Retiring soon and planning on selling your long-term home to embrace condo living? Hoping to live downtown? If so, your timing is impeccable as condominium developments are hot in Halifax at the moment.
The Rise Of Downtown Condos In Halifax
Just a few years ago, condos were a minor development on the urban landscape, but since 2012, the number of new multi-unit construction projects in the downtown area has skyrocketed. About 2,000 units are expected to be on the market by 2018. Most of these are expected to serve the growing single dweller population of Halifax; in 2011, 29% of occupied dwellings were one or two-person single dwelling households.
The condo building boom is in part a result of conscious effort by the city of Halifax to promote downtown living by overhauling outdate regulations in its 2009 HRM by Design plan, which permitted taller buildings and quicker planning application approval. Condo building will potentially increase the number of people living in the city, which brings more people there. With family size falling, the new residents will be well served by the existing infrastructure of schools, sewers, and other services without the expansion that would be necessary were the new buildings either directed toward families or located in rural or suburban areas.
Who Is Buying The New Halifax Condo Builds?
Who is buying these units? Three diverse groups are the typical buyers: empty-nesters, young professionals, and parents of college students purchasing investment housing that their children will occupy as students are the expected occupants. Many of the units off desirable amenities along with a proximity to culture that is particularly appealing to seniors who want to continue a vibrant, active lifestyle without the hassle of carrying for a big house.
Many upscale properties include stainless steel and marble kitchens with built-in coffee stations, under the counter wine cellars, and other in suite luxuries. A mere elevator right away, an indoor track and indoor pool beckon, along with high-end restaurants that deliver and ground-floor luxury shopping. If you enjoy being in the center of things, these new condominium units offer an inviting way to do so.
Brisk Sales Characterize The Halifax Condo Market
While the units may not appeal to all seniors, demand for the units has been brisk. The sales indicate a pent-up demand for downtown housing. A recently announced condo development sold 80% of its units the opening weekend and sold 90% within five weeks; other developments have similar track records. Prior to the recent building, there were limited options to live downtown. The goal of HRM is to increase residential density downtown so that by 2034, 25% of citywide development will the in the downtown area.
Ironically, with more people opting to buy condos, the rental apartment vacancy rate increased from 3.8% in 2015 to about 5% in 2016. If you do not want to purchase another dwelling after you sell your home, you will find many desirable rental options as well.
If an upscale condo appeals to you, talk to me today to learn more about how to tap in to one of the great opportunities available now.
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When you are buying or selling a home, don’t waste time. Give me a call for experience, market knowledge, correct pricing, and a sincere interest in helping you fulfill your real estate goals. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES is a Senior’s Real Estate Specialist and a REALTOR® with Sutton Group-Professional Realty. Licensed since 1991, much of Roy’s practice is helping retirees with their later in life moves. Roy can be reached at 902-497-3031, by email: RoyThomas@RoyThomas.ca or read other articles online at www.HalifaxSeniorLiving.ca
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|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here|