Lachi Mainali and Lachsman Koirala stood in front of a mustard-colored house on a corner plot of land in Timberley, a suburban community outside of Halifax.
It is very far from the hospital in the city center, where they work in the household. But their price is outside the real estate market in the city. This four-bedroom split-level home has been announced for just under $ 330,000. It is financially in their wheelhouse, although the couple knows from experience that it will sell for much more than that.
“I hope this will be it,” Koyrala said as his wife laughed. He estimates that they have inspected more than 150 homes in the past two years and made bids for more than two dozen – just to bid each time.
“Sometimes it’s so frustrating that I think we have to wait a while before looking for houses again so that prices fall again.”
CBC News: House 11:10 White-fenced residential property
In a special episode from Halifax, the House heard from homeowners and brokers about the challenge they face in navigating the cramped housing market and accessibility issues. 11:10
But waiting is not really an option for the couple, who arrived as refugees from Nepal in 2011. They now have two children aged 12 and 8.
They want a home. Yard. And they are not giving up, although housing prices in the Halifax area are among the fastest growing in the country.
“We didn’t have a home back in the country,” Koirala said. “Coming here, we want to have a home. To feel what it’s like to have a home of our own. That makes us look for it.”
“It’s a dream,” Mainali told the CBC in an interview with a special edition of The House, broadcast this weekend by Halifax.
The largest city in Atlantic Canada is home to one of the hottest real estate markets in the country.
The Canadian Real Estate Association reports that the price of a typical house in the Halifax area jumped to a record $ 465,100 in February – 33.5% more than a year earlier.
The percentage of unoccupied space in the leased units is around 1%.
“I tell everyone this is not sustainable”: a Halifax broker
Angela Cowen is the broker who works with the couple. She said she had not seen a market like this since she started her business 17 years ago.
Cowan said there are many more people who want to buy than there are houses for sale. Buyers outside the countryside – seeing the relatively good prices in Nova Scotia as an investment opportunity – are raising prices by placing offers well above the asking price in places they have only seen online.
“I tell everyone that this is not sustainable. That’s the thing, it’s just not sustainable, “she said in an interview with The House, interrupted by a steady stream of incoming messages and calls to her cell phone.
Real Estate Angela Cowan meets with clients to tour a home in Halifax. (Jennifer Chevalier / CBC)
“So something has to be done. Something has to be given somewhere. Interest rates are even rising. There has to be something to happen.”
The situation in Halifax is far from unique. The shortage of affordable housing, the bidding wars leading to record sales prices, landlords evicting tenants to renovate and then increase rents – these are things that are being felt all over the country.
Susie Hansen is the new MLA Democrat for Halifax Needham, a ride that covers the northern end of the city. It’s a diverse community where aging high-rise apartments compete with modern condominiums, starting at $ 400,000, she said.
We met her in a small field next to an abandoned school. From there you can see the port, residential buildings and new buildings.
Susie Hansen is the NDP’s MLA for Halifax Needham and the opposition’s housing critic. (Jennifer Chevalier / CBC)
Hansen, who has seven children, is still a tenant. Even with the MLA’s salary, she said she could not afford to buy in the part of town where she grew up.
I mean, a house that was, let’s just say, three blocks away here on Maynard Street, which sold for $ 249,000 ten years ago – that (wasn’t) achievable at the time for someone living in this community, “she said. “It’s now for sale for $ 549,000. Two bedrooms.
“So when we talk about gentrification, it’s wonderful to see new families and, you know, it enriches us. But at the same time, it takes away opportunities [for] those who live here. “
The big promises of the federal budget
This pressure on housing has not gone unnoticed.
Last week, the federal budget set aside $ 10 billion for various housing initiatives – including $ 4 billion to work with municipalities to build 100,000 homes over the next five years and another $ 1.5 billion to accelerate the construction of another 6,000 affordable homes. price.
Home buyers are also receiving nods with tax breaks for the first time to help them save on down payments.
The government of Nova Scotia is also investing in housing and in the provincial budget last month imposed a special tax on those buyers outside the province – especially Ontario – who see housing in Atlantic Canada as an investment rather than a place to live.
“It is very important for us as a government to tackle the problem,” said John Laur, the province’s minister for municipal affairs and housing. “We know that nothing we do is the solution. We hope that all these programs and all the things we have put together will make a difference.”
But there is no guarantee that the money raised from these levies on buyers outside the province will be specifically targeted at housing, Lor said. Instead, the money will go to total revenue – although the minister said estimates show that Halifax needs an additional 17,000 to 25,000 housing units.
And this is a problem. The population of Nova Scotia has just exceeded one million, and for the first time in years, more young people have moved to the countryside than left.
CBC News: The House 11:09 The Ghost of Renovation
Following the expiration of the ban on “renovations” in Nova Scotia, some, including Adele Martel, have faced the prospect of being forced to leave their homes. She shares her story, and Nova Scotia MP and housing critic Susie Hansen discuss her party’s approach to the housing crisis. 11:09
So the lack of affordable housing and these rising rents are not a place to sell for this or any other province.
“You know, access to safe housing at an affordable price is crucial if we can continue to be the destination of the best and brightest in the world. And Nova Scotia is no exception,” said Federal Housing Minister Ahmed. Husen, citing housing initiatives in the budget.
“There are many parts, but the work is not done in the budget. We continue to make sure that we talk to experts, follow the evidence and propose policies that address this issue comprehensively, not piecemeal. “
Back in Timberly, Lachi Maynali and Lachsman Koyrala are not waiting for what this or future budgets can offer. They went through the house and made a new offer.
“We can only offer what we can offer, right?” So we stick to that rule, as long as we like the house we offer, “Koirala said. “If … we both like the house, then we make an offer that is the highest we can offer.”
They hope that this time the result will finally be their own home.
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