DID YOU KNOW!?

You might be able to have a Secondary/Backyard Suite on/in YOUR property!

If you live in HRM, the zoning bylaws were revamped back on Sept 1^st 2020 as part of the Regional Municipal Planning Strategy to allow some areas to add secondary suites or backyard suites. The idea around this strategy was to complete communities and to meet affordable housing targets set out under the Housing and Homelessness Partnership. This strategy applies to numerous areas in HRM where single-detached houses, semi detached, or townhouses are allowed.

A secondary suite is a self-contained dwelling unit with limited floor area. The secondary suite and the main suite must be one real estate entity. There are two options that a homeowner can choose.

1. A Secondary Suite that is completely contained in the home, such as a basement.

1. A Backyard Suite is sperate from the main home and is a free-standing building. Backyard suites could be a tiny home, a separate structure or built on top of a garage for example.

There are a few things to keep in mind regarding secondary suites, You MUST do your homework! You need to be assured that the area is zoned for this new strategy (there are expectations throughout the city ). You WILL be required to obtain a building permit and there are guidelines that must be followed when constructing your secondary suite, such as floor area, ceiling height, doors etc. It is important to plan accordingly and take the steps needed for due diligence.

Secondary Suites can have many benefits to the original homeowner as well as the individual(s) who reside in the suite. For the homeowner there is the benefit of extra income as well as a increase in property value. Win Win!  Individual’s who reside in the Suite can benefit from affordable housing or proximity to family with their own space. There are many different scenarios that can be obtained with the proper creation of secondary suites.

Quick Facts:

-          You can have only one Secondary Suite or one Backyard Suite, you cannot have both.

-          There are no requirements for who will reside in your Suite. It could be the in-law’s, or a tenant. It is completely up to the homeowner.

-          The Suite will be assigned a new civic number.

-          Parking is not required.

-          The suite may use the same power meter or have a second one installed for the Suite, depends on the circumstances.

If you have questions regarding secondary or backyard suites get in touch with me and I can provide you with more information and help you decide if adding a secondary suite to your property might be a valuable idea.

Thank you for reading =)

~ Real Estate & More With Kor!

Hello 2023

The spotlight has been shining bright on the Real Estate Market over the last few years. I wanted to give a little overview of what we have been through as well as the current market conditions and what we might expect going forward.

The years 2020 – 2022 had the craziest Real Estate markets we have seen here in our little province of Nova Scotia. We all heard the stories of people who live in Ontario or out West and always thought there was no way that would ever happen here. HA! HA! Boy we were wrong!

There were many factors that came into play over the last few years. As we all know Covid was the first thing that had a major effect on our Real Estate decisions. I spoke to a lot of people who had to work from home and they quickly realized their current residence did not meet their needs. Many first-time home buyers were looking to get out of renting and even those who already owned homes found they needed more space to accommodate working from home or kids being home-schooled. Covid highlighted the aspects of homes that were not working for people in our new normal.

We moved into 2021 and that’s when the market really started to get competitive. People from out of province were moving here in droves (in fact, a record-breaking 28,000 people moved to Nova Scotia between 2021-2022). They had already experienced tight real estate markets, so these conditions were normal to them. However, for us, it was NOT normal and completely out of the ordinary. We started to see our affordable real estate skyrocket!

Today, we are grappling with the effects of rising interest rates aimed at curbing inflation and cooling real estate markets across the country. In the other major city centers, this has had a drastic effect on home values.  Nova Scotia has seen a change as well, with the average price dropping 15.5% from the peak.  However, the number of new listings dropped by 11% so we still have strong demand for what remains a limited supply.  Yes, we are down 15% from the peak, but we are up 3% from this time last year. Once interest rates plateau and uncertainty regarding affordability subsides, we expect a strong market in 2023.

So, what is our new normal? Some properties still get multiple offers, although without the drastic bidding wars like in 2022.  However, we remain in strong seller’s market with only 1.6 months of supply.

0-3 Months - Seller’s Market - Upwards Price Growth

3-6 Months - Balanced Market - Stable Prices

6+ Months - Buyer’s Market - Downward Price Pressure

For Sellers, this means you can still leverage the market to maximize your property value. The average purchase price of a single-family home in HRM in Jan 2020 was $342,670 and now the average purchase price is $507,534.  That is a staggering increase of 48% over 3 years.

I will keep you updated on how things change over this year of 2023. If you want more information and have a indepth chat, let me know. I would love to hear from you =)

~ Real Estate & More With Kor!