Issue 2.3 - March 2022

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Halifax Real Estate News Compliments of the Andrew Perkins Real Estate Team Issue 2.3 - March 2022   As the first quarter of the year comes to an end, the market is still very similar to the past year. Inventory is still extremely low, and prices continue to escalate. Where the top is in this market is anyone's guess—a couple of things that happened this past month may slow the market. The province has fast-tracked nine developments in and around Halifax that will bring a total of 22000 homes to the area, which is very much needed. Also, the government announced new taxes for non-residents. We have provided details about this in our newsletter. As we continue into the spring market, we hope to see an increase in inventory and stabilize prices. It can't go up forever. As always, feel free to reach out to us if you have any questions, need more information, or want an updated value on your property. We are here to help.   Happy Spring! Andrew & Jordan Halifax News   N.S. designates 9 areas in HRM for 22,000 residential units The Halifax Regional Municipality will soon be home to as many as 22,600 new residential units after Nova Scotia's housing minister designated nine special planning areas for development. Continue Reading >>   Halifax waterfront undergoing dramatic changes with new structures, public spaces Once anchored on the Halifax waterfront, NovaScotian Crystal closed last year due to struggles caused by the COVID-19 pandemic. Now, Develop Nova Scotia is on the hunt for a new tenant.   Continue Reading>>   Demo begins of round building in Halifax's Clayton Park HALIFAX, N.S. — A familiar building in Halifax's Clayton Park area is going under the wrecking ball to make way for a new development. Photos began circulating on social media... Continue Reading>>   Houses sell well over asking in the Maritimes The real estate market in the Halifax Regional Municipality (HRM), has “exploded” says real estate agent Brehannah Hopgood. The number of properties for sale is down — causing prices to soar. Hopgood says it’s common for receive offers up to... Continue Reading>>   Office and industrial markets strive to keep up with Halifax’s rapid growth What happens to a region when its housing market goes crazy and then businesses and industries need commercial space to support those... Continue Reading>>   Interprovincial Migration Peaked During the Pandemic. That’s a Challenge for Local Real Estate Facilitated by a re-evaluation of life and living spaces brought on by the pandemic — and made possible for many by a newfound remote culture — more people across the country have found themselves living in... Continue Reading>>   BREAKING: 2022 Nova Scotia Budget Brings Big Changes for Non-Residents   Here's what you need to know. Non-Resident Provincial Deed Transfer Tax Nova Scotia is creating a provincial deed transfer tax for property purchased by non-residents of Nova Scotia. This deed transfer tax of 5% will take effect on April 1, 2022. If someone is planning to move to Nova Scotia to live and buys a home, they will be exempt from the 5% deed transfer tax – usually within six months. Legislation is expected to be introduced in the Financial Measures Act 2022.   Nova Scotia Non-Resident Property Tax The government is creating a provincial residential property tax applicable to non-resident owners. As introduced in Budget 2022-23, this non-resident property tax is $2 per $100 of assessed value and is effective as of April 1, 2022. If non-resident-owned housing is rented out for 12 months or longer, then they will not have to pay the tax, as they are providing homes for Nova Scotians. When a property has multiple owners, an exemption from this tax is provided if 50 percent or more of the owners are residents of Nova Scotia. Legislation is expected to be introduced in the Financial Measures Act 2022. FOR MORE INFO, CLICK LEARN MORE LEARN MORE Halifax Real Estate Market  February 2022   The Halifax Real Estate Market continues to remain extremely competitive for buyers: currently, there are just under 200 active listings. If you are a buyer right now, you can attest that it’s not easy out there. Not impossible, but it certainly requires patience and an open mind. Learn more Our Recent Sales   Current Mortgage Rates Courtesy of Shawna Snair (Licence #2021-3000104) with Premiere Mortgage Centre   Follow Shawna for more great mortgage tips and info! (902) 448-2007   Recent Blog Articles     Future Developments in Halifax, Nova Scotia Last month we detailed the current Halifax developments for sale! Many of these currently available developments are either almost sold out, selling fast, or about to start selling. If you are interested... Continue Reading >> Condos versus Co-ops, What's the Difference? When it comes to purchasing property, there are many different routes you can take. With the increasing prices in the Halifax Real Estate Market, and the competitive nature of... Continue Reading >> Thinking of moving to Halifax?   One of the hardest parts about moving to a city that you are unfamiliar with is picking which part of the city you will call home. It can feel overwhelming browsing through so many unfamiliar neighbourhoods, schools, clinics and shops. You almost wish that there was a guide to each city, breaking down its most appealing attributes, exploring its unique characteristics, and narrowing down the choices for you. We are positive that you are not the only one looking for guidance. This is why we developed this FREE and comprehensive e-book detailing everything you need to know about relocating to Halifax, Nova Scotia.   I want my FREE e-book! What's my Halifax Home Worth?   The inventory in Halifax is extremely limited. Prices are on the rise for both homes and condos. Your property may be worth more than you think! Interested in a FREE and INSTANT market analysis of your property?   Take me to my FREE market anaylsis! Halifax Homes for Sale   Are you a buyer who wants to find their dream home or condo in Halifax? Browse the most up to date listings!    Search Halifax Homes for Sale Our mailing address is: 308-6080 Young Street Halifax, NS  B3K 5L2 Want to change how you receive these emails? If you wish to unsubscribe, simply reply "Unsubscribe" to this email.