Buying a Condo in Halifax, Nova Scotia is tricky endeavour at the best of times. You can’t just pick any real estate agent to navigate the typical real estate Condo purchase. If that agent isn’t a seasoned condo real estate agent you will end up with a condo that may not live up to your expectations. A condo buyers agent!
Condo MLS Condo Stats. As of Dec 31 / 2018 ***
The average list price of the whole lot – $270,023
Time on the market currently Average 86 days
756 units sold for an average amount of $263,212
Compare to 2017 ‘s Condo numbers at this time 629 sold
Average days on the market of 106 days
The average sale was $ 252,661, average list price was $261,401
Examination of these numbers tells us tells us the demand
is way up in 2018. The average market time has dropped considerably.
Halifax is no Toronto but that uptick in sales is unheard of in these parts.
Halifax Condos sales will be one to watch in the New Year!
Did you know that when buying a condo in Nova Scotia condos that are under 5 years old can spell considerable expense to the purchaser? There is an Engineering Study done on each building at the 5 yr mark. Not until the 5 yr mark has passed and the study on the building has been done is a unit really safe to purchase.
A top condo buyers agent will point this fact out and often won’t sell you into a new building unless the buyer demands. I know of the condo buildings at Bedros Lane. The units started leaking early on and none of the early buyers was able to sell their units until the 5 yr engineering study process was completed. Each building had $+- 1.2 Million dollars of fixes to the Siding and facia at the roof to fix. This lead to special charges per unit because the insurance would not cover it all. Imagine how you would feel if you were told of a special assessment of $20,000. Kind of puts a sour taste in your mouth!
Buying a Condo in Halifax, Nova Scotia – Take 429 Parkland for example – Your agent has to know what kind of neighbours you will have! Would you like to find out that you’re in a mainly old folks Condo?
A good way to protect yourself is to literally stake out the condo you want to buy. Ask all the owners if they like living there. Ask if there are any problems either with the actual condo or with the Condo committee? Any problems coming up in the minutes from the last meeting.
The Condominium Act spells out exactly who is on the board of Directors of
that condo corporation. It takes in the common areas and the bylaws and rules of that particular condo. A good condo agent will sit down and go through this document with you and answer any questions you might have.
Let me introduce myself. I am Paul Viau; a former real estate agent of 18 years, real estate photographer and (my newest passion) real estate blogger. See the Nova Scotia Real Estate Blog for more on my background.
One thing I did learn in 18 yrs is that it definitely pays to have a good agent! One who knows the market provides exceptional customer service and knows how to get their buyers the best deal possible.
*** Data provided by a condo agent working Halifax Market.
Buying a condo in Halifax, Nova Scotia
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