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Factors That Influence Home Buyers In Their Decision To Buy


If you're like most first-time home buyers, you've probably listened to friends', family's and coworkers' advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you.

There are many things that influence a home buyer to purchase a property from changes in lifestyle, relocating for work, as an investment, or simply a to have a place to call home. 

The influence of life events on the decision to buy a home

 

Importance of neighbourhoods in the home buying decision

 

What features are home buyers looking for in their new home

 

How to buyers find their new home

 


Your Monthly Real Estate Market Update from RE/MAX NOVA®


 

Real Estate Sales Statistics ReMAX nova November 2019

We believe that in order to understand what works in this crazy business we love, that we need to keep track of our sales data & check in on our own performance. So far, I have to admit, we seem to be doing things right as the results below show. Our home buyer clients have paid less than the average too so far in 2019, at 97.2% of asking.Of course, there is always room for improvement.

Halifax Real Estate Statistics September 2019 | MLS® data from NSAR | Merv Edinger sales statistics

Merv Edinger Sales statistics as of July 2019 | Taken from NSAR MLS® data | Halifax real estate market

Merv Edinger & Associates Sales Data taken from the Nova Scotia Real Estate Association ( NSAR ) in July/2019. 

Halifax real estate market in June / 2019 | sales data from MLS®

Halifax Real Estate Market Statistics as of June 1st | RE/MAX NOVA® | Halifax home finder

 

 

 

Halifax real estate market statistics year to date | RE/MAX NOVA® | Nova Scotia home sales

p>Merv Edinger & Associates Personal Sales Statistics | We Get Results!

 

Merv Edinger and Associates real estate statistics | Halifax real estate agents | RE/MAX NOVA gets results

 

Halifax Regional Municipality Residential Real Estate Market Update | RE/MAX NOVA® | MLS®

Halifax Monthly Residential Real Estate Market Update | February 2019 | RE/MAX®Halifax real estate market | RE/MAX NOVA® | MLS® listings

 

Halifax real estate market monthly update | November 2018 | RE/MAX NOVA® | Halifax MLS® listings

Halifax Real Estate Market | September's Year To Date MLS® Statistics from NSAR®

 

 

 

 


Selling Faster & For More Money...


Real Estate selling statistics compared to the industry average

We believe that in order to be successful, we need to stop & analyze our business, production & service & results compared to our competition & within our industry. I have to admit, so far, we are not doing that bad: selling for a full 1.08% higher & nearly a month faster.


Canada is a nation of movers!


Canadians are satisfied with their homes and neighbourhoods but will probably not stay put according to a new survey. The Canadian Housing Survey is a new national poll from Statistics Canada, sponsored by the CMHC. It was carried out in 2018 and shows that about half of Canadian households have either moved in the past 5 years or intend to within the next 5 years.

Among the 35% who had moved in the past five years, those in Nunavut were most likely to have done (46%) while those in Newfoundland and Labrador were least likely to have moved (23%). Upgrading to a better quality home was the top reason (9.7%) for moving, followed by moving to a more desirable neighbourhood (7%), to become a homeowner (6.4%), a change in household size (6.3%), and to lower housing costs (5%).

Results from the Canadian Housing Survey 2018 | top 5 reasons for moving


A Comparison Of Average Cost Of A Home In Canada


Curious about how affordable housing is across Canada, well here is the breakdown by urban cores across our great country as of June 2018 from CREA.


New Mortgage Qualifying Rules | January 2018


On January 1st 2018, new federal regulated lending guidelines will require all conventional mortgages (20% + down payment), to qualify using a 'stress test.'

As outlined in the following details, the stress test will directly effect how much mortgage borrower's can qualify for. In many cases, this will not be an issue - however, if you are looking to purchase, renew or refinance your mortgage in 2018, it is important that you speak with a Professional Mortgage Consultant regarding your specific situation, prior to the January 1st 2018 deadline.

If required, a pre-approval can be submitted up until Dec. 31st 2017 - this will allow for an additional 120 days to finalize a transaction, under the current rules & regulations.

Compliments of Wheeler Mortgages.

new mortgage qualification changes coming into effect on January 1, 2018 | Housing policies | obtaining a mortgage

 

 

 


Cost Of Living In Halifax


One of the key elements of Nova Scotia's low cost of living is the affordable housing. The average price to purchase a house in the Halifax area is just under $300,000, while a similar sized home in some of Canada's other major cities can be expected to cost up to twice that amount. It is still often cheaper to own in Halifax than it is to rent! ( average cost of a 2 bedroom apartment is $1230/month while 3 bedroom units average $1850/month via Narcity ). 

Cost of living in Canada by city | 5 most expensive and 5 least expensive cities to call home

 

 

 

 

 

 

 

 

 

 

 

 

 


CMHC Housing Market Portal


Helping you find the right housing data & insights on a particular Canadian housing market. CMHC's Information Portal provides you with a comprehensive overview of new housing, the rental market, & econimic & demographic trends. 


Halifax's 2017 Housing Market Predictions - RE/MAX


Halifax 2016 Residential Real Estate Market - 2017 Forecast RE/MAX CAnada


Nova Scotia Is Seeing Some Gains!


Nova Scotia Is Seeing Some Gains!

Changes in population from migration & immigration:

Positive international immigration overshadowed losses due to inter-provincial migration, resulting in a net increase of 920 people to Nova Scotia's population in the third quarter of 2016. This was more than 3X the net gain from the previous third quarter.

Changes in population from movement within Canada:

Some 4,986 people moved to Nova Scotia from other provinces in the third quarter of 2016. This was up 11.5%t from a year earlier. More people came to Nova Scotia from Alberta New Brunswick, and Prince Edward Island compared to a year earlier.

A total of 5,074 people left the province for elsewhere in Canada in the third quarter, a decrease of 0.9% from the same period in 2015. Fewer people leaving for Alberta offset an increase in migrants to Ontario.

The result was a net loss of 88 people from Nova Scotia's population in the third quarter. This was a decrease of 86.4 per cent from the third quarter of 2015.

Changes in population from immigration:

International immigration added 1,008 people to Nova Scotia's population in the third quarter of 2016. This was an increase of 6.2 per cent from the same period in 2015.

Employment Trends in Nova Scotia

The unemployment rate in Nova Scotia was 8% at the end of December 2016, up 0.1 percentage points from the previous month BUT still one of the lowest levels of the past 8 years! The unemployment rate was generally trending down over 2016, finishing the year 0.6 percentage points below where it began.

Full-time job gains occurred mainly in professionalscience & technology services

2016 Real Estate Market Trends

Detached home sales in all of 2016 numbered 7,685, an increase of 5.7% from the previous year.

Single detached sales activity was up from year-ago levels in Annapolis ValleyHalifax, Nova ScotiaDartmouth, Nova Scotia and South Shore, but decreased in Cape Breton Island, the Highland Region, Northern Nova Scotia and Yarmouth, Nova Scotia.

Sales activity was down from a year earlier in the price range below $200,000 but was up for all price ranges above $200,000 during the fourth quarter of 2016.

The tightest segment of the market for single detached homes was for properties priced below $125,000 in the fourth quarter, where demand was strongest relative to available supply.

Homes also spent the least amount of time on market before selling in this price range during the fourth quarter.

Sales are forecast to rise in Manitoba (+4.0%), Quebec (+5.8%), New Brunswick (+6.1%) and Nova Scotia (+4.9%). In the latter three provinces, activity has been slowly but steadily gaining momentum, and 2016 is expected to mark a multi-year high for annual sales.

Nova Scotia Real Estate Sales and Median Price by Area - remax

*Info provided by CREA.


Millennials key to Halifax housing rebound, says CMHC report


As the Chronicle Herald reporter James Ridson, commented on October 26,2016,

Millennial Haligonians are going to drive Halifax a rebound in the city's housing market - Chronicle Herald - October 26, 2016

 

overvalued  and healthy Canadian real estate markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 28th - Chronicle Herald - Halifax news story - immigration to Nova Scotia's impact on Halifax housing market


Halifax Real Estate Market Update - November 2016 - RE/MAX nova


RE/MAX nova Halifax real estate market report


September Halifax Market Update BY MLS® Area


Halifax real estate market - statistical reports - MLS® listings - average sale price- average days on the market


HOUSING MARKET OUTLOOK 2016 - RE/MAX


In 2015, high demand and low supply continued to characterize Vancouver and Toronto’s Housing Markets, and the limited inventory of single-family homes pushed prices higher. The Greater Vancouver Area saw a 17 percent increase in the average residential sale price and the Greater Toronto Area followed closely behind with a ten percent increase. These markets are both expected to continue to see price appreciation, and regions outside of Canada’s highest-priced cities reported a spill over effect from the price increases.

The Canadian Dream - home ownership - RE/MAX

 

 

 

 

 

 

 

 

In 2016, RE/MAX average residential sale price expectation for Canada is an increase of 2.5 percent as Canadians continue to see home ownership as an important milestone as well as a good investment.

 


"Urbs' vs "Burbs" - The Importance of homefitting for every life stage


Urbs vs Burbs - where each generation wants to live - importance of home fitting for every stagew of life - RE/MAX nova


Who Are Today's Buyers & What Are They Looking For


As a seller of a home, it is important for you & your agent to know who you are marketing your home too & how to attract them to your home. NSAR examined research on key demographics in Atlantic Canada. And, we discovered a lot of useful information about 3 groups of buyers: First-time buyers, Moving-up and Downsizers.

first time buyers & what they are looking for - remax nova - knowing who you are marketing your home too

 

 

First-time buyers are generally not handy, and have no time to be. They are more likely to buy "previously owned" homes, that do not require a lot of time or effort. Move-in ready homes may appeal more to this buyer.

moving up buyers - remax nova - Sellers need to know who they are marketing their homes to

Moving up buyers see their homes as central to their lives and value quality more than price. These buyers also plan to own their home for about 15 years. Higher priced homes, with quality features may appeal more to these buyers.

Downsizing buyers - the empty nesters who are looking to free up time in retirement

To Downsizers, price is more important. Downsizers are retired,or preparing to retire and so they also generally have fixed incomes. This group appreciates homes that are affordable and allow them to focus on family. They are generally looking for structurally sound homes with amenities nearby & small scale yards that are easy to maintain.

 

 


Benefits of buying an Energuide Rated home go beyond savings on utilities


Nova Scotia Energuide for New Houses

The Nova Scotia EnerGuide for New Houses Program is a service that allows homeowners to determine the energy efficiency of their new home before construction begins. As part of this program, the building plans are assessed by one of Sustainable Housing’s plan evaluators before construction starts and an EnerGuide rating, based on a scale of 0 – 100, is assigned. Plan evaluators determine this rating through pre-construction energy modeling of the home.

After assessing the home’s pre-build energy efficiency, plan evaluators provide homeowners with a number of energy upgrade options—simple changes that will improve the home’s energy efficiency—and their associated energy savings. This service will also estimate a home’s fuel usage—helping new homeowners determine operating costs. After receiving the plan evaluator’s design evaluation summary, homeowners decide with their builder which energy saving features will be incorporated into their new house and construction starts!

As completion of the home approaches homeowners contact Sustainable Housing to arrange for the post-construction evaluation. During this evaluation one of our certified energy advisors will: record the insulation levels; check windows for types of glass (confirm Low-E); measure the ventilation system for total capacity and balance; and perform a blower door test to determine the air-tightness of the home. All of this information is used by the energy advisor to analyze the energy efficiency of the newly built home. Sustainable Housing then provides homeowners with an EnerGuide rating for the new home. Depending upon what this rating is, homeowners may now apply for rebates.

The cost of the program in Nova Scotia is $250 plus tax.

 

The Rebates

The Nova Scotia EnerGuide for New Houses Program provides financial assistance to support the construction of new homes built to efficient EnerGuide ratings. The following is what is available:

EnerGuide Rating of 80 or Higher - The cost of the EnerGuide registration will be rebated to the builder or the homeowner, depending on who paid the initial registration fee.

EnerGuide Rating of 83 or Higher – The cost of the EnerGuide registration will be rebated to the builder of the homeowner, depending on who paid the initial registration fee. The homeowner will also receive an additional $500 rebate.

More Potential Rebates

The Canadian Mortgage and Housing Corporation (CMHC) offers a 10% rebate on the premium of your mortgage loan insurance if your home is either an R2000 home or has an EnerGuide rating of at least 77. For more information click here.

Nova Scotia Power will offer an additional rebate of $300 to home ratings of 85 and above.
 

For more information on this program & about Sustainable Housing, please visit http://www.sustainablehousing.ca