Halifax, Nova Scotia has seen a decrease in house prices of 2.4% according to the latest report from the Canadian Real Estate Association (CREA). This is the first time since 2012 that house prices have decreased in Halifax, and it is a sign of a cooling market.
The decrease in house prices is due to a combination of factors, including an increase in the number of homes for sale, a decrease in demand for housing, and a decrease in consumer confidence. The supply of homes for sale has increased by 6.2%, while the demand for housing has decreased by 3.7%. This has caused the average price of a home to drop from $281,000 to $274,000.
The decrease in house prices is good news for potential buyers, as it means they will have more options when it comes to purchasing a home. However, it is also bad news for sellers, as they may not be able to get the same price they would have gotten before the decrease.
The decrease in house prices is also a sign of a cooling market. This means that buyers should be cautious when making an offer on a home, as they may not be able to get the same price they would have gotten before the decrease. Additionally, sellers should be aware that they may need to lower their asking price in order to attract buyers.
Overall, the decrease in house prices in Halifax is a sign of a cooling market. Buyers should be cautious when making an offer on a home, while sellers should be aware that they may need to lower their asking price in order to attract buyers. With the right strategy, both buyers and sellers can still find success in the Halifax real estate market.