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He says CREA's forecasts make good sense offered the present state of the housing market. "What I think CREA is stating is the degree of growth in Halifax and Atlantic Canada it's simply unsustainable over a multi-year duration," he says. Honsberger states despite the fact that there are all sort of homes on the marketplace today, there are a lot more purchasers and inventory is at an all-time low.

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He says fewer sales would be "healthy" for the Halifax market. Regardless of the looming downturn in Halifax's housing market, nevertheless, Honsberger has problem for newbie property buyers expecting a market crash: prices probably aren't going down. "I believe what we've done was established a new rate point for housing in Halifax," he states.

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Now, those costs have actually all been increased into the high three-hundreds and low four-hundreds." He says this will likely be the "brand-new norm" in Halifax. Honsberger believes that when the marketplace decreases costs will continue to rise, just at a more reasonable rate than they have actually been for the past year.

This year, the company pegs the average price of a home in Nova Scotia at about $350,000 (a whopping 20 percent increase from the year prior to). In 2022, it's forecasting typical costs of about $369,000, which is a year-over-year increase of 2. 9 percent. Honsberger states he doesn't see a huge market crash coming in Halifax either, largely because the things that tend to drive the marketplace will still be taking place here.

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" Both of those two aspects today suggest that there's a great deal of sound underlying economic strength behind what's occurring in Atlantic Canada." Nevertheless, get it from here , CREA, NSAR, and practically anybody trying to forecast the real estate market all say it's nearly difficult to do today. Nobody understands precisely what kinds of housing individuals will want post-pandemic, whether workers will flock back to the office or stay house, and how those things will impact laws and policy.

Here are the 10 most expensive homes in Nova Scotia on the market right now - Halifax - Globalnews.ca

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