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The place to Purchase Actual Property in Canada 2022: Halifax Regional Municipality

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The regional municipality of Halifax is residence to simply underneath 420,000 residents. Consisting of Dartmouth, Halifax, Bedford and the previous Halifax County, it’s certainly one of Nova Scotia’s most populous areas. Identified for its vibrant tourism business, the area is residence to many oceanfront and historic lighthouse trails. Alongside its distinctive artwork and music scene, it additionally has a powerful 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 carry you an inventory 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 information and took a tough have a look at the shopping for tendencies within the space. 

If you happen to’re trying past the Halifax area, our information additionally features a nationwide rating of cities and areas, in addition to info 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 information collected on the finish of March 2022, and interviews had been carried out in March and April. Examine our methodology

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The place to purchase actual property in Halifax Regional Municipality

To view all the info within the desk, slide the columns proper or left utilizing your fingers or mouse. You possibly can filter or rearrange the rankings through the use of the search device or clicking on column headings. It’s also possible to obtain the info to your system by tapping on the Excel, CSV or PDF icons. 

Easy methods to learn the desk:

  • Benchmark worth 2021: The composite benchmark worth as of Dec. 31, 2021. It represents all property sorts, together with hooked up and indifferent properties, 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 sorts) over every time-frame.
  • Worth, economics and accessibility: Every of those neighbourhood traits are scored on a scale of 5, with 5 representing essentially the most worth in your cash, excessive ranges of revenue and training, 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 youngsters. 

Why we’re watching Halifax Regional Municipality

With many extra Canadians working remotely over the previous two years, a lot of former metropolis dwellers have moved to smaller cities and even different provinces. Halifax Regional Municipality has develop into a preferred choice for patrons hoping to take care of town way of life at a cheaper price level. 

The benchmark worth of a property within the Halifax area hit a file 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 top of the yr, thanks partially to record-low availability of homes available on the market. By the top 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 stress 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 rapidly in Halifax. Housing stock reached 1.9 months—signalling that only a few homes had been being listed to fulfill demand. In consequence, costs continued to climb at file charges, they usually have greater than doubled since 2019. Halifax stands out as having the very best benchmark worth in Nova Scotia, with the following 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 reasonably priced market in comparison with many main cities in Ontario, with most of the similar facilities, and a few particular ones discovered solely in Halifax,” says Lauren Haw, CEO and dealer of file at Zoocasa. 

Nonetheless, as Haw notes, “It’s unclear how the already aggressive Halifax housing market shall be affected as restrictions ease and a few staff transition again to the workplace.” 

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