The Halifax real estate market continues to evolve in 2024, marked by changing trends,
opportunities for buyers and sellers, and economic influences shaping the market. Here’s a
comprehensive look at the current state of Halifax’s housing market as we move through the year.
Market Trends: January to December 2024
As we progressed through 2024, key trends emerged that defined Halifax’s real estate market for the year:
1. Moderate Price Appreciation
Home prices are continued a steady upward trajectory, with growth driven by population increases and stable demand.
- Average Home Price (End of 2024): $579,690
While appreciation is more moderate than the pandemic peak, steady growth signals a healthy market.
2. Improving Inventory Levels
New listings increased throughout 2024, creating a more balanced market. However, desirable homes still moved quickly.
- Months of Inventory: 2.2 was the average in HRM.
3. Suburban and Multi-Unit Demand on the Rise
- Suburban Communities: Areas such as Sackville and Dartmouth are seeing growing interest due to better affordability and quality of life.
- Multi-Unit Properties: Investor activity remained strong as rental demand continued to rise, driven by population growth and rising rents.
4. Immigration and Population Growth Fuelling Demand
Halifax’s population growth remained one of its strongest market drivers. Immigration and interprovincial migration added thousands of new residents in 2024, creating continued demand for entry-level homes and rental properties.
5. Interest Rate Stability
The Bank of Canada’s rate stabilization in 2024 improved buyer confidence and affordability.
2025 Predictions: A Glimpse Ahead
Looking forward to 2025, the Halifax real estate market is expected to maintain its momentum,
driven by ongoing population growth and economic stability. Key predictions include:
- Continued Price Growth
Home prices are projected to rise by another 3-5%, keeping pace with demand from new residents and investors
2. Increased Housing Development
The focus on new construction will accelerate, particularly in suburban areas, as local
governments and developers address housing supply constraints.
3. Rental Market
According to CMHC, Halifax’s rental market eased slightly in 2024 as the vacancy rate
increased to 2.1%, driven by higher apartment completions and slower population
growth. Declines in migration and affordability challenges softened demand for high-
priced units, leading to higher vacancies and landlord incentives like rent-free months.
However, lower rent segments remained tight, with vacancy rates under 1% and minimal
tenant turnover. While rent growth slowed to 3.8%, affordability worsened as rents for
newly turned-over units surged 28%. Despite record-high construction boosting supply,
CMHC notes that labor shortages delayed completions, meaning significant relief will
take time.
4. Sustained Immigration and Migration
Halifax will continue to attract new residents, ensuring steady housing demand across all
market segments.
5. Technology and Green Housing Trends
Buyers will increasingly prioritize energy-efficient and smart homes as environmental
consciousness grows and incentives for green housing expand.
Conclusion
The 2024 Halifax real estate market offered opportunities for buyers, sellers, and investors alike.
With balanced conditions, population-driven demand, and interest rate stability, Halifax remains
one of Canada’s most dynamic and desirable housing markets. Looking ahead to 2025, sustained growth and development trends suggest another strong year for the region.
Are you considering buying or selling in Halifax this new year? Connect with a local real estate professional to make the most of your opportunities in 2025 and beyond.
Who We Are
Phil Evans (MBA), Syna Rasmusson (Civil Tech.) Alex Mercer (Realtor), Luke MacGregor (Realtor) and Melisa Simpson (Transaction Coordinator) make up the Dream Team. Phil has a great reputation in the industry and is a strong negotiator. Syna’s connections to trades people are of great value to our clients. She also loves to talk about land development. If you want more information on zoning and subdivision in Halifax Syna is your contact! Alex and Luke are our newest team members who has a passion for helping first time home buyers and investors alike. Melisa is the centre of the Evans Real Estate Universe. She provides the white glove service our
customers keep coming back for. Meet the team!
