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He states CREA's forecasts make sense provided the existing state of the real estate market. "What I think CREA is stating is the degree of growth in Halifax and Atlantic Canada it's just unsustainable over a multi-year period," he says. Honsberger states although there are all sort of homes on the marketplace today, there are much more purchasers and inventory is at an all-time low.

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He says less sales would be "healthy" for the Halifax market. In spite of the looming downturn in Halifax's housing market, however, Honsberger has problem for novice property buyers wishing for a market crash: rates most likely aren't decreasing. "I think what we have actually done was established a new cost point for housing in Halifax," he says.

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Now, those costs have all been driven up into the high three-hundreds and low four-hundreds." He says this will likely be the "new norm" in Halifax. Honsberger believes that when the marketplace slows down prices will continue to increase, just at a more sensible rate than they have actually been for the past year.

This year, the company pegs the typical rate of a house in Nova Scotia at about $350,000 (a whopping 20 percent boost from the year prior to). In 2022, it's predicting typical rates of about $369,000, which is a year-over-year increase of 2. 9 percent. Honsberger states he does not see a big market crash can be found in Halifax either, mainly because the important things that tend to drive the market will still be taking place here.

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" Both of those 2 aspects today recommend that there's a great deal of sound hidden financial strength behind what's taking place in Atlantic Canada." However, Honsberger, CREA, NSAR, and pretty much anyone attempting to predict the housing market all state it's almost impossible to do today. No one knows exactly what type of real estate people will desire post-pandemic, whether staff members will flock back to the office or remain home, and how those things will affect laws and policy.

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