The regional municipality of Halifax is residence to only below 420,000 residents. Consisting of Dartmouth, Halifax, Bedford and the previous Halifax County, it’s one among Nova Scotia’s most populous areas. Recognized for its vibrant tourism trade, the area is residence to many oceanfront and historic lighthouse trails. Alongside its distinctive artwork and music scene, it additionally has a robust tutorial presence: six of Nova Scotia’s ten college campuses are primarily based in Halifax.
For our 2022 version of The place to Purchase Actual Property in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to convey you a listing of the highest locations to purchase property within the Halifax area this yr. To search out the neighbourhoods providing the best worth and worth development potential, Zoocasa crunched native actual property knowledge and took a tough have a look at the shopping for tendencies within the space.
For those who’re wanting past the Halifax area, our information additionally features a nationwide rating of cities and areas, in addition to data on the highest neighbourhoods in 12 different areas throughout Canada (simply faucet or click on on the menu above). The rankings are primarily based on knowledge collected on the finish of March 2022, and interviews had been carried out in March and April. Examine our methodology.
The place to purchase actual property in Halifax Regional Municipality
To view all the information within the desk, slide the columns proper or left utilizing your fingers or mouse. You may filter or rearrange the rankings by utilizing the search software or clicking on column headings. You too can obtain the information to your system by tapping on the Excel, CSV or PDF icons.
How you can learn the desk:
- Benchmark worth 2021: The composite benchmark worth as of Dec. 31, 2021. It represents all property varieties, together with connected and indifferent houses, townhouses/row models and residence models. Examine how benchmark costs are calculated.
- 1-year, 3-year and 5-year development: The share enhance or lower within the composite benchmark worth (all property varieties) over every time-frame.
- Worth, economics and accessibility: Every of those neighbourhood traits are scored on a scale of 5, with 5 representing probably the most worth on your cash, excessive ranges of earnings and schooling, and ease of journey by foot, bike and public transit. To see how we decide these scores, learn our methodology.
- Youngsters: The neighbourhood’s share of households with children.
Why we’re watching Halifax Regional Municipality
With many extra Canadians working remotely over the previous two years, numerous former metropolis dwellers have moved to smaller cities and even different provinces. Halifax Regional Municipality has change into a well-liked choice for patrons hoping to keep up town way of life at a cheaper price level.
The benchmark worth of a property within the Halifax area hit a report of $401,041 in December 2021, up 28% year-over-year. The area has adopted the remainder of the nation’s meteoric rise in common residence costs in direction of the tip of the yr, thanks partly to record-low availability of homes in the marketplace. By the tip of February 2022, new listings within the space had dipped greater than 12% in comparison with the yr earlier than. There continued to be upward strain on residence costs, because the sales-to-new-listings ratio in Halifax hit over 90%.
The area’s future actual property outlook
As of February 2022, demand remained excessive and houses continued to promote shortly in Halifax. Housing stock reached 1.9 months—signalling that only a few homes had been being listed to fulfill demand. Consequently, costs continued to climb at report charges, and so they have greater than doubled since 2019. Halifax stands out as having the very best benchmark worth in Nova Scotia, with the subsequent costliest space being Annapolis Valley, at $378,122.
But the benchmark residence worth within the Halifax area was $459,200 as of February 2022, 47% decrease than the nationwide common. “That is nice information for patrons on the lookout for a extra inexpensive market in comparison with many main cities in Ontario, with lots of the similar facilities, and a few particular ones discovered solely in Halifax,” says Lauren Haw, CEO and dealer of report at Zoocasa.
Nonetheless, as Haw notes, “It’s unclear how the already aggressive Halifax housing market will probably be affected as restrictions ease and a few workers transition again to the workplace.”
