September 2014 Maritimes Economic Fundamentals

Ally

Research Assistant
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Mar 24, 2009
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#2
False assumptions zap Halifax real estate market





The housing market this year has been best summed up by an agent as `a buyer`s market without buyers.` What the market needs is for thousands of sellers to become buyers. To accomplish this, people need to believe that housing prices are not going to crash and the best bargains are now. The provincial government could assist by providing sustainable incentives to help the market start from the bottom up through the remainder of 2014.





Based on the record numbers of current listings, there should be thousands of buyers in the market, but ask any agent or vendor in Halifax, and they will tell you this is definitely not happening. One agent told me he had heard numbers as low as one buyer for every 16 homes listed. This does not make sense, because the entire premise of a real estate market is that every seller has to live somewhere, so every seller is also a buyer. Why are there so few active buyers in Halifax? Relocations and downsizing can account for some of it, but this phenomenon is marginal at best and offset in other areas. Could it be simply because many sellers see a slow market, so they figure, `Why bother looking until the house sells?`





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Ally

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Registered
Mar 24, 2009
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Langley
#3
Jobs emerges as dominant New Brunswick issue





The dominant issue in the New Brunswick election campaign, which wraps up in just over two weeks, could be summed up in one word: jobs.





And it's not hard to see why.





While the province's unemployment rate dipped to 8.7 per cent last month ` slightly lower than its three Atlantic neighbours ` that snapshot figure masks an annual trend that has seen steady increases since 2007.



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Ally

Research Assistant
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Mar 24, 2009
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48
Langley
#4
Charlottetown makes top 10 list of places to invest





Charlottetown is the only city in Atlantic Canada to be recognized within these rankings.





The ranking is part of Site Selection`s seventh annual Canada`s Best to Invest awards and is based on April 2013 - March 2014 corporate end-user facility investment and job creation data, which includes corporate facility investment, related job creation, partnerships, proactive programming and web resources.





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Ally

Research Assistant
Registered
Mar 24, 2009
16,745
70
48
Langley
#5
Halifax sailing toward firmer growth, according to BMO report





Economic growth in Nova Scotia should improve over the next two years -- despite a number of headwinds. Many factors will lift provincial growth to 1.6 per cent this year and benefit Halifax -- according to a special report from BMO Economics released today, entitled Halifax: Sailing Toward Firmer Growth.





The BMO report notes that real GDP growth in Nova Scotia is expected to hit the 2 per cent mark in 2015, compared to 0.8 per cent in 2013. "The $25 billion contract to build combat ships for the Royal Canadian Navy should provide long-term economic support and the manufacturing sector will benefit from past weakness in the Canadian dollar and a U.S. economy that looks poised to expand at a solid 3 per cent clip through 2015," said Robert Kavcic, Senior Economist, BMO Capital Markets.





Read the full article here.