The Halifax housing market is settling into a new normal after a meteoric rise, yet signs suggest it’s far from cooling off entirely.

Buyer demand remains strong in the coastal city. With its laidback charm, top-rated restaurants, access to nature, and relative affordability compared to Canada’s major metros, Halifax continues to attract interest from across the country and beyond.

“Nova Scotia, I think, was a stepping stone, whereas now it’s a destination,” said Re/Max Nova broker/partner Ryan Hartlen.

Hartlen describes the current housing market as “a slight seller’s market.” He said that the city has “come out of a really strong seller’s market,” and while some elements remain, “it’s not nearly as intense as it was.”

Bidding wars and sales over asking are still happening, but mostly at the lower end of the market. “Anything that’s below the average sale price, let’s say $600,000, that’s generally where you’re still seeing the competition, multiple offers, and bids that are over ask price,” said Hartlen.

 “But once you get into that $750,000 range and above, that’s where things start to slow down.”

Halifax’s average price has increased by about 75 per cent since 2019, when it hovered around $350,000.

Re/Max’s 2025 Fall Housing Outlook forecasts a two per cent rise in sales and prices this season compared to 2024, with the average price expected to land at $614,000.

All of Nova Scotia was lifted in the low-interest-rate, high-migration era of 2021-2022. 

Nova Scotia’s population cracked 1 million people at the end of 2021, and has continued to climb each year since. Halifax has about 500,000 people, and its population is expected to grow rapidly. Halifax city staff have estimated the city could double its population by 2050.

 

Catching up to the rest of the country

 

Heading into the pandemic, Halifax was already experiencing low inventory, said Hartlen. Low stock collided with a sudden surge in demand, resulting in a sharp rise in home prices. “Prices naturally went up, as they did across Canada,” said Hartlen. “But for us, I felt like it was almost a catch-up from the previous 10 years.”

Compared to major markets such as Toronto or Vancouver, Halifax hadn’t seen the same dramatic growth in average home values over the past decade. “It wasn’t flat, but in comparison to those cities, we didn’t have the big jumps,” he said. “So it felt like this was just bringing us back to where we probably should have been.”

That momentum carried prices beyond expectations, fueled by national trends and pandemic-driven migration. Yet the real shift may be Halifax’s newfound status. 

“Since the pandemic, Halifax has been put on the map in many ways,” Hartlen said.

 

Demographic factors

 

Hartlen said that Halifax’s market dynamics are influenced by the aging population, “although (the demographic) is trending younger now,” he said.

He points to the stability created by the Department of National Defence, which is the city’s largest employer.

Halifax is also home to a high concentration of universities, which, in addition to creating plenty of jobs, brings a pipeline of new talent to the province.

 

Why the current market could be sustainable

 

Hartlen believes Halifax is well-positioned to sustain both activity and pricing compared to larger Canadian cities. 

He points to the sheer growth happening across the region. “We’ve got a lot of development going on, a lot of cultural expansion, city development, nightlife, restaurants—there’s just been such a big increase overall,” he said. “It’s now a place that people just want to be.”

That shift has helped Halifax sustain its pandemic-era price gains, even as some bigger markets experienced declines. “Comparatively to those other cities, we’re still a relatively cheap option,” Hartlen said. “And we have almost as much to offer.”

While Halifax doesn’t boast major league sports teams, it has built a lifestyle appeal that resonates with newcomers and long-time residents alike. “That’s why we didn’t see the big drops some other cities did post-pandemic,” Hartlen said. “The fundamentals were still pretty strong here, and I feel like we were insulated from some of the negative aspects that hit elsewhere.”

Re/Max Nova has 285 agents and several offices across the Halifax Regional Municipality, and one office in Windsor, NS.