Real estate bubble

Have the new Canadian lending rules cooled off the real estate market as intended? Or will things like the coming mortgage rate increases tip the scales for home owners in Nova Scotia and the rest of Canada?

A year ago the Canadian federal government, CHMC, and Bank of Canada imposed new rules on mortgage lending. At first it seemed like a cruel blow to would-be property owners trying to get into the real estate market. In actuality, the feds were trying to save us from ourselves–taking action to avert a housing market crash like we saw in the U.S. four years ago.

But as much as they tried to stem the tide and avoid a crash, some say the bubble is ready to burst any time now. They say the signs are there–like the increase in Canadian real estate listings and decrease in sales.

According to the Toronto Star, columnist Adam Peterson points out two big red flags:

  • Compared to household incomes, Canadian house prices are high. In fact, he argues they’re downright unaffordable. And this, of course, means any change in rate or income could have a drastic effect on home owners.
  • Because the Canadian economy is so closely tied to the housing market, any small shift in it could be “problematic”.

He also points out that Canada is fast approaching a 5 to 1 home-to-income ratio–where the U.S. was back in 2006. And to compound things, household debt in Canada has breached 150% of income and “continues in the wrong direction”.

So which is it? Has the Canadian real estate market cooled off? Or is the bubble going to burst any day now? Have a look at this insightful, sobering article.

Shopping for a house, condo, or property in Halifax, Nova Scotia? Steve Ritchie is a REALTOR® with Keller Williams Realty. He’ll help you search for Halifax real estate on the MLS ® and other star systems. Call Steve today at 902-440-0552!


Photo credit: Hamed Saber via flickr


Soon to be world's tallest building

“It is more than the world’s tallest building, but also an exploration on the healthiest way of living and the energy saving, land-saving and material saving building.” – Broad Sustainable Building (BSB)

In China ground has been broken to build Sky City, the world’s tallest structure–a staggering 202 floors at 838 metres. Folks, that’s 285 metres taller than the CN tower.

Size aside, what makes Sky City so impressive is the way it packs such density into its design, infrastructure, and effect on the environment. Jammed into this one property will be residences, offices, schools, shopping, a hospital, recreational facilities, and even gardens and green space.

Sky City, literally, will be a city in itself.

Also, the project represents a shift in sustainable living: what would normally displace kilometres of land for housing, cars and parking is compacted into a area of real estate a fraction that size. Oh and one more thing: the building will be entirely prefabricated–constructed offsite in piece-by-piece fashion.

Read more about this thrilling, controversial green building at

Shopping for a house, condo, or property in Halifax, Nova Scotia? Steve Ritchie is a REALTOR® with Keller Williams Realty. He’ll help you search for Halifax real estate on the MLS ® and other star systems.

Call Steve today at 902-440-0552!

Photo credit:



Wooden Office Towers in Halifax–Coming Soon… ?

August 2, 2013

Can you imagine an office building or condominium in Halifax, Nova Scotia built out of wood? My guess is probably not. Like me, when you think of wooden structures, most likely you think of a house. So who in their right mind would even think of building an office tower out of wood? Believe it […]

Read the full article →

June house sales in Canada up 3.3% from May

July 30, 2013

If there’s a sign mortgage rates are about to rise, house sales stats in Canada might just be it. According to the Canadian Real Estate Association, house sales in Canada jumped 3.3% from May. This also marks the fourth month in a row where house sales in Canada have increased. A report by CREA suggests […]

Read the full article →

Why now is the time to become a Real Estate professional in Nova Scotia

July 30, 2013

It sure is an exciting time to be a real estate agent or REALTOR® in Nova Scotia! Not only is there a brand new program designed to improve their expertise–Nova Scotia is the first province to do it. As a real estate professional, our credo is ‘never stop learning’. I wouldn’t want someone who doesn’t […]

Read the full article →

Can Halifax become the great sustainable city of Atlantic Canada?

July 30, 2013

How do we make a city like Halifax, Nova Scotia more sustainable? Do we build more LEED buildings? Have less cars and add more public transit? Create more green space and pedestrianized areas? How about bringing more single people downtown? Apparently the number of single people living in cities are on the rise–and they’re making […]

Read the full article →

Renting Out A Condo In Halifax (What Not To Do)

July 26, 2013

Ah, condo rentals in Nova Scotia! It’s the dream of many a property owner here in Halifax, Bedford, and Dartmouth. Can’t say I blame them. With the Halifax region’s beautiful ocean views, vibrant city life, and the rise of new condominiums developments, getting a hold of one with the hopes of turning it into a […]

Read the full article →

How Do You Install a 328-tonne Bridge Between Two Condos?

July 24, 2013

Very carefully. Though condominium designs here in Halifax, Nova Scotia don’t yet resemble the ones above, (except maybe the soon-to-be “Iconic Tower” on the Dartmouth waterfront in the King’s Wharf Development), Toronto’s waterfront condo revolution continues to evolve in stunning ways. And what an evolution it’s turning out to be. Awe-inspiring designs like the bridge […]

Read the full article →

Halifax Home Sales Have Been Slow (Here’s Why)

July 23, 2013

If you live in the Halifax, Nova Scotia region and you’ve been trying to sell your house, condo, or property, chances are your MLS listing has been active for quite some time. And chances are you’re a little frustrated, wondering what’s taking so long. Ok, so that might be an understatement—you’re probably a whole lot […]

Read the full article →

Bird Friendly Buildings Now A Must In Some U.S. Cities and States

July 23, 2013

Ever had a bird fly into your window? If so, then you know the heart ache when the little thing doesn’t get up and fly away. In the reflection of your house or condo’s windows, they see sky and trees but can’t make the distinction between reflection and reality. Unfortunately, the problem is bigger than […]

Read the full article →