I would add in expected average maintenance of let’s say 1% of square footage so $1,700 per year year so this adds about $142 per month to your calculation
The prices can't be sustainable.. If there is growth in prices like you suggest, then where are people getting the money to buy them.. even 2 average people with perfect credit scores and no debt are going to get crushed by these numbers. There's just no more 'north of here' left. Something has to give.
Even if the prices were stagnant over the 5 year term, there would still be the 62k equity which is nice. We’ll see what the future brings. Reality is that no one knows. Still a lot of people migrating here from out of province too.
I’m from there. Love NS, greatest memories from my youth and up to my 30s before I left for good in mid 2000s. But I’ve been saying it for years. They’re a Toronto wannabe and it’s sad. Not a quaint city anymore. Wrong ppl in charge wanting to make it expensive and busy. Makes me sigh when I return to visit.
I don't think their is a deliberate plan to make the city busy. Yes, government might try to attract business but that happens everywhere. More people moving here is a natural process.
@@colleenduffy1139more people moving to a place faster than new home construction is not a natural process though. Canadas population increased by a million last year, and a ton of people moved to Nova Scotia because of the inflation because it was cheaper. Right now, Ns is one of the only provinces that hasn’t saw a housing price decrease from the high interest rates because of the surge of population with limited housing. It is actually kind of insane and not a natural population growth.
lol there's an interesting comment... What facts are you basing this on? I have no clue what the number of mini homes vs other residential properties would be, but I can tell you that sales wise, in 2023, only 5% of sales in NS have been mini homes so far. But yes.. I am assuming Alberta's cost of living would be lower and obviously the taxes are much lower.
I will have to disagree with you on a modest 2% year over year increase over the next 5 years. I would say that will be a very generous estimation for the next 5 years. No matter what the perceived demand may be, people still need to borrow money for a home, and that money is gone, and can no longer sustain the inflated prices.
That may be the case. No one knows and only time will tell. Historically speaking, it would be modest. Even if I take out the last 3 years of insane growth, the avg is +5% per year since 1980 in HRM. What do you think would happen if rates start to drop over the next couple of years? (that’s a ways away at this time as I doubt rates will drop for some time yet)
