News / Halifax

Survey says home prices are way up in Halifax

Prices across the Halifax region jumped significantly in the third quarter of 2017

A real estate sold sign hangs in front of a Toronto property last fall.

Graeme Roy / The Canadian Press

A real estate sold sign hangs in front of a Toronto property last fall.

House prices are up in Halifax.

The Royal LePage House Price Survey results released on Thursday showed home prices across the Halifax region were up in the third quarter of 2017.

Broken down, the numbers show the aggregate price of a home increased 5.5 per cent to $320,405, while the median price of a two-storey home increased 6.2 per cent to $340,204.

The median price of a bungalow increased eight per cent to $274,861, and the median price of a condominium increased by 9.2 per cent to $286,294.

“Halifax is in a balanced market,” Matt Honsberger, managing associate broker, Royal LePage Atlantic, said in a press release.

“We are seeing demand from first-time buyers who were hoping prices would return to the lower levels seen in previous years jump into the market. As a result, inventory is down about 15 per cent compared to last year and most notably in entry-level homes.”

Honsberger noted that in the third quarter of last year, there were more higher-end condo sales. The decrease in condo prices is skewed by fewer higher-end condos sold this quarter.

“Our improved economy and good affordability makes buying in Halifax an attractive choice,” he said.

“However, we are seeing uncertainty caused by the federal government’s proposed tax changes having a dampening effect on the market as small business owners and their employees wait to see how they will be affected.”

On a national note, the price of a home in Canada increased 13.3 per cent year-over-year to $628,411 in the third quarter of 2017.

More on Metronews.ca