Halifax Nova Scotia Real Estate Overview
It’s time to unlock your Halifax, Nova Scotia Real Estate dream home today!
In the vibrant city of Halifax, you’ll find a diverse range of housing options. With approximately half of the buildings being single detached homes, and most of the remaining options made up of large and small apartment buildings, there’s something for everyone. From cozy lofts to spacious four-bedroom homes, Halifax offers a wide variety of housing sizes to suit your needs.
What’s more, around 60% of the population in this area are proud homeowners, while the remaining 40% enjoy the flexibility of renting. Unlike other regions, Halifax saw a gradual growth in construction over the twentieth and twenty-first centuries, ensuring a balanced and sustainable development.
If you’re considering investing in Halifax Nova Scotia real estate, the average price of an MLS® listing in Halifax stands at an enticing $1,018,664. With its diverse housing stock and steady growth, Halifax is indeed a promising real estate market.
Halifax Real Estate Listings for Sale
Understanding Halifax, Nova Scotia Real Estate Market
Overview of Halifax Real Estate Trends
The average sale price in the Halifax housing market increased by 2.1% from 2022 to 2023, rising from $542,929 in 2022 to $554,193 in 2023. However, the number of sales decreased by 15.8%, dropping from 4,904 in 2022 to 4,130 in 2023.
The region is currently a seller’s market, and this condition is expected to remain unchanged next year. The average residential sale price is projected to remain the same in 2024, while the number of sales is anticipated to increase by 5%.
It is also expected that the Halifax market will continue to be a seller’s market in 2024 and will continue to attract immigrants, driving home sales in the area. Single-detached houses are expected to experience the highest demand and sales activity this year.
Key Neighborhoods in Halifax to Consider
The Halifax Regional Municipality (HRM) in Nova Scotia is a popular place to live, offering a mix of urban and suburban neighborhoods with easy access to the city’s many amenities. The nine areas that are ideal to live in within HRM are Dartmouth, Sackville, Bedford, Cole Harbour, Eastern Passage, Fall River, Clayton Park, and Hammonds Plains.
What are the Transportation Options in Halifax?
Navigating Halifax is a breeze with multiple transportation options available. Whether you prefer the convenience of driving, the scenic route of the ferry, the eco-friendly aspect of biking, the efficiency of public transit, or the leisurely pace of walking, getting around the city is a seamless experience.
Demographics in Halifax: Who lives Here?
In 2023, Halifax’s population surged to 492,199, with a remarkable annual growth of 19,237, the highest on record. This phenomenal increase was mainly attributed to international migration, with 15,776 new residents moving to Halifax from overseas.
Additionally, despite a decrease from previous years, significant migration from other provinces contributed to the population growth.
Furthermore, positive natural population growth was observed, with the highest number of births in almost a decade. It’s important to note, however, that for the second consecutive year, more people moved from Halifax to other parts of Nova Scotia than the other way around.
Significantly, the median age in Halifax plummeted to 39.0 years in 2023, the lowest recorded since 2009. Concurrently, the proportion of individuals aged 65 and over hit a record high of 17.0%.
The Unique Character of Halifax Communities
Halifax is home to numerous unique and diverse communities, each offering attractive amenities and advantages. Whether it’s their proximity to the vibrant downtown or being close to nature, Halifax’s 5,400+ km2 of land and 200+ communities and neighborhoods have something to offer everyone.
Housing Prices and Market Predictions
A recent report by the Royal LePage House Price Survey revealed that the average price of a home across Canada has risen by 4.3 percent year over year to reach $812,100 in the first quarter of 2024.
Additionally, the report stated that the average price of a home in Halifax has increased by 7.0 percent year over year, reaching $508,100 in the first quarter of 2024.
Furthermore, the median price of a single-family detached home has increased by 8.0 percent year over year to $575,000 in the first quarter of 2024, while the median price of a condo has seen a modest increase of 0.8 percent, reaching $404,900.
Halifax Nova Scotia Real Estate Rental Market Insights for Investors
Check out the key findings from the 2024 Rental Market Report:
- National Rental Landscape: Despite an increase in overall rental unit supply, demand outpaces supply for the second consecutive year, leading to record-low vacancy rates (1.5%) and record-high average rent growth (8.0%) in Canada in 2023.
- City-Specific Market Trends: Significant declines in vacancy rates are observed in Toronto, Montréal, Calgary, and Edmonton, while Vancouver and Ottawa maintain stability. Rent growth is accelerating in major markets, with Calgary and Edmonton experiencing the sharpest increases.
- Affordability Decline: Rent growth outpacing wage growth is impacting affordability, especially for lower-income renters who face below-average vacancy rates for more affordable units in major cities, exacerbating the affordability challenge.
Lifestyle Benefits of Living in Halifax
Here are the benefits of choosing Halifax, Nova Scotia real estate:
- – Coastal living close to the ocean
- – Less snow, more rain – Many beautiful sights within 30 minutes
- – Unique housing options – Proximity to Halifax and other towns
- – Short travel times within the province
- – Delicious seafood – Cheaper car insurance – Affordable rent
- – Plenty of activities – Wide job opportunities
- – Easy navigation
- – Convenient public transportation
- – Great libraries
- – Nice people
- – Short trips to PEI
- – Affordable flights to Ontario
Here is the compelling conclusion: Experience it all in Halifax.
Experience it all in Halifax. We are confident in it, and so are the thousands of individuals who embrace our East Coast lifestyle and put down roots here each year, whether they gravitate towards urban, suburban, or rural living.
Halifax offers ample opportunities that are as refreshing as the surrounding salt air. From our quality of life to our approach to business, Halifax provides the perfect combination for success. Recognized as one of the top ten mid-sized cities for Best Human Capital and Lifestyle (2021/2022), Halifax is a diverse community experiencing population growth driven by newcomers to the city.
With the ability to go from the boardroom to the beach in just 30 minutes, and with HalifACT as one of the most ambitious climate action plans in Canada, Halifax is committed to achieving a net-zero economy by 2050.
Furthermore, Halifax Nova Scotia Real Estate offers affordable living compared to other cities in Canada and a mix of suburban, urban, rural, and protected wilderness areas.
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