The housing market in Halifax, Nova Scotia has seen slower growth in January compared to previous months. According to the Canadian Real Estate Association (CREA), the average price of a home in Halifax dropped by 1.5% in January compared to December. This is the first month-over-month decrease since April 2019.
The average price of a home in Halifax is now $322,000, which is still higher than it was a year ago. The number of homes sold in Halifax also decreased by 6.5% in January compared to December. This is the first month-over-month decrease since April 2019 as well.
The slower growth in Halifax’s housing market can be attributed to a number of factors. The most significant factor is the economic uncertainty caused by the COVID-19 pandemic. The pandemic has caused job losses and reduced consumer spending, which has caused people to be more cautious when it comes to buying a home.
Another factor that has contributed to the slower growth in Halifax’s housing market is the increasing mortgage rates. Mortgage rates have been steadily increasing since the start of 2021, which has made it more difficult for potential buyers to qualify for a mortgage.
Finally, the supply of homes on the market has decreased, which has also contributed to the slower growth in Halifax’s housing market. The number of new listings in Halifax decreased by 8.7% in January compared to December, which has reduced the number of homes available for sale.
Overall, Halifax’s housing market has seen slower growth in January compared to previous months. This can be attributed to the economic uncertainty caused by the COVID-19 pandemic, increasing mortgage rates, and a decrease in the supply of homes on the market. Despite this, the average price of a home in Halifax is still higher than it was a year ago.