign to act appropriately, he said.
“When the real estate market is cheap and stable, it’s not viewed as an encouragement. When the prices start to go higher, people think it’s wiser to act and buy now,” Mr. Demings said.
At the Saturation Point
The low cost of land in Halifax is a factor as it meant that the price for a condo is similar to that of a single family home, Demings said. This can also greatly affect the sales of homes for sale Dartmouth, which for now is being experienced.
As a result, renting a condo for a low cost per month, may make it more appealing, especially that people are minimizing choices for rent, he said.
“It’s the only place in Canada that something like this is happening,” Demings said.
As a result, there will be more condos in Halifax for sale, than houses purchased by people. This is what you call the saturation point in the market, Mr. Demings said.
A great suggestion for this is to hold off for a while, as sooner or later, it may return,” he said.