Halifax enjoying considerable boost from immigration and inventory

by Ephraim Vecina22 Oct 2019

Halifax housing price appreciation and sales activity this year has been boosted by strong inbound migration, which is fuelling sustained demand that is influencing the market’s already low inventory.

According to Royal LePage, the city enjoyed a 1.6% year-over-year increase in its aggregate home price during the third quarter of 2019, ending up at $328,690.

“Our province is appealing to Canadians from across the country, partly because the economy is not as dependent upon oil or manufacturing,” Royal LePage Atlantic broker of record Marc Doucet stated.

“A lot of new Canadians are seeing the affordability of Halifax and the welcoming spirit of Maritimers as a draw when looking for a new place to start up. A number of newcomers are starting their own businesses locally.”

Price growth is expected to continue through the fourth quarter. Royal LePage predicted that for the period, the aggregate home price in Halifax will go up further by 3.7% year-over-year to $330,333. This would also be 0.5% higher increase compared to Q3 2019.

“Halifax has seen the best year in real estate out of the past couple decades,” Doucet added. “Low inventory was the only factor that slowed sales as buyers wait on more listings to become available.”

By asset class, two-storey homes had a 2.5% annual increase in their average price during Q3 2019 to reach $349,159, while bungalows ticked up by 0.3% to $274,321.

Meanwhile, condo units had a noticeable 3.2% year-over-year decline in their median price, ending up at $320,962.

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