Recent Changes in the Real Estate Market

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Real Estate Agent with Waterfront, Luxury, Family, Affordable, Cottage, Deals

Recent Changes in the Real Estate Market in Nova Scotia, Canada

Maximum amortization Periods have dropped from 40 years to 35 years to 30 years. This means larger monthly mortgage payments. As a result, it is more difficult for new buyers to afford a mortgage.

Nova Scotia prices have dropped 1% to 2% in the past year. A house that sold for $100,000 is now selling for $98,000 or $99,000. Even with the price drop, Nova Scotia housing is still overvalued by about 7%. This according to Benjamin Tal at a recent address on housing markets & local economic trends. Mr. Tal is a
renowned economic advisor.

Mortgage rates are expected to start rising in August. This will mean larger monthly payments and shrinkage in the number of people who can afford a mortgage. There will be downward pressure on prices of housing

These factors will likely keep the Nova Scotia market fairly stable, with no wild fluctuations up or down in the near future.

Posted by

Donna Malone, Your First Choice in Real Estate, in Bridgewater and the South Shore of Nova Scotia!

Bridgewater, Nova Scotia, Homes for sale

Home and property sales in Lunenburg County, on the South Shore of Nova Scotia are my speciality.

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Donna Malone, Exit Realty Inter Lake, Bridgewater, Nova Scotia, Canada

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Rainer
16,108
James W. Bobo II
Bobo Real Estate Company - Florence, AL

Wow, 40 and 35 year amortizations?  Thats amazing!  Here in the states we usually don't see them exceed 30 years.  I hope he's wrong about rising interest rates, but I have a feeling he's right.

Jun 16, 2011 02:37 PM #1
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Peter Pfann @ 1 Percent Realty Victoria, and Pay-Less For Victoria Real Estate Results!
1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com - Victoria, BC
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Hi Donna,

Great perspective on the future market, to be honest the Fed's would we well advised to keep their fingers off the interest rates, until such time there are actual reasons to touch them, other than the banks.

By now the Fed's have messed enough with things that we do not see any real economic growth in pretty much any real industry...

Jun 16, 2011 03:42 PM #2
Rainmaker
895,352
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Mark Carney is fairly firm on the rates, and they are not likely to increase in the near future. However, there's really only one direction and that is up.

 

Jun 17, 2011 11:42 AM #3
Rainer
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Donna Malone
Waterfront, Luxury, Family, Affordable, Cottage, Deals - Bridgewater, NS
Homes and Property for Sale Nova Scotia

James, Canada has tightened up on the amortization period.  I think this is to protect people if interest rates start to rise. Mr. Tal believes that there will not be a big market for higher interest rates and that will keep a bit of a lid on them.

Peter and Linda, I think the economic situation has been so delicate over the past few years that we are lucky things are not worse than they are. We are not out of the woods yet. There is light at the end of the tunnel, if the unions don't bring the country to its' knees.

Brian, Speculation is in favor of interest rates holding or rising slowly.

Jun 17, 2011 05:59 PM #4
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Rainer
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Donna Malone

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