Hello Friends =) 

There is a lot going on in the market. I will do my best to break it all down and share where I think we are now, and where we are going. 

My office recently had the pleasure of meeting with the Senior Economic Analyst from the Canadian Real Estate Association (CREA). He was able to show and inform us of what the Real Estate Market is looking like across the country and what to expect. One thing he said that stood out in all our minds was    "Buckle Up" . That sure got our attention! Let’s get into it.

Across Canada and here in Nova Scotia, we are again starting to see the months of supply go back down. What does months of supply mean? This is a measurement to show how long it would take to sell everything on the market as of today with no other listings being added.  Here is the breakdown of months of supply statistics in the past 5 months:

HRM Months Of Supply ( Below 3 Months Is a Sellers Market ) :

Oct. 2023 - 2.6 Months

Nov. 2023 - 2.5 Months 

Dec., Jan. & Feb. - 2.0 Months

We have been hearing a lot about what is going to happen with the interest rates in Canada. Seems everywhere we look, the conversations are coming back to rates ( no? maybe just me? lol ) Although we do not have a crystal ball, it is pretty safe to assume that rates will be coming down; by how much and exactly when will remain a mystery. However, when these rates come down, we are going to see more people enter into the market. There are quite a few reasons for this. 

1. The obvious reason is lower interest rates.  Lower rates will bring those that were waiting to enter into the market and get out of high rental costs.

2. The cost of living has gone up and with that comes higher rental prices. Not only the rising costs in the rental market, the scarcity of suitable homes to rent also contribute. It is not hard to miss the housing crisis we have not just here in HRM, but all across the country. With more and more people struggling to find a decent rental at a decent price, they will be pushed into buying.

3. Over 2.2 MILLION mortgages are to renew at higher rates in 2024 and 2025. This one can go either way in my opinion. A lot of these mortgages were when the Real Estate Market was at a peak and interest rates were very low. With this large amount of mortgages up for renewals where rates are at now, might be too much for some to keep up. This is going to lead to some having to sell.  The other side to this is that home values have also risen very quickly. Some people may have been able to build up a great amount of equity in a matter of a few years. This will likely have some moving up the property ladder. 

 4. The population in Canada has skyrocketed in 2023 with over 1.2 MILLION additional people living in this county as of the end of 2023. All of the new-comers need places to live, again adding to the supply & demand issue we are facing on a wide scale. 

If we look here in HRM alone, the average sale price as of Feb. 2024 was $575,051 compared to Feb. 2023 was $542,430. This is an increase of 6% in 1 calendar year. The Canadian average sale price is approaching $700K, very likely going higher in 2024. 

There are a lot of moving parts right now in the Real Estate World of things. Everyone has a different situation when it comes to their real estate needs or wants. That is why I think it is important to stay up to date with how things are shaping up either good or bad. What could be bad for me could be good for someone else and vice versa. It is about understanding where you are in the process and knowing what options are available to you now or in the future. 

Thanks a bunch for reading my blog!

I do love to talk about real estate and I could do it for hours and hours. If you have any questions, concerns or just wanna have a little chit chat, get in touch!

~Real Estate & More With Kor

Are you in the market for a new home that seamlessly combines comfort, style, and functionality? Look no further! Nestled in a peaceful neighborhood, this charming 3-bedroom, 1-bathroom home is ready to welcome its new owners. From its open concept interior to the delightful outdoor space, this property is a perfect home for those looking for afforadble living and comfort.

As you step inside, you'll immediately be greeted by the warm and inviting atmosphere of this well-maintained mini home. The open-concept living and dining area provides a versatile space for entertaining guests or enjoying quiet family dinners. The kitchen boasts all the modern appliances you need, making meal preparation a breeze. No need to purchase any new kitchen appliances as fridge, stove, dishwasher and microwave are all included.

There are three good sized bedrooms with the primary bedroom located at one end of the home and the other two bedrooms at the other end. 

The single bathroom is not only spacious but also offers the convience of housing your washer and dryer space.

Heat Pumps: Say goodbye to chilly winters and sweltering summers. This home comes equipped with not one, but two heat pumps, ensuring year-round comfort. Enjoy efficient heating in the winter and refreshing cooling during the warmer months—all at the touch of a button.

Step outside, and you'll discover a lovely yard that's partially fenced, offering a perfect blend of privacy and open space. Mature trees provide shade and a sense of privacy. Outside also consists of a good size deck and shed that is great for storing all your tools or outdoor equipment.

With its spacious interior, two heat pumps, included appliances and delightful outdoor space. This home has everything you need to move right in. Don't miss the opportunity to make this mini your new home!

A DREAM COME TRUE:

If you’ve been following the listing story of 562 Mill Lake #1 Rd., then you will want to know how Koree Burt and Adam Scott helped make this homeowner’s dreams a reality. This idyllic property, nestled among the lush forests of Hubbards, has recently found its new owners after just three days on the market. What’s more, the property went into multiple offers and sold over asking price, making it a dream come true for both the sellers and the buyers.

Property Highlights:

- Total Living Area - 1,560 sq ft

- Northerly Exposure

- Propane Fireplace and Heat Pump

- Deeded Access to Dauphinee Mill Lake

- Lot Size - 30,000 sq ft

This charming bungalow offered a serene escape with deeded access to Dauphinee Mill Lake and a host of nearby amenities. The property’s unique combination of tranquil lakeside living and convenient access to the town of Hubbards and beyond proved to be irresistible to potential buyers.

 A Dream Realized:

Thanks to the outstanding efforts of Koree and Adam, the dynamic professional team at Coldwell Banker Maritime Realty, the sellers were able to achieve their goals. Koree and Adam’s deep understanding of the local real estate market and their dedication to providing top-notch service played a crucial role in this remarkable success story. The sellers couldn’t be more delighted with the results, and they expressed their gratitude for the incredible support they received from Koree and Adam.

 The buyers, on the other hand, are overjoyed to start their new journey in this beautiful property. While not the representative of the Buyer, Koree and Adam’s expert knowledge and experience in the market helped throughout the buying process making it a seamless experience, helping to turn their dream of rural, country living into a reality.

A New Chapter:

While 562 Mill Lake #1 Rd. may no longer be available, there are countless other opportunities to discover your dream home with the support of Koree and Adam. Whether you’re buying or selling, these experienced professionals are ready to assist you in achieving your real estate goals. With their dedication and expertise, your own real estate dreams can become a reality.

This success story is a testament to the desirability of the Hubbards location and the property, but it’s also a shining example of how a dedicated and skilled real estate team can turn dreams into reality. Koree and Adam of Coldwell Banker Maritime Realty continue to prove why they are trusted professionals in our community.

If you’re dreaming of a lakeside paradise, a charming home in the city, or any other real estate goal, don’t hesitate to reach out to Koree and Adam. They are prepared to help you achieve your aspirations and make your real estate dreams come true. So, while 562 Mill Lake #1 Rd. has found its new owners and entered a new chapter, your own real estate journey can begin with Koree Burt and Adam Scott by your side. Contact them today and let them guide you towards your dream property.

~ Real Estate & More With Kor

           Koree Burt                                                          

           902-802-7739                                                    

           koreeburt@cbmaritimerealty.com   

        Adam Scott 

        902-717-5225

        adamscott@cbmaritimerealty.com