Bedford condo prices double in past decade: survey

The past 10 years saw house prices across all of Halifax appreciate dramatically; however a disparity between properties in the city's suburban and urban neighbourhoods were noted, according to the Urban vs. Suburban Survey released this week by Royal LePage Real EstateServices.

Of the three urban and three suburban markets examined in Halifax, the average price of a standard condominium in the suburbs increased by a significant 160 per cent to $195,000, over the past decade; in comparison, the same property type in urban Halifax appreciated by 100 per cent to $215,000. The average price of a standard two-storey home appreciated by 91.9 per cent to $276,333, while the same property type in the suburbs appreciated by 55.9 per cent to $216,667, over the past decade.

Same appreciation

Bungalows in the suburban and urban areas experienced the same appreciation over the last 10 years rising by 95.5 per cent to $193,500 for a property in the city, and $230,667 for the same type of property in the suburbs.

The combination of strong demand and limited availability of land drove prices upwards in the city's urban neighbourhoods, and also led some people to expand their search to bedroom communities in the suburbs. In particular, condominiums in the suburban area of Bedford experienced a huge surge in activity and price increases.

Prices for a standard condominium in Bedford have jumped to $195,000 this year from $75,000 in 1998. a 160 per cent increase.

"The south end of Halifax has long been a desirable area as buyers want to be close to amenities such as restaurants and shopping; however, as affordability tightened in recent years, people started looking to the city's north end and to the suburbs where the possibility for new construction is ample," said Valerie Folk, area manager, Royal LePage Atlantic, Halifax.

Pay less, get more

"The suburbs are also attractive because of costs; buyers can pay less, but get more of a house."

The trend of booming suburban growth is likely to continue, as many business and manufacturingcompanies migrate from the city to facilitate easier access to major transport routes. As amenities build up in these areas, homeowners will see added benefit to both urban and suburban Halifax, causing house prices to continue to skyrocket.

"Halifax has undergone a tremendous transformation in the last 10 years, but given the recent economic growth of Atlantic Canada, I anticipate even greater changes and house price increases over the next 10 years as well," Folk said. - Submitted