Impact of National Market Shifts on Halifax Real Estate

Impact of National Market Shifts on Halifax Real Estate

While much of Canada, especially Ontario and BC, is moving decisively toward a buyer’s market with rising inventory and softening prices, Halifax’s real estate market is charting a different course. Here’s how the current national trends relate to what’s happening in Halifax:

Halifax Market Snapshot (Spring 2025)

Prices: Halifax’s average home price has increased by 4–6.5% year-over-year, with recent averages ranging from $601,250 to $639,646. Price growth is expected to continue, with forecasts of a 5% rise in 2025.

Inventory: Inventory is rising, up 22% year-over-year, but remains well below the 5–6 months’ supply that would indicate a true buyer’s market. Current months of inventory are around 2.2–2.5, still favoring sellers but offering buyers more choice than in recent years.

Sales Activity: The number of sales has dipped slightly (down 5.5% year-over-year), but demand remains strong, especially from first-time buyers and newcomers.

Market Balance: Halifax is transitioning toward a more balanced market, but still leans seller-friendly, particularly in popular neighborhoods and for detached homes.

Price Sensitivity: Buyers are increasingly price-conscious. Homes priced correctly are selling quickly, but overpriced listings may linger.

Opportunity Window: With interest rates expected to drop and inventory rising, buyers may benefit from acting before renewed competition heats up later in the year as rates fall and buyer confidence increases.

What This Means for Sellers in Halifax

Strategic Pricing Is Key: Sellers can no longer expect automatic bidding wars. Homes must be priced competitively and presented well to attract offers.

More Days on Market: Properties are taking longer to sell—averaging 30–36 days, up from last year.

Still Strong Returns: Despite a more balanced market, sellers who have owned their homes for several years are likely to see strong equity gains, especially given the 60%+ price growth over the past four years.

Unique Halifax Dynamics
Population Growth: Halifax’s strong population and immigration growth continue to fuel demand, particularly among first-time buyers and newcomers.

Luxury Segment: The high-end market is especially active, with luxury home sales up nearly 43% year-over-year in early 2025.

Affordability Concerns: While still more affordable than Toronto or Vancouver, rising prices are making it harder for first-time buyers and lower-income families to enter the market.

Bottom Line
Halifax is not experiencing the sharp buyer’s market shift seen in Ontario and BC. Instead, it remains a seller-leaning, but increasingly balanced, market with rising inventory and steady price growth.

Buyers in Halifax now have more options and slightly more negotiating power, but should act decisively—especially before interest rates drop further and competition potentially increases.

Sellers should focus on realistic pricing and strong presentation, as well-priced homes are still selling quickly, but overpricing can lead to longer times on market.

Halifax’s real estate market is resilient and dynamic, shaped by local demand, population growth, and a still-limited supply. Whether you’re buying or selling, understanding these nuanced trends will help you make informed decisions in 2025