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He states CREA's predictions make sense provided the existing state of the real estate market. "What I think CREA is stating is the degree of development in Halifax and Atlantic Canada it's just unsustainable over a multi-year period," he says. Honsberger states despite the fact that there are all sort of homes on the marketplace right now, there are even more purchasers and inventory is at an all-time low.

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He says less sales would be "healthy" for the Halifax market. Despite the looming slowdown in Halifax's real estate market, however, Honsberger has bad news for newbie homebuyers hoping for a market crash: costs most likely aren't going down. "I think what we have actually done was developed a new price point for real estate in Halifax," he says.

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Now, those costs have actually all been driven up into the high three-hundreds and low four-hundreds." He says this will likely be the "brand-new norm" in Halifax. Honsberger thinks that when the marketplace slows down prices will continue to increase, just at a more reasonable rate than they have actually been for the previous year.

This year, the company pegs the average rate of a house in Nova Scotia at about $350,000 (a whopping 20 percent boost from the year before). In 2022, it's forecasting average rates of about $369,000, which is a year-over-year boost of 2. 9 percent. Honsberger states he does not see a huge market crash being available in Halifax either, mostly due to the fact that the important things that tend to drive the market will still be happening here.

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" Both of those 2 factors right now suggest that there's a lot of sound underlying financial strength behind what's occurring in Atlantic Canada." However, Honsberger, CREA, NSAR, and pretty much anybody attempting to predict the housing market all say it's almost difficult to do right now.  get it here  understands exactly what type of housing people will want post-pandemic, whether staff members will flock back to the office or stay at home, and how those things will affect laws and policy.

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