The real estate business in Canada is experiencing an inflation of housing prices. It has greatly affected areas of Halifax and Dartmouth in Nova Scotia. The property is now looked at as a precious metal rather than an essential residence for you and your family. What it means is having the homes for sale Dartmouth a luxury over a necessity.
According to PropertyGuys.com franchise owner in HRM, Shannon Gavin, “The average selling price of parts of the HRM is below $250,000. A husband and wife are both earning a minimum wage and have some savings, they can afford to buy the property.
Halifax is pretty much happy compared to other provincial capitals in terms of housing costs, according to real estate figures The Coast taken from CREA’s average price map and website viewpoint.ca.
To buy homes for sale Dartmouth, you need to earn a minimum of $23,634 annually. For Halifax’s renowned south-end homes, it is offered at an average of $503,961. If you are buying this house, you need to make $66,870 annually for affordability.
In British Columbia, all major industries have an average weekly income of $1,072, which is totaled $51,474 annually over the average that Nova Scotians make.
Despite the boundaries, Ms. Gavin doesn’t feel that HRM is wholly in a purchaser’s market yet.
“Certainly, they are in some areas, but specific neighborhoods have unquestionably leaned in to a more stable market, especially with less inventory, however, buyers are getting ready to find that special home, she says.
It is compared to the average household income needed to pay property taxes, mortgage payments, utilities for a condo/single family detached home. The story is actually similar to RBC’s Canadian Housing Affordability index. Toronto and Vancouver, based on last reports, continue to trend away from affordability, while Halifax declined to its most affordable housing levels ever since the mid80s. This is such a big difference although Dartmouth and Halifax’s real estate business remain thriving.
Ms. Gavin doesn’t make any striking forecast about the future of HRM’s real estate business. However, homes for sale Dartmouth is fairly stable to continue the natural flows and ebbs.