Are you looking to search for MLS® listings in Halifax? I have this tool that will let you search for listings easily. Not only that you can set up new listings to be emailed to you with photos! Very easy to use. Please click on the link below to try it out!

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

The forecast is at least up for Canada at large. CREA just revised their sales forcaste for MLS® listed transactions for 2013.

It has now raised its prediction for sales levels this year, having steadily ratcheted it down prior to this. It now expects 443,400 homes to sell over the MLS® in 2013. That’s down 2.5 per cent from last year, but is up from the 2.9 per cent declines that the association forecast in March. Between last summer and March it had cut its forecast three times.

Click the image below to read the full article from the Globe and Mail:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

The Canadian Real Estate Association (CREA) stats for May, 2013 just came out this morning. National home sales are up 3.6% from April to May. (Although the sales are not up for MLS® real estate transaction in Halifax so far this year as explained in my previous posts).

None the less some good news here.

The number of home sales processed through the MLS® Systems of real estate Boards and Associations and other cooperative listing systems in Canada rose 3.6 per cent on a month-over-month basis in May 2013, its largest monthly gain in almost two and a half years.

“The pop in Canada’s resale housing numbers adds one more to a series of upbeat economic indicators that exceeded expectations in recent weeks. It’s important not to put too much stock in one month’s worth of data, but taken together with other recently published economic gauges, Canadian resale housing market results provide further evidence of the widely anticipated firming trend for Canadian economy.”

Please click on the image below for the full stats from CREA.

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

In the Halifax area from March to May of 2013, compared to the same time in 2012, sales were down 23.8% but MLS® listings were up 5.6%

They are talking about the Halifax ship building contract which I have been speaking about for weeks for the reason in the decline:

Great little article from 95.7 news here that sums it up:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

According to a new study Halifax employers are more upbeat about hiring than they have been in many years.  We could use this good news!

And the real estate sector is one of the most optimistic. Have you though about becoming a REALTOR® or a career in real estate in general? Give me a shout and I’ve love to tell you about the Keller Williams opportunity.

Here is the more on the study from the Herald Business:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

It’s that time of the month. The new Teranet – National Bank National Composite House Price Index™ report is out…

For Canada at large prices were up 2%. Halifax is not doing as well with prices flat, increasing 0%.
Has the “bubble” burst for Halifax Real Estate in terms of getting a great price for your MLS® listing? Prices may decrease mainly do the over-hyped ship building contract last year which artificially inflated prices for a short period of time.

Anyway, please click on the image below for all you possibly want to know about Halifax Real Estate stats:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

Often people looking at MLS® listings are simply looking for the most “cozy” or the “best location,” and are happy when they find a home that matches their needs.

However, more and more people are looking for “value” when looking for a home. They want their purchase to be an investment that develops equity. So where is the value in the Halifax area right now? Well a hint it is not on the Halifax Peninsula. Maybe Dartmouth?

Please watch the video below as I go into the subject in more depth. Filmed in Dartmouth!

Dartmouth or Halifax Real Estate from Mike Smith on Vimeo.

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

The following is a guest post from my friends at ratehub.ca – Closing Costs in Halifax

When you’re getting ready to buy a home listed on the MLS®, it’s important for buyers – especially first-time buyers – to know that it involves a lot more than just making a down payment. Transaction costs, commonly referred to as closing costs, are cash outlays that you’ll have to make before and up until closing day. What many buyers are surprised by is that their closing costs can add up to anywhere from 1.5 to 4 per cent of the price of the home they want to buy. If you’re buying a home for $200,000, that means your closing costs could be as much as $8,000 – and that’s on top of your down payment.

To help you budget and save for your home purchase, we’re going to give you a rundown of some of the most common closing costs buyers will face in Halifax:

Home Inspection

A home inspection is one of the most common conditions buyers include in their offers. A home inspector’s job is to examine the interior and exterior features of the home you want to buy and give you a detailed report at the end. By hiring a home inspector, you can feel more confident in your decision to buy (or walk away). Attending a home inspection is also a great learning experience, as you’ll get to see how the ins and outs of your home works. You can expect to pay as much as $500 for a home inspection.

Deposit

Not to be confused with your down payment, your deposit is money included with your offer to show the seller you mean business. It is usually delivered in the form of a bank draft, certified cheque or money order, and is your promise to the buyer that you want to move forward with the purchase. How much of a deposit you give often depends on your how your city’s real estate market is performing, but you can expect to offer at least a few thousand dollars. After that, if you fail to complete the transaction, the seller has the discretion to hold your deposit for time and money lost.

Down Payment

Your down payment is likely what you’ve been saving for all this time, in order to purchase your dream home. In Canada, homebuyers are required to make a down payment of at least 5 per cent, so you have likely done your research and been saving for a while. For example, if you wanted to buy a house in the $200,000 range, you would need to save at least $10,000 for your down payment alone. (Note that this is not one of the closing costs included in the 1.5 to 4 per cent allowance mentioned above.)

Land Transfer Tax

In most parts of the country, purchasing a home involves paying a land transfer tax. Land transfer tax (LTT) is calculated as a percentage of your home’s purchase price and is often the most expensive closing cost you will have to pay for. In Halifax, LTT is 1.5 per cent of the purchase price of your home. So if you bought a home for $200,000, your Halifax LTT would be $3,000. Your real estate lawyer will calculate the exact dollar amount you owe and make the payment with you on closing day. Unfortunately, there are no first-time homebuyer rebates on LTT in Halifax.

Legal Fees

Buying a home is often the biggest financial transaction of your life, so it only makes sense to work with a real estate lawyer you can trust. Your real estate lawyer’s job is to do conduct a title search, check for any liens against the property you want to buy, get title insurance, prepare your statement of adjustments and help you pay for all of your closing costs. Overall, your lawyer’s responsibility is to make sure both you and your property are protected. You can expect to pay at least $1,500 in legal fees, to work with an experienced real estate lawyer.

Prepaid Property Taxes or Utilities

Finally, one closing cost that many buyers forget about is the fact that the seller may have prepaid their property taxes or some of their utilities. For example, the seller may have paid their property taxes for the whole year, versus making installments. In this case, anything the seller has paid for after the date you take possession of the home becomes your responsibility. Your real estate lawyer will add these extra costs to your statement of adjustments and make sure the seller is paid on closing day.

While this is a summary of some of the most common closing costs buyers will face in Halifax, there are more to consider. For a full list of closing costs involved in buying, as well as selling and refinancing, visit MyClosingCosts.ca.

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

Halifax real estate sales are down 28.9% from last year in terms of MLS® sales. However as I have explained in previous posts and my last video this is measured against last years ship building contract news, which created a micro bubble.

If you compare it to previous years we are stable. In other words, no reason to freak out about this report.

The Canadian Real Estate Association’s latest report released in April shows the year to date sales activity in Halifax (down 28.9 per cent) as much lower than the national average of 10.3 per cent.

Click the image below if you wish to read the article from the Daily Business Buzz:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®

A new report from OECD shows Canadian real estate is overvalued. Most over valued Country in the world almost. Rather shocking report is it not?

Locally, in Halifax, we are seeing a micro bubble burst from last year when the shipbuilding contract MLS® buying frenzy temporarily elevated prices. Well, they are dropping now as we are seeing more price reductions than new listings this late spring.

Countrywide:

By this reading, Canada ranks third, behind Belgium and Norway, and is followed by New Zealand and France. On the other end of the scale, the most undervalued real estate is in Japan, Germany, South Korea, Ireland and Portugal.

Click on image below to read the full article:

Steve Ritchie is a REALTOR® with Keller Williams Realty in Halifax. He will help you search for Halifax real estate on the MLS®