Why we do not expect prices to fall:
Sales to New Listing Ratio (SNLR) is a measure commonly used to see whether the market favours buyers or sellers. 45-65% is generally considered a balanced market not favouring either Buyer or Seller. A ratio below 45% suggests there are more homes coming to market providing an advantage to Buyers. Above 65% suggest there are more Buyers than there are homes coming to market suggesting prices may tend to increase. This is your basic supply demand factors.
If you are a buyer in HRM the risk of waiting could be a higher price.
The Halifax Partnership Economic Dashboard reported the May 2025 SNLR ratio stood at 62.6% for Halifax. It is unlikely prices are going lower anytime soon in HRM.
So people ask us "do you still see people moving here from central Canada" or "are immigrants still interested in coming to Halifax". Consider this: Ratehub.ca recently calculated the minimum household income required to purchase a home in major Canadian cities.
Halifax - $122,830 VS Toronto -$206,500. If you had to choose where would you live?
In fact according to the Toronto Real Estate Board in May of this year the SNLR was 29%!! If you are a property owner in Toronto it might be time to consider moving to Halifax.
Nova Scotia, as of April 1st 2025, charges non residents a 10% Deed Transfer Tax if buying a property in HRM less than 3 units. So if a family has a child attending SMU or Dal for 3-4 years and were interested to acquire a property for that child to live in they would pay 10% Deed Transfer Tax vs 1.5%. That $500,000 condo in the downtown would mean $50,000 vs $7500. And that creates more housing how?
We're with the government, and we're here to help.
Interested in chatting more about this? Call John at 902-221-4880 today.
