Rising interest rates cool previously hot Maritime housing market
The Maritime housing market is not what is used to be, with higher interest rates cooling the recent real estate craze.
Mail carrier Luc Roy spends a lot of time on the streets of Moncton, N.B. When he started his career two years ago “for sale” signs were seemingly on every other line, but now he’s noticing something different when he walks his route.
“I have seen a decrease, especially from when I first started, the market was booming,” Roy says. “There was a lot of houses for sale everywhere.”
But that’s no the case these days. Rising interest rates have thrown cold water on what was a hot housing market.
“It felt like almost the tap just kind of shut off as far as the momentum of what we had previously,” says real estate agent Danielle Johnson.
Johnson says buyers are now being more selective because the gap in supply and demand is shrinking.
“We are seeing a little bit more of an inventory coming up on the market and, I believe, people believe it is the last time that they will have access to this type of market,” she says.
It’s the same story in Halifax.
“We’ve grown the inventory from about 250 listings to about 750 in Halifax, but then it has just stayed steady for about the last eight weeks or so,” says Matt Honsberger, the president of Royal Lepage Atlantic.
That has caused prices to level off too. Honsberger says the average price for a home and Halifax has dropped from the mid $500,000 range to the low $500,000s or high $400,000s.
“We certainly saw the peak at around March of this year, where you would’ve seen the highest average price that we have ever seen in Halifax specifically, and it has come back to early year levels, late 2021 levels,” Honsberger says.
With interest rates high, Honsberger says he wouldn’t be surprised if the housing market in the Maritimes continues to cool over the winter.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.