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
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.