Contrary to general opinion that the housing market is set to slow down in Canada in 2016, Halifax home sales got off to a strong and promising start.
According to figures published by the Canadian Real Estate Association (CREA) there was a 7.2% increase in home sales in the Halifax-Dartmouth area in January from the same period in 2015.
A local agent for RE/MAX comments “Things have actually been quite strong since November”.
In January, an impressive CAD$63 million worth of residential properties changed hands in the city, a 5.2% increase on figures recorded in January 2015.
The RE/MAX agent confirmed that the trend of over-supply and under demand dominating the market during the last couple of years seems to have reached an end. New home listings were down by 24% in comparison with January 2015.
CREA is forecasting a 6.7% increase in Nova Scotia home sales this year with 8,910 sales expected in 2016 along with an increase of 1.4% in the average sales price.
For foreign investors, there has never been a better time to invest in Canada.