'We didn't get the million, but we did well': Maritime housing sales cooling after frantic spring

The Maritime housing market is starting to cool The housing market in the Maritimes is apparently cooling. CTV's Bruce Frisko has more.

There are indications the Maritime housing market is starting to cool off significantly, but those in the industry say it remains far less volatile than the rest of the country.

Of the myriad of features in her long time home in Stillwater Lake, N.S, Kim Chaisson admits the backyard pool is one she'll miss a lot as the weeks count down to moving day.

Sold just a few days after listing, the property boasted another distinction: sitting right next door to another home that was purchased in May for a cool million dollars – some $400,000 over asking.

At the time, Kim told CTV News she and her husband were hopeful lightning would strike twice, but, in the end, it didn't.

Still, no disappointment from Chaisson.

"No, not at all. We knew that was kind of a one shot deal over there, and we didn't expect that at all," she says.

"As I say, we were happy with the way it turned out. We didn't get the million, but we did well."

By and large, sellers are still doing well, although there are indications the overall market may be softening.

Runaway inflation, fears of a recession, and sharp increases in interest rates have lead to some alarming headlines about the state of the housing market in other parts of Canada.

"Atlantic Canada is different than what you're reading in the headlines across the country," says Matt Honsberger, president of Royal LePage Atlantic.

He admits there are a few people feeling squeezed after paying top-dollar for a new home before the old one sold for less than they were expecting, but the Maritime market remains cautious.

Still, there's no denying things have slowed down from the previously frenetic pace.

"Buyers are taking a little bit of a break over the course of the summer here, and we're starting to see houses build up on the market a little bit," says Honsberger.

The sentiment is shared by those who work on the financial side, who note even with headline-making sales, the local market never reached the dizzying heights seen elsewhere.

"We didn't have the same run up that some other parts of the market have had in other parts of the country," says Ken Shea, East Coast Credit Union president and CEO.

"And therefor, not as much of a cooling required, so to speak."

Shea adds buyers concerned about the current climate should discuss the matter with a financial expert.