Inventory a Prominent Concern in Halifax Housing Market

While cost of living remains top of mind in the Halifax housing market, red tape impeding development and “missing middle” housing is a prominent consideration this year, according to the 2023 Real Estate Industry Trends Report. Together, these factors have contributed to stifling accessible and affordable housing options in a market that is already facing limited supply.

“While there’s trepidation in the market right now, there are still pockets of affordability available in Halifax, and throughout the province,” says Ryan Hartlen, broker, RE/MAX Nova. “For homebuyers and sellers alike, I advise them to seek out the right professionals to help them navigate all their options. This is especially critical, while we wait on longer-term, more sustainable solutions that will support improving inventory levels and ultimately affordability not only in Halifax, but across the country.”

However, the report reveals that amid a fluctuating economic environment, Canadian homebuyers and sellers are optimistic that 2023 could yield a more-balanced market. The report examines key economic and transactional trends that are likely to impact Canadian homebuyers and sellers, and the broader real estate industry this year.

Key Trends in the Halifax Housing Market:

• The market is predicted to continue to slow coming out of Q1 until interest rates stabilize or lower.
• Lower interest rates could present opportunities for Canadians before things pick-up in Q2 and in the spring and fall when there’s increased inventory due to seasonality.

Top 3 Tips Homebuyers in 2023:

• The Halifax housing market is experiencing a lack of supply. For example, the end of 2022, there were around 500 active listings in the region. Then years ago, the number of active listings was around 3,600.
• Buyers can mitigate buying challenges caused by low supply by being prepared to move forward with a home at a moment’s notice. This includes documentation, lawyers and property inspectors.
• Buyers and sellers should work with someone who can provide hyperlocal expertise on their market, not just broadly sweeping industry trends.

Top 3 Tips Home Sellers in 2023:

• In the Halifax market, we’re seeing a sustained demand for work-from-home friendly spaces and energy efficient homes.
• Sellers will benefit from partnering with a knowledgeable and market savvy realtor this year, especially in a market like Halifax that’s really coming into its own.
• Coming out of the pandemic, we’re seeing increased interest and demand for homes in Halifax outside of the province, which may offer a benefit to those looking to sell this year.