The housing market in Halifax, Nova Scotia is expected to take a hit in 2021, with a projected 8% decline in house prices. This prediction comes from the Canadian Real Estate Association (CREA), who released their latest forecast on the state of the housing market in the city.
The CREA report states that the decline in house prices is due to a combination of factors, including a decrease in demand for housing, an increase in supply of homes, and a decrease in consumer confidence. The report also notes that the decline in house prices is expected to be more pronounced in the city’s more expensive neighbourhoods.
The CREA report is not the only indicator of a potential decline in house prices in Halifax. The Canada Mortgage and Housing Corporation (CMHC) also released a report predicting a 6.5% decline in house prices in the city. This report cites similar factors as the CREA report, including a decrease in demand and an increase in supply.
The potential decline in house prices is concerning for many homeowners in Halifax, as it could lead to a decrease in their home’s value. However, it is important to note that this decline is only predicted and could be mitigated by other factors, such as an increase in consumer confidence or an increase in demand for housing.
The Halifax Regional Municipality (HRM) is taking steps to ensure that homeowners are not adversely affected by the potential decline in house prices. The HRM has implemented several measures to help homeowners, including a tax deferral program, a rent supplement program, and a mortgage assistance program.
Overall, the housing market in Halifax is expected to take a hit in 2021, with a projected 8% decline in house prices. While this could be concerning for many homeowners, the HRM is taking steps to ensure that homeowners are not adversely affected by the potential decline. It is important to keep an eye on the housing market in Halifax and to take advantage of any programs that may be available to help homeowners.