Nova Scotia Journal

Saturday, December 2, 2023

Investors buy a fifth-of-residence in Halifax, real estate costs persist to skyrocket

Nova Scotia

Key takeaways: 

  • Investor movement in NS. Capital has increased 4% since 2014.
  • Ottawa has witnessed the most significant leap in real estate investor exercise in any important Canadian city in current years.
  • Halifax is not far back, in the second position.

Investors doing a great activity in NS real estate: 

A new study from the Bank of Canada indicates investors account for nearly one-fifth of home investments in Halifax.

It delivers understanding into a housing market that has just noticed prices skyrocket, causing it to close for some would-be homeowners.

Using databases on monetary loans, researchers with the nation’s central bank added the share of mortgage buys made by first-time homebuyers, recite homebuyers, and investors. 

All-cash house assets are not a factor of the accounting.

Read more: Nova Scotia Power aiming 10% rate gain over three years

Investors showing great activities by purchasing real estates

The bank has cast similar information in the past, but never with a study that had details clear to Nova Scotia. This month’s report includes figures for 11 of the nation’s biggest cities, including Halifax.

The report indicates that investors accounted for nearly 19 percent of mortgaged home buys in Halifax in the second quarter of 2021. That’s just nervous of the Canadian average for the same period, which was 21.6 percent.

Major leaps in house costs, two years running 

The report delivers context, although it does not directly reply to how much investors are liable for pushing up real estate costs.

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