Canada's Top Real Estate Market 2022: Halifax Regional Municipality

Halifax continues to be an affordable real estate option despite recent price increases caused by immigration to Nova Scotia during the pandemic.

Approximately 420,000 people live in the Halifax region. The region comprises Dartmouth, Halifax, Bedford, and the former Halifax County. Many oceanfront and historic lighthouse trails can be found in this region, which is known for its vibrant tourism industry. Besides its unique art and music scene, Halifax is home to six of Nova Scotia's ten university campuses.

What makes Halifax Regional Municipality worth watching

Thousands of former city dwellers have relocated to smaller towns and even other provinces as a result of many more Canadians working remotely over the past two years. Those seeking a city lifestyle at a lower price point are increasingly turning to Halifax Regional Municipality.?

In December 2021, the benchmark price of a home in Halifax hit a record $401,041, an increase of 28% over the previous year. A record-low inventory of houses on the market has contributed to the region's meteoric rise in average home prices toward the end of the year, just like the rest of the nation. As of February 2022, new listings had declined by over 12% over the previous year. Sales-to-new-listings ratios in Halifax topped 90%, indicating continued upward pressure on home prices.??

A look at the future of real estate in the region

In Halifax, home sales continued to be high in February 2022. A housing inventory of 1.9 months indicates that few houses are being listed to meet demand. Therefore, prices have continued to climb at record rates, and they have more than doubled since 2019. In Nova Scotia, Halifax has the highest benchmark price, while Annapolis Valley comes in second at $378,122.?

As of February 2022, the Halifax region's benchmark home price was $459,200, 47% lower than the national average. Zoocasa's CEO and broker of record, Lauren Haw, says this is terrific news for buyers seeking a more affordable market than many major cities in Canada.

WHAT MAKES HALIFAX SO SPECIAL?

In Halifax, you'll find it all. Every year, thousands of people fall in love with the east coast lifestyle and settle there, whether they live in the city, suburbs, or rural areas. Fresh air surrounds the city, providing a wealth of opportunities. Halifax has everything you need for success, whether it's the way of life or the way of doing business.

• Ranked as one of the top five mid-sized cities in terms of human capital and lifestyle (2020/2021).
• It takes 30 minutes to get from the boardroom to the beach.
• Compared to other Canadian cities, Halifax is an affordable place to live.
• As a diverse community, Halifax's population is growing due to newcomers.
• Combination of suburbs, urban areas, rural areas, and wilderness areas.

Three of the most desirable neighbourhoods in the region

1. Hammonds Plains-St. Margarets

As the most expensive neighbourhood on the list, it also earns the top spot among Halifax neighbourhoods. In December 2021, homes sold for an average price of $579,638. Prices then were 22% higher than one year earlier, 39% higher than three years earlier, and 61% higher than five years earlier. This area scores 3.2 out of 5 for value and 5 out of 5 for neighbourhood economics.?

Residents of Hammonds Plains-St. Margarets love the small lakes that dot the region, perfect for canoeing or other water sports. Some homes need to run their own water because they aren't serviced by the municipality. For the 47% of households with children in the neighbourhood, there are a number of great schools. The proximity to Bedford means that it’s easy to access amenities not already found in Hammonds Place-St. Margarets. Golf lovers will also enjoy Glen Arbor Estates, a subdivision centered around a golf course. It's likely that you'll need a car. This area has a 0 out of 5 accessibility rating.

View Real Estate listings in?Hammonds Plains-St. Margarets.

2. Spryfield-Herring Cove

Originally, Spryfield-Herring Cove was a fishing community. The city is famed for landing some of the most important transatlantic communications cables in North America. However, its overall beauty and access to several popular hiking trails are more compelling reasons to move there. There was a benchmark price of $466,572 for a home in Spryfield-Herring Cove in December. Compared to one year ago, prices were 22% higher, 49% higher than three years ago, and 96% higher than five years ago. Based on that, the neighbourhood, which has an economic score of 3.7 out of 5, is rated 4.2 out of 5 in terms of value.

Its rocky beach and expansive ocean view make Herring Cove a sight to behold, especially during sunset. For the 41% of households with children in the area, there are several elementary schools, junior high schools, and high schools. While forest fires have decreased in recent years, Spryfield-Herring Cove does have a history of forest fires. The neighbourhood's accessibility score is unfortunately 0 out of 5 because it is a suburban community.

View Real Estate listings in?Spryfield-Herring Cove.?

3. Cole Harbour

Cole Harbor was once a village, but now it is part of the Halifax Regional Municipality. Named after a local harbour, it is located east of Dartmouth. It is easily accessible from Highway 107 and Highway 111, making it a desirable location. In December 2021, the benchmark home price was $466,572. Compared with one year ago, prices were 16% higher, 18% higher than three years ago, and 28% higher than five years ago. A 3.7 out of 5 value score is given to the neighbourhood. The neighbourhood economics score for this area is 4.3 out of 5.

Cole Harbour has a number of convenient local schools that appeal to the 47% of households with children. Trails and beaches are popular attractions in the area. The Salt March Trail and Rainbow Haven Beach Provincial Park are two must-see attractions. Cole Harbour Heritage Farm Museum and Fisherman's Cove make the area a popular tourist destination. It is likely that you will need a car if you live in Cole Harbour. There is a 0.6 out of 5 accessibility score for the neighbourhood.?

View Real Estate listings in?Cole Harbour.

* If you would like more information, please do not hesitate to contact me:

Eugene Beliakov | LinkedIn

DIRECTOR OF STRATEGIC GROWTH & GLOBAL EXPANSION

HomeLife Realty Services Inc.

3500 Dufferin St. Suite 200, Toronto, ON

+1 437-245-5638 | 416-733-9966 x3504

Source: MoneySense , Halifax Partnership