Brokers have been waiting for a Halifax housing boom since the announcement of its $25B shipyard contract but four years later has that ship sailed? Not quite yet, say investors.
Four years after the big shipyard building announcement and subsequent property buying spree, investors have been slow to jump into Halifax. But are landlords about to miss the boat?
Stories of paying over the odds for properties and concern that construction work will never start have stopped many investors from entering the Halifax market of late.
But as sellers become more price realistic and investments continue to be made in the shipyard building, investors should take the bullet now before it’s too late. Or so says one local investor and Realtor.
“Some investors, in my opinion, paid over the market price for properties straight after the project announcement,” says local investor and Realtor Richard Payne. “But the market has settled and sellers, who have been sitting on the market for a while now, have adjusted their prices accordingly.”
He says that many landlords have invested significantly in rehabbing properties, thus raising the standards expected now across the market.
"You cannot just come into this market and buy any property as there are too many good units out there now. I think a lot of investors are waiting for some of the physical ship-building to start, which may happen in mid-2015, but it may be too late then, especially if you want an affordable property.”
Brokers anticipate boom from $25B contract