StatCan on the national impact of Halifax housing activity

The market is benefiting from increased migration and relative affordability

StatCan on the national impact of Halifax housing activity

Halifax housing demand is a major factor driving national home sales upward, according to Statistics Canada.

In May, Halifax registered its largest monthly increase in new home sales (up by 2.4%) since February 2021. This was spurred by steady growth in Nova Scotia’s population, which experienced a net increase of 4,487 in Q4 2021. Of these newcomers, 2,430 people were international migrants and 2,057 were interprovincial migrants, StatCan said.

The benchmark price for a single-family home in Halifax stood at $541,900 in May, much lower than the national composite of $822,900.

“Increases to net migration and the relative affordability of home prices in the region compared to the rest of Canada may have contributed to the high housing demand amid a tight supply,” StatCan said.

“Additionally, bidding wars which started last year were still ongoing in Halifax, applying upward pressure to home prices as buyers tried to secure a home.”

Read more: Home sales across Canada – what’s the latest?

The number of homes sold across the province totalled 1,476 units in May, according to the Nova Scotia Association of Realtors.

“Although down 7.3% from the same month last year, sales still managed to post the second highest total for any May on record,” the association said, adding that the sales level was 11.3% above the five-year average and 22.1% above the 10-year average for that month.

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