Well, it’s been a mixed bag that’s for sure! It started out strong looking like things were going to bounce back after a dismal 2006 in St. Margaret’s Bay. The buyers showed up in mass and it looked like a blockbuster season. Then hardly anyone bought. A slump in the Calgary market was a major player blamed in the slowdown with a correction there at roughly $50,000. The eastern surge is evident as
people are retiring early, returning home and buying condos and oceanfront. There is a market for Higher priced luxury Homes as well.
The buyers just are not ready to dish-out the huge bucks for properties that haven’t seen an update for 20+ years. A further $50,000 reduction in properties led to no sales with a couple of surprises seeing two overpriced listings sell. However, this goes to show that new or newer homes will sell!
As far as sales go for 2008? Your guess is as good as mine I guess. The whole Halifax / south market inc. St. Margaret’s Bay, East Chester , Chester Basin is a great long term investment. The word on the street seems to be that there will be no increases in value till mid 2009. One word of wisdom I have for sellers is that dated homes don’t sell without big discounts in pricing. Location for boaters isn’t always a trump card either without improvements to property.
People will snap up land and build now that we finally have options on that front. But when the 7-8 lots are gone, expect big increases in lot prices as the 2.5 acre minimum will push prices up considerably.
The other trend will be the buying of tired properties and renovating for profit. It seems the differential between new and old houses has grown. It is a great opportunity for investors although it will require a bit a leap of faith. Good returns for those willing!
The Bank of Canada is meeting on the first week of March and it looks like there is room for a rate cut. I am also hearing rumors of even more cute to come in coming months. If that is true - The season will be extremely busy with perhaps a bounce-back!