Video courtesy of Vacation spot Halifax
The regional municipality of Halifax is dwelling to only below 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 dwelling 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 deliver you an inventory of the highest locations to purchase property within the Halifax area this 12 months. 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 developments within the space.
For those who’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 performed 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 by utilizing the search software or clicking on column headings. You may also obtain the info to your machine by tapping on the Excel, CSV or PDF icons.
The right way to 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 items and condominium items. 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 essentially the most worth in 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.
- Kids: 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, numerous former metropolis dwellers have moved to smaller cities and even different provinces. Halifax Regional Municipality has grow to be a preferred choice for patrons hoping to keep up the 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 dwelling costs in direction of the top of the 12 months, 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 12 months earlier than. There continued to be upward stress on dwelling 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 satisfy demand. Because of this, 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 most costly space being Annapolis Valley, at $378,122.
But the benchmark dwelling worth within the Halifax area was $459,200 as of February 2022, 47% decrease than the nationwide common. “That is nice information for patrons in search of a extra inexpensive market in comparison with many main cities in Ontario, with lots of the identical facilities, and a few particular ones discovered solely in Halifax,” says Lauren Haw, CEO and dealer of report at Zoocasa.
Nevertheless, as Haw notes, “It’s unclear how the already aggressive Halifax housing market shall be affected as restrictions ease and a few workers transition again to the workplace.”