Halifax Real Estate Leads in Canada with 460% Equity Gains Over 30 Years

Unprecedented population growth throughout Covid brought the Halifax Regional Municipality to new heights — rising almost 12 per cent between 2020 and 2024 — creating one of the most robust residential housing markets in the history of the city. Few homes were listed for sale — at one point dropping to just 300 active listings. More than 56,000 new residents settled in the coastal area through immigration and in-migration, fueling demand for housing in almost every pocket in the city. While the influx has subsided in recent years, market conditions continue to favour the seller, especially at the coveted $600,000 price point where inventory levels are especially tight.

The average price of a home in Halifax rose to almost $580,000 in 2024. Between 2014 and 2024, values climbed close to 110 per cent, representing an impressive average annual compounded growth rate (CAGR) of 7.69 per cent. Halifax leads the country in terms of percentage increase in average price over the 30-year period, rising 460 per cent between 1994 and 2024, realizing a CAGR at 5.91 per cent.

Inventory levels remain traditionally low, with 1,200 homes currently listed for sale, but the obstacles to home ownership remain price, transfer taxes and interest rates. Although Halifax remains one of the most affordable markets in the country, options are limited and affordability is still top of mind for young buyers, given rising carrying costs and wage growth that continues to lag price appreciation. After peaking in 2006 at 64 per cent, home ownership rates the Halifax CMA dropped to 58.6 per cent in 2021 — one of the lowest home ownership rates in the country. A blunt instrument is necessary to impact change, be it federal grants and programs designed to assist in home ownership or other levers such as tax credits at purchase. Federal and provincial measures designed to help first-time buyers may also include the elimination or reduction of the 1.5 per cent municipal transfer tax; down payment assistance programs financed or subsidized and insured by government; and finally, a stress test that qualifies buyers at current interest rates.

Smaller detached homes and apartment-style condominiums remain most sought-after, while demand for properties priced at higher price points has flattened due to declining affordability and high interest rates. First-time buyers and downsizing baby boomers are now seeking similar product — be it smaller single-detached homes or apartment-style condominiums — which has contributed to upward pressure on entry-level housing. Younger buyers are giving greater consideration to the condominium lifestyle since the gap between semi-detached homes and condominiums has increased. Today’s younger buyers are savvy, entrepreneurial, and creative in the quest to realize home ownership. Unlike previous generations, they’re looking for properties with basement apartments or renting out rooms to offset their mortgage.

Market confidence has stabilized following recent federal, provincial and municipal elections, with concerns over trade barriers, interest rates and broader uncertainty beginning to ease. Halifax Regional Municipality continues to stand out for its stability. Unlike larger centres, it has experienced minimal volatility or steep peaks and valleys. Rental rates have begun to ease while vacancy rates edge higher. However, on the resale side, additional housing supply is needed to restore balance and temper price escalation.

Halifax has firmly come into its own, emerging as one of Canada’s most dynamic housing markets characterized by growth and transformation. An expanding population, relative affordability and a reputation as a vibrant coastal city continue to draw newcomers and investors alike. Sustaining this momentum will require strategic action to expand supply and improve affordability, ensuring Halifax Regional Municipality remains a balanced, competitive and thriving community well into the future. For now, buyers continue to maintain an edge, particularly in the mid-range price points.