Halifax Real Estate: 2024 Spotlight on Luxury

Despite an overall flattening in residential real estate activity at luxury price points, sales of properties priced over $1.2 million in Halifax reported a 16 per cent increase in the first two months of the year. Fourteen sales occurred between January 1 and February 29, with 10 single-family homes and four condominium/townhomes changing hands, compared to 12 sales during the same period in 2023.

Local executives and newly-landed immigrants have been behind the push for high-end housing in Halifax this year. Some softening in values have contributed to the uptick in activity, with the average price of a luxury property sold in 2024 hovering at $1.56 million compared to $1.73 million one year ago.

Halifax’s Peninsula area continues to draw the greatest number of buyers, with 50 per cent of sales occurring in the community to date. The area offers up a limited supply of stately character homes, some offering waterfront with riparian rights, in a picturesque setting within five minutes of the city core. While listings are scarce on the Peninsula, there are several properties in the area that offer potential for renovation where the money invested will usually provide a decent return upon sale. The remainder of sales activity is occurring in sought-after suburban neighbourhoods and on the outskirts of town where waterfront properties offering lake frontage are a popular choice. Newer, contemporary construction is cropping up in established older communities such as Bedford West, where modern homes are quickly snapped up.

An influx of listings early in the year has contributed to greater selection at the top end of the market for buyers but have held price appreciation in check for sellers. This is primarily due to strong upward momentum at lower price points which has pushed more properties into higher price points. As a result, many would-be trade-up buyers have been sidelined, especially at the $800,000 to $1.2 million price point. There are currently 78 properties listed for sale over the $1.2 million price point.

The economic impact of 10 rate hikes by the Bank of Canada in a relatively short period of time has affected a large percentage of local buyers, but falling lending rates are slowly drawing some back into the market at lower price points. On the cusp of the traditional spring market, the forecast is promising. Although the flurry of activity experienced during the Covid era is unlikely to repeat itself, the Halifax housing market is expected to ramp up in coming months.

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About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

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