The average sale price in the Halifax housing market has increased by 4.4 per cent across all property types between 2023 and 2024 from $554,269 to $578,913. The number of sales transactions increased by eight per cent during the same period, from 4,173 home sales in 2023 to 4,508 sales in 2024. The total number of listings increased by 7.6 per cent, from 5,604 in 2023 to 6,028 in 2024. Looking ahead to 2025, Halifax is expected to transition to a seller’s market. In 2025, average residential sale prices are anticipated to increase by five per cent, while the number of sales will likely increase by six per cent. Total listings are expected to increase slightly by four per cent in 2025 while new listings in 2025 are expected to increase by three per cent.
First-time homebuyers, particularly new Canadians, are expected to drive market activity in 2025, with single-detached houses accounting for the bulk of sales activity in the region.
As fully-detached homes continue to become difficult to attain due to lack of supply, first-time homebuyers are increasingly looking at semi-detached houses and condominiums for around $500,000. Move-up buyers are purchasing detached homes and newly constructed homes around the $700,000 price point. Retirees are looking to downsize, buying condominiums and smaller single-level homes at the $700,000 price point.
Despite the softening market demand, there are still housing shortages which need to be addressed. New construction activity is ongoing but not expected to produce enough units to meet buyer demand.
Heading into 2025, home sellers are feeling confused, believing the market to be more of a seller’s market than it really is. The market has become more balanced in recent years. Several price points and areas continue to garner multiple offers, giving sellers confidence in the process.
Throughout 2024, first-time homebuyers in Halifax were waiting for better inventory and buying conditions. The slight increase in inventory, 30-year amortization, continual interest rate cuts and emphasis from government to improve supply will make it easier for first-time homebuyers to purchase a home.
With a decrease in interest rates, expect to see a more typical and stronger spring market in 2025, fuelled by increased buyer confidence and lower rates than in previous years.
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The average sale price in the Halifax housing market has increased by 3.2 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $561,637 in 2023 to $ 579,615 in 2024). The number of sales increased by 5.4 per cent during the same time period (from 2,965 home sales in 2024 to 3,124 sales in 2024). The number of listings increased by 7.8 per cent (from 3,905 in 2023 to 4,209 in 2024). The average sale price across all property types in the Halifax housing market are expected to increase by one per cent through the remainder of 2024, while the number of sales is expected to increase by three per cent.
Halifax-Dartmouth is currently a seller’s market, due to a steady stream of buyers, driven in part by new immigration, despite limited inventory. This is expected to continue into the fall. Properties priced above $700,000 are experiencing slower movement, despite inventory levels proportionally higher compared to the rest of the market.
On September 4, the Bank of Canada will share its next interest rate announcement. Another rate cut is anticipated to spark another surge in market activity due to increased buyer confidence. As a result, more competitive pricing offers are expected, with many buyers aiming to secure homes before year-end.
Halifax housing market to see seller’s market, prices expected to rise 8% in 2021
The Halifax housing market should continue to favour sellers in 2021, thanks to challenges in housing supply and rising prices. Low inventory has been a common trend across many Canadian housing markets in 2020, which has prompted price increases. Indeed, Halifax real estate saw average residential price rise to $370,271 in 2020 (Jan. 1-Oct. 31) up from $329,963 in 2019 (Jan. 1-Dec. 31). Low supply and high demand are expected to continue impacting market activity through 2021. Thus, the RE/MAX outlook for Halifax real estate is an increase of 8% in average price to approximately $399,892 across all property types.
While market activity showed a significant rebound in the latter months of 2020, activity is expected to remain steady with potential to plateau heading into the new year, as this is a common trend in the region.
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Who’s driving the Halifax housing market?
Halifax is currently a seller’s market due to low inventory across all property types. The region experienced an influx of migratory homebuyers from larger Canadian cities in 2020, and they are expected to continue to drive the Halifax housing market forward in 2021, with single-detached homes being in highest demand.
Single-family homes will continue to be the most in-demand property type in 2021, while semi-detached housing and new construction inventory are also very popular among buyers.
Specifically, Halifax homebuyers have shown interest in properties that have space for home offices and less of a need to be in close proximity to work. This has become more of a priority as many continue to work from home.
When it comes to the hottest neighbourhoods in Halifax, the top three are North End Halifax, Downtown Dartmouth and Spryfield, based on the number of sales in 2020. These areas are expected to be in high demand in 2021, due to attractive housing stock, access to various amenities, restaurants and green space.
Canadian housing market in 2021
Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.
Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:
Additional report findings include:
- 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
- 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
- Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
- 52% of Canadians believe real estate will remain one of the best investment options in 2021
“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”
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- Activity in Atlantic Canada’s real estate market returned to pre-pandemic levels in May.
- Trends indicate a strong housing market for the remainder of 2020.
- How confident are Canadians in the housing market?
- Read survey highlights from the 2020 RE/MAX Fall Market Outlook Report.
The Halifax housing market has been experiencing a housing inventory shortage since before the pandemic took hold, with the lowest supply levels in the last 10 years. In mid-March, housing market activity came to a short halt in early spring due to lockdowns, however according to the RE/MAX Fall Market Outlook Report, the region started to see an uptick in real estate activity by mid-June. Homebuyers are expected to remain active going into fall, as confidence remain high in the Halifax housing market. The inventory shortage, coupled with increased demand, is expected to prompt a 10% increase in average Halifax housing prices are during the remainder of 2020.
Atlantic Real Estate Market Trends
Regions across the Atlantic region reporting low case counts of COVID-19, such as Halifax, Charlottetown and Saint John saw reduced market activity in March, however the decline was less pronounced than that experienced by some Ontario and Western Canada markets. Activity in Atlantic Canada was back to pre-COVID-19 levels by May 2020, and like many sellers’ markets in Canada, multiple offer scenarios continue to happen in these regions.
Canadian Housing Market Trends
Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. This is compared to the 3.7% increase that was predicted in late 2019.
The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.
Canadians equally split on their confidence in the housing market
Canadians are almost equally split in their confidence in Canada’s real estate market, with 39% as confident as they were prior to the pandemic, and 37% slightly less confident. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell. “The classically hot spring market that was pushed to the summer months due to the COVID-19 pandemic created a surprisingly strong market across Canada and across all market segments,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Looking ahead, government financial aid programs may be coming to an end in September, which could potentially impact future activity; however, the pent-up demand and low inventory dynamic may keep prices steady and bolster activity for the remainder of 2020. Overall, we are very confident in the long-term durability of the market.”
Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey:
- 48% of Canadians would like to live closer to green spaces
- 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics
- 33% of Canadians would like more square footage in their home and have realized they need more space
- 44% of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)
About the 2020 RE/MAX Fall Market Outlook Report
The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments.
.Seller’s market expected for 2020, prices to increase 4%
The Halifax housing market is expected to sit in seller’s territory in 2020, due to low inventory. RE/MAX is expecting a four-per-cent increase in sales prices next year.
The Halifax housing market favoured sellers in 2019, and these conditions are expected to continue in 2020. Housing affordability in the region continues to attract younger buyers in search of detached homes. Halifax remains an attractive market to foreign buyers and move-over buyers who are returning to the region from other parts of Canada for cultural amenities and affordable home prices.
First-time buyers and foreign buyers drove demand in 2019, with the most in-demand neighbourhoods for sales including north-end Halifax, Clayton Park, Bedford and parts of Dartmouth.
Moving into 2020, continued population growth in the region is expected to further boost the Halifax housing market.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, as reported in the RE/MAX 2020 Housing Market Outlook Report.
In Atlantic Canada, the Halifax and Saint John housing markets have experienced solid price appreciation of six and five per cent, respectively. Affordability continues to attract many buyers in the region, most of whom are buying single-detached homes. At the same time, the region’s condominium market is being driven by retirees. Conversely, the market in St. John’s is expected to recover in 2020, with increased consumer confidence expected to stabilize the market. However, the city’s aging population and high rate of outbound migration is expected to have an impact on housing market activity at some point.
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