Posted by: SMARTER BOLDER FASTER | July 23, 2009

Morris Lake area’s home sales among Canada’s hottest

Halifax is home to one of the hottest-selling neighbourhoods in Canada, according to a survey by Century 21 Realty.

The Morris Lake area on the northeast shores of the harbour is ranked alongside High Park in Toronto, Richmond in Vancouver, and upscale North Kildonan in Winnipeg.

In the Morris Lake area, the average house price was $222,756 in April, an increase of 11 per cent from a year earlier. Those prices were up 11 per cent from the $200,041 average price in April 2008.

Century 21 Team One broker-owner David Yetman said he’s not surprised. The Morris Lake-Russell Lake West area has lots of new homes with access to natural gas, good schools, and a Link bus terminal. There are lots of mature trees and a selection of R-2000 energy-efficient homes.

“It’s been a hot area for a couple of years now. It’s like a new Colby Village. It’s got a little bit of everything,” he said. “There’s been 154 houses sold in that general area since April 1.”

When local sales are compared to the slowdown across much of Canada, he said Halifax has been a very steady market.

The majority of the hottest 21 neighbourhoods for housing prices are located in and around Toronto and Vancouver. In the very hottest neighbourhoods nationally, prices are up by 17 per cent in the past year.

Don Lawby, president of Century 21, said the survey serves as a reminder to homeowners to avoid relying on city, provincial or national averages to gauge their local neighbourhood housing markets.

Instead, sellers should monitor selling prices of similar homes in their own neighbourhoods.

Reposted from the Chronichle Herald Business Section

By STEVE PROCTOR Business Editor
Sat. Jun 13 – 4:46 AM

Find the article here


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