Condo Market History & Overview
Condominium development in Halifax really began in the mid 1980’s. There were a few condo developments before that, Convoy Estates and Cowie Hill come to mind, and a number of large apartment buildings were converted to condo units and sold, but when luxury buildings with views & amenities and modern finishes started to rise up in nice locations the market took off and hasn’t really stopped since although there have been ‘market adjustments’.
The second boom started in 2002 with exciting new condo developments the driver of sales. Many new developments were financed by developers with mid eastern business investors. Halifax and Nova Scotia have a large multicultural population, achieved over many years. With Dalhousie, Saint Mary’s, Mount St Vincent universities in Halifax and the other universities throughout the province exposing our lifestyle and beautiful surroundings while educating young people from all over the world, it’s no surprise that our market remains stable.
There are really two condo markets, the new development market and the existing or used condo market and therefore two pricing streams. The price spread between them is smaller when the more exclusive locations are sought.
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