When broken out by housing type, the median price of a bungalow increased 0.7 per cent to $245,672. During the same period, two-storey home prices saw some softness, declining 1.5 per cent year-over-year to $344,592, while the median price of a condominium fell by a larger margin of 6.4 per cent to $257,056.
"We remain in a buyer's market in Halifax," said Matt Honsberger, broker, Royal LePage Atlantic. "Housing inventory levels are high, providing many listing options for buyers and flexibility to negotiate and search for the right property."
"In the first quarter, we saw a higher influx of interest from first-time purchasers looking to benefit from the recent softness in prices. We expect this will balance the market slightly as we head into the spring home-buying season," added Honsberger.
Nova Scotia is expected to be the strongest province within the Atlantic over 2016 because of its strong manufacturing base. Halifax continues to benefit from the activity on Arctic patrol vessels at the Irving shipyard.
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