Housing prices in Halifax showed modest increases in the second quarter, but sales remained slow, a new survey indicates. In the Royal LePage report, released Tuesday, detached bungalows increased by one per cent to $288,667 in the second quarter, while standard two-storey homes jumped five per cent to $333,167. Condominiums increased by 5.1 per cent to $215,950. “While we are seeing strong year-over-year price appreciation in comparis on to many Canadian cities, unit sales actually decreased by as much as 30 per cent from the second quarter of 2012," Matt Honsberger, managing associate broker at Royal LePage Atlantic, said in a news release. “The new mortgage rules have made it more challenging for first-time buyers to enter the market , and the wet spring has caused a slower start to what is normally the busiest time of year. This decreas ed activity is leading to higher inventory levels, which could ultimately result in a slight softening of prices." Over the remainder of the year, he forecasts sales to remain at the same level and prices to stabilize. Meanwhile, Canada Mortgage and Housing Corp. released numbers Tuesday that show Halifaxarea housing starts are trending upward. According to CMHC, housing starts were trending at 2,870 units from January to June, compared with 2,813 from December to May. CMHC uses a six-month moving average of the monthly seasonally adjusted annual rates of housing star ts to monitor trends. “Residential constru ction in the first six months of the year was supported by increased activity in the multi-family segment, most specifically apartment-style rental," Tim Andrews, CMHC’s market analyst for Nova Scotia, said in a news release.
Posted on: Wed, 10 Jul 2013 16:30:19 +0000
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