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He says CREA's predictions make sense given the current state of the housing market. "What I believe CREA is saying is the degree of growth in Halifax and Atlantic Canada it's simply unsustainable over a multi-year period," he states. Honsberger says although there are all type of homes on the marketplace right now, there are much 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. Despite the looming downturn in Halifax's housing market, nevertheless, Honsberger has problem for newbie homebuyers expecting a market crash: rates most likely aren't decreasing. "I think what we have actually done was developed a brand-new cost point for real estate in Halifax," he states.

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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 "new norm" in Halifax. Honsberger thinks that when the market slows down prices will continue to increase, simply at a more sensible rate than they have been for the past year.

This year, the company pegs the typical price of a house in Nova Scotia at about $350,000 (a tremendous 20 percent increase from the year before). In  join here , it's predicting typical rates of about $369,000, which is a year-over-year boost of 2. 9 percent. Honsberger says he doesn't see a big market crash coming in Halifax either, mainly since the 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 great deal of sound hidden financial strength behind what's happening in Atlantic Canada." Nevertheless, Honsberger, CREA, NSAR, and practically anyone attempting to forecast the housing market all say it's almost difficult to do right now. Nobody understands precisely what sort of housing people will desire post-pandemic, whether workers will flock back to the office or remain house, and how those things will impact laws and policy.

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