Halifax Real Estate Market Shifts to Balance as Inventory Surges
The Halifax Regional Municipality real estate market has moved toward balance, with inventory rising from 500 listings in September 2021 to over 2,100 today. Experts note that while buyers now have more negotiating power, high-priced homes listed at pandemic-era values are remaining on the market longer.
The real estate market in the Halifax Regional Municipality has shifted toward a state of balance, marked by a significant increase in available inventory. Currently, there are more than 2,100 real estate listings in the region, a stark contrast to the just 500 listings recorded in September 2021.
This surge in supply is driven by fewer sales relative to new listings, causing inventory to grow month-by-month. As a result, buyers now have greater opportunity for patience and increased negotiating power. However, sellers who list properties at prices reminiscent of the pandemic era are finding it difficult to close deals, particularly with high-priced homes.
Matthew Honsberger, president of Royal Lepage Atlantic, explained the pricing dynamics currently at play. He noted that homes priced correctly and sold within the first 30 days should expect to receive close to 100 per cent of the property's list price. Conversely, homes that remain on the market for 60 or more days—often because they were initially priced too high—typically sell for about 92 to 93 per cent of their original list price.
Mylene Fraser, a real estate agent with nine years of experience, observed that determining if a home is overpriced often takes about three weeks. This year, she has seen her fourth listing expire without a sale, highlighting the challenges faced by sellers who do not adjust to current market values. Bryan Jaskolka, CEO of CMI Financial, also commented on the shifting landscape, noting that while the local market has cooled, Halifax remains more affordable than major Canadian cities like Toronto and Vancouver.