Outlook for Halifax Housing Market in 2021
With one volatile year behind us, you might be wondering what the Halifax Real Estate Market is going to look like in 2021. So, we’d like to share some highlights from the latest RE/MAX market outlook.
Several of the trends we saw last year are expected to continue in 2021. For instance, the two key drivers in the housing market will remain the same: out-of-province buyers moving to the Halifax region from larger Canadian cities and move-up buyers looking for more space. We can also expect a continued seller’s market and rising prices.
Halifax house prices have historically seen very moderate annual increases due to a fairly balanced market. Now, due to low inventory, prices are increasing at an accelerated pace. This low-supply and high-demand scenario is expected to last throughout the year. So, it’s looking like another challenging year for buyers.
RE/MAX forecasts Halifax real estate prices will increase 8% in 2021, which will boost the cost of an average home to about $399,892.
For a detailed look at the forecasted numbers for the Halifax Housing Market for 2021 and an overview of last year’s market, you can read the full article on the national RE/MAX website. You can also watch for quarterly updates from RE/MAX nova to find out what’s happening in the Halifax housing market.
In the meantime, if you have questions about the market or are interested in buying or selling a home, our agents would love to help. Contact us today.