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He states CREA's forecasts make good sense provided the present 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 duration," he states. Honsberger states despite the fact that there are all type of homes on the market 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. In  eXp Realty®  of the looming downturn in Halifax's real estate market, however, Honsberger has bad news for newbie homebuyers hoping for a market crash: costs most likely aren't decreasing. "I think what we've done was established a brand-new rate point for housing in Halifax," he says.

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

This year, the organization pegs the typical cost of a home in Nova Scotia at about $350,000 (a whopping 20 percent boost from the year prior to). In 2022, it's anticipating typical costs of about $369,000, which is a year-over-year boost of 2. 9 percent. Honsberger says he does not see a huge market crash can be found in Halifax either, largely since the things that tend to drive the marketplace will still be occurring here.

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" Both of those 2 factors today suggest that there's a lot of sound underlying economic strength behind what's occurring in Atlantic Canada." Nevertheless, Honsberger, CREA, NSAR, and practically anybody trying to forecast the housing market all state it's almost impossible to do right now. Nobody knows precisely what sort of housing people will want post-pandemic, whether employees will flock back to the workplace or stay house, and how those things will impact laws and policy.

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