Halifax, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 16,000 |
| Previous Population (2020) | 15,000 |
| Population Change | 6.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Halifax, Nova Scotia, is currently experiencing a period of growth, as evidenced by the year-over-year increase in property values. The median house price stands at $520,000, which represents a 4.2% increase from the previous year. Similarly, apartment prices have seen a more modest rise of 2.5% to a median value of $310,000. This steady growth is indicative of a healthy market that is both stable and appealing to potential homeowners.
Complementing these pricing trends, Halifax’s population has grown by 6.7%, suggesting a robust local economy and an influx of residents who contribute to sustained demand in housing. The increasing population is likely to continue driving the housing market forward, as new residents seek accommodation in both the private and rental sectors.
Investment Opportunities and Potential
Given the current market trends, investment opportunities in Halifax appear promising. The consistent growth in both house and apartment prices suggests that investments made in residential real estate are likely to appreciate over time. Furthermore, the strong population growth rate implies a rising demand for housing, which could benefit investors in terms of both property value appreciation and rental income stability.
For those considering investment properties or development projects, areas with significant population influx might present particularly advantageous opportunities. Additionally, given the more moderate price increase for apartments relative to houses, there may be untapped potential in the multi-family residential sector that caters to individuals and families looking for more affordable housing options.
Future Market Outlook
Looking towards the future, Halifax’s real estate market shows signs of continued strength. The ongoing population growth will likely act as a cornerstone for sustained demand in housing. Assuming economic conditions remain favorable and employment levels stay robust within the region, the demand for residential properties should persist.
However, potential investors and current homeowners should stay informed about any changes in local economic factors or shifts in national policy that could impact mortgage rates or property taxes. With careful monitoring of these external influences, stakeholders can anticipate changes and adapt strategies accordingly.
In conclusion, while no market is without its risks, Halifax presents an attractive profile for investment consideration based on current data trends and demographic shifts. A vigilant approach to market changes will be essential for those looking to capitalize on long-term growth opportunities in this dynamic maritime city.
