In April 2024, Halifax set a new record for average sale price per unit in the city's history at $612,873!!
Now that sale price high was achieved in a high interest rate environment. Since June 2024, the Bank of Canada has cut it's prime lending rate 5 times for a total of 1.75 basis points.
Since those 5 interest rate cuts, Halifax's average home price has only come down, leading to an average sales price of $581,026 in December 2024.
In 2020, when the Bank of Canada cut rates to keep the economy going despite the COVID-19 pandemic, house prices across Canada increased signficantly over a short period of time as buying homes and access to money became more affordble. Leading to the real estate industry believing the same thing would happen in 2024.
But prices have only come down since interest rates started being cut.
So where are the buyer's?
Jason Paul
902-220-7357
jason@infinityrealestategroup.ca
@jasonpaulhalifaxrealtor
Matt Legatto
902-240-3304
matthew.legatto@indimortgages.ca
