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Halifax Nova Scotia Real Estate News
MLS Stats Nova Scotia Association of Realtors November 2008
Number of mls sales YTD down 10% over 2007. (Note still above 2006 which was a record year). Sales volume YTD down 5%. Number MLS Sales for month of November down 40% over November 2007.
CMHC Housing Forecats for 2009 for Halifax
Summary: Average price of a new home expected to rise in 2009 from $345,000 to $355,000. Resale prices expected to rise 3% to $235,000 in 2009. Number of MLS sales expected to drop 7% in 2008 (note as of end of Nov 2008 actual # of sales down 10%) and another 4% in 2009 but remain near the record highs of 2002-2005. Click here to download the full forecast from CMHC
Download CMHC 2009 Housing Forecast for Halifax, Nova Scotia
Downlaod CMHC 2009 Housing Forecats for all of Canada
Metro Transit extends reach - October 28, 2008
Next spring, link to communities along Highway 103 will be up, running
Halifax’s successful MetroLink commuter buses are about to get a new rural cousin.
MetroX will be launched next spring and will link communities along Highway 103 as far out as Upper Tantallon to downtown Halifax.A $1.35-million tender for 10 buses, the first phase of the project, is to be awarded to Overland Custom Coach (2007) Inc. when council meets tonight.The rest of the project, which will eventually be expanded to 30 buses over three years at a cost of $4.23 million, will be completed as council approves funding through future capital budgets, a staff report says.MetroX buses will leave from the Sobeys shopping centre at Exit 5 on Highway 103 and stop only at park-and-ride lots at exits 4 and 3. The trip to downtown Halifax will take about a half-hour and cost passengers $4 to $5 each."This will hopefully get started next spring and it will take a lot of traffic off the roads," Coun. Gary Meade (Hammonds Plains-St. Margarets) said Monday.Transfers to other bus routes in the downtown will not cost extra, he said."So when you think about the price of gas and parking, it will make up for it," he said.Monthly passes will likely be offered too, he said, but the details will be worked out over the next few months.

Future phases of MetroX will include service along the Highway 101, 102 and 107 corridors.

MetroLink debuted in Portland Hills back in August 2005. The direct-service commuter bus, which connects bedroom communities with downtown Halifax, then expanded to Lower Sackville in February 2006.

The service has proven so popular that park-and-ride lots in both suburbs quickly had to be expanded.

The average price of a home in HRM is $233,000.

Here's what $223,000 - the average price of a home in HRM -could buy you this year: a townhouse in Clayton Park, a three-bedroom home in Lower Sackville, a two-bedroom house with garage in Beaver Bank or a 70-year-old property on the Halifax peninsula.

Last year, equivalent properties cost about $215,000 and next year, they could jump to $230,000.

That's what the Canada Mortgage and Housing Corporation is forecasting in its annual housing market outlook for Halifax. CMHC released its predictions yesterday to a crowd of more than 330 developers, builders, lenders and other housing professionals at its housing outlook conference.

Overall, the market should remain active with high employment levels, increases in wages and high consumer confidence. Low mortgage rates and economic strength will sustain the market at near previous record levels, despite a projected dip in sales.

CMHC senior market analyst Matthew Gilmore said multiple listing service (MLS) sales should start coming off their record high in 2008, dropping 6.3 per cent from last year. He called 2007 a year of change because it saw a reversal of previous trends in such areas as housing starts.

Price growth in 2008 is expected to slow, but homes in the higher end of the market should see a boost. House prices will still outpace inflation, though, with projected three to four per cent growth.

Gilmore noted that housing starts for single-family dwellings have been declining over the last six to seven years because of changing demographics and the rising cost of new construction. With the decline of the traditional family, the demand for smaller homes is rising.

"There seems to be a clear preference in young professionals to be closer to work and have a little bit more quality of life and not be commuting quite as far. What's available close to work in the downtown core is multi-residential and apartment-style living," Gilmore told reporters.

"With an aging population, we're seeing a similar kind of demand. Older folks, as they age, they're looking for something that might be lower-maintenance, closer to amenities, closer to entertainment, closer to hospital care and just less need for space in general."

Renters can take advantage of vacancy rates that will be a bit higher than normal. Average rents for a two-bedroom unit, however, could climb from $815 to $840 per month.

amacdonald@hfxnews.ca

Halifax second only to Calgary in luring Canucks - Daily News January 2008
DEMOGRAPHICS Metro may not attract many immigrants, but it ranks near the top in gaining people from other provinces

BRIAN FLINN

Halifax is a city of come-from-aways. It's widely known that Nova Scotia's capital lags behind larger Canadian cities in attracting immigrants from other countries. But few realize Halifax is near the top for drawing people from other provinces.According to the latest census, 7.5 per cent of citizens of Halifax Regional Municipality moved here from other parts of Canada between 2001 and 2006.It's second only to Calgary among major cities for drawing people from out-of-province.
Most came from Ontario, followed by New Brunswick. Only half as many moved to Halifax from the rest of Nova Scotia.
Combined with immigrants, almost one in 10 residents of Halifax arrived from outside Nova Scotia in the last five years. That's close to the percentage of newcomers found in Edmonton and Toronto. Only Calgary and Vancouver have more.
'National city'
"The face of Halifax is changing," said Fred Morley, chief economist with the Greater Halifax Partnership. "We're becoming a national city, not a provincial city."

He noted that last month, the Conference Board of Canada ranked the most attractive Canadian cities for people to live in. Halifax was rated the seventh-most "magnetic" city out of 27. No smaller cities got a higher ranking.
Morley said the biggest draws in Halifax are universities, colleges and the military. Dalhousie University now gets more than half of its students from outside Nova Scotia.

That presents a "staggering opportunity" that other cities would love to have.

Some stick around when their studies are finished, but the city needs to do a lot better at retaining its young, educated workforce if it's going to prosper, he said.

"The good news is they want to stay. The challenge is to find ways to integrate them," Morley said. "We could do a lot more on all fronts to start nailing people's feet to the ground."

Other than campus activities and specials at downtown bars, Halifax does little to welcome students, he said. Some businesses participate in co-op programs, but there are not a lot of ties between employers and schools.

Job opportunities

While there are some job opportunities, more are needed, Morley said. Anticipated growth in the financial-services sector might help. Incomes are around the national average, but workers can do a lot better in Alberta.

Alberta and Ontario are drawing many people from Halifax and the rest of the province. The Statistics Canada figures reveal that Halifax is near the bottom among Canadian cities for drawing people from its own province.

Only 3.8 per cent of Halifax residents in 2006 moved from other parts of Nova Scotia since 2001. That's 13,330 people, compared with 26,435 who came from other provinces.

"This perception that Halifax is sucking people out of other parts of the province, perhaps to the detriment of rural areas, is not really true," Morley said.

Nova Scotia lost 55,040 people to other provinces over the five-year period, and drew 48,035. The net drop was 7,005.

Morley said if people are leaving rural areas, Nova Scotia would be better off if they chose Halifax rather than Calgary or Toronto. He said it's a "warning sign" that people would bypass the capital and move to other cities.

Western Canada is an attractive draw, he said. Wages are higher, and there are jobs for unskilled workers.

Morley said Halifax needs to focus on drawing people back to Nova Scotia.

"What we need to attract people back is good, solid career opportunities."

bflinn@hfxnews.ca

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Halifax
Rest of province: 3.8%
Other provinces: 7.5%
Outside Canada: 2.3%
St. John's, N.L.
Rest of province: 9.9%
Other provinces: 5.8%
Outside Canada: 1.3%
Moncton
Rest of province: 12.4%
Other provinces: 6.0%
Outside Canada: 1.2%
Montreal
Rest of province: 13.5%
Other provinces: 1.1%
Outside Canada: 4.8%
Ottawa
Rest of province: 6.7%
Other provinces: 4.5%
Outside Canada: 3.8%
Toronto
Rest of province: 11.2%
Other provinces: 1.3%
Outside Canada: 8.6%
Winnipeg
Rest of province: 4.5%
Other provinces: 3.5%
Outside Canada: 4.2%
Saskatoon
Rest of province: 10.4%
Other provinces: 4.8%
Outside Canada: 2.4%
Edmonton
Rest of province: 10.0%
Other provinces: 6.3%
Outside Canada: 3.7%
Calgary
Rest of province: 5.7%
Other provinces: 8.0%
Outside Canada: 6.3%
Vancouver
Rest of province: 12.0%
Other provinces: 3.0%
Outside Canada: 8.3%
- Source: Statistics Canada

Oct 2007 _ NSAR

Highest October ever for national MLS® home sales

National MLS® resale housing activity in October 2007 reached its highest level on record for the month of October and sales remain on track for a new annual record, according to statistics released by The Canadian Real Estate Association (CREA).

Seasonally adjusted sales climbed 1.3 per cent compared to the previous month to 41,871 units in October 2007. The monthly increase resulted from strengthened activity in Ontario and Quebec, which more than offset fewer sales in British Columbia and Alberta. Transactions reached their second highest monthly level ever in Manitoba, Nova Scotia and Newfoundland and Labrador.

Actual (unadjusted) sales activity in October was up eight per cent compared to the same month last year – the highest level on record for the month of October. Sales have remained above year-ago levels in almost every month this year, putting activity on track for a new annual record in 2007.

Transactions for the year-to-date in October numbered 460,397 units, up 8.4 per cent from the same period last year. Year-to-date activity continues to run ahead of year-ago levels in all provinces except Alberta. Activity in the first ten months of 2007 has already surpassed all previous annual totals in Saskatchewan, New Brunswick and Newfoundland and Labrador.

The national MLS® residential average price rose 11.1 per cent year-over-year in October to $313,442. Average price reached the highest level for the month of October in every province, and broke all previous monthly records in British Columbia, Saskatchewan, Quebec and Newfoundland and Labrador.

“CREA’s analysis shows prices setting new records in every province in 2007 and in 2008, but price increases will be smaller in 2008” says CREA President Ann Bosley. “ In effect, price increases will become smaller as the resale housing market becomes more balanced.”

Seasonally adjusted MLS® residential new listings edged up 0.4 per cent from levels recorded in September to 71,567 units in October – the second highest level on record. In keeping with the trend for sales activity, the monthly increase in new listings in Quebec and Ontario offset a monthly decline in new listings in British Columbia and Alberta.

Sales activity increased more than new listings in October, which caused the market to tighten slightly compared to September. The MLS® resale housing market remains tightest in Manitoba, and most balanced in Alberta.

Seasonally adjusted MLS® residential dollar volume rose 1.5 per cent in October 2007 compared to the previous month to reach $13.2 billion, the sixth highest level on record. MLS® dollar volume set new records Manitoba and Newfoundland and Labrador, and posted its second highest ever levels in Ontario and Nova Scotia.

“Sales activity on October posted a monthly increase in almost every province east of Saskatchewan,” said CREA Chief Economist Gregory Klump. “Although down from its peak reached earlier this year in almost every province, activity is still very high. This shows that homebuyer sentiment remains upbeat. The continuation of low interest rates and rising incomes will support activity next year, even as prices continue rising and job growth softens.” (CREA 30/11/07)

Police are reviewing security tapes and charges are expected after a major brawl shut down Auburn Drive High School in Cole Harbour today.

RCMP say several people, some students, others not, were involved in a fight in the hallway outside the cafeteria. The incident soon spread to other parts of the school.

"There were several altercations taking place outside the cafeteria area and just outside the building," said Cpl. Joe Taplin.

"What we're investigating is that several non students showed up at the school and there was an altercation that took place."

It's not clear how many were arrested but police say more than a dozen people were involved in the altercation.

"Right now we're working with school officials to try and determine who was involved in the altercation," said Taplin.

Some students said they were told to stay in their classrooms for up to two hours while police investigated. Several students left early.

One Grade 10 student said she didn't see the fight, but added that it's made her more fearful.

"It's starting to get scary now because you don't know what's going on, you don't know when it will happen or what will happen," said Taylor Dulmage.

Kathleen Higgins, president of the student council, said it was unusual for the school to see such violence.

"A lot of fighting has been going on," said the Grade 12 student. "It started around last week. We know that Auburn is better than this and we've never really had this issue in the past."

Shaune McKinley, a spokesperson for the Halifax Regional School Board, said some of the participants in the brawl managed to get away as police arrived.

"Some of the people who came in to the building quickly fled. There's going to be some efforts to catch up with them and ask them some questions," said McKinley.

"RCMP were on site today as a precaution. There's no question the response was very quick, this was contained very quickly and there were no serious injuries."

Classes have been cancelled for the rest of the day.

The brawl, which began at 1:10 p.m., is believed to be part fo a feud that had been brewing for several days. A fight between two males kept students in their classrooms for almost an hour on Monday.

There were no weapons involved, and neither teen was hurt badly.



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