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Halifax Real Estate Market in 2024: What to Expect
If you’re planning to buy in Halifax, you’ll want to keep a close eye on these top-ranked neighborhoods, which offer a compelling mix of affordability, lifestyle, and investment potential. Below, you’ll find a table that outlines the year-over-year percentage change in home prices for 2023–2024, providing valuable insight into the areas experiencing the most growth.
| Rank | Neighborhood | Why It’s a Top Choice | YoY % Change (2023–2024) |
|---|---|---|---|
| 1 | Cole Harbour | Affordable homes, close to nature, and ideal for first-time buyers. | +5.2% |
| 2 | Woodside-Eastern Passage | Coastal living with easy access to downtown Halifax. | +6.1% |
| 3 | Waverley-Fall River-Beaver Bank | Larger properties, suburban feel, great for families. | +4.8% |
| 4 | East Dartmouth-The Lakes | Close to lakes and parks, offering scenic surroundings. | +4.3% |
| 5 | Timberlea-Prospect | Expanding suburban area with new developments, ideal for growing families. | +5.0% |
| 6 | Hammonds Plains-St. Margarets | A blend of rural charm and suburban convenience, perfect for those seeking more space. | +3.9% |
| 7 | Portland-East Woodlawn | Affordable housing options with easy access to amenities. | +4.7% |
| 8 | Preston-Lawrencetown-Chezzetcook | Known for its coastal charm and larger properties. | +6.3% |
| 9 | Spryfield-Herring Cove | Growing popularity with more affordable homes and beautiful coastal views. | +5.5% |
| 10 | Middle & Upper Sackville-Lucasville | Offering a mix of rural and suburban living with larger lot sizes. | +4.1% |
Source: Money Sense
As we move into 2024, the Halifax real estate market continues to offer promising opportunities for both buyers and sellers. With its increasing reputation as the economic center of the Maritimes, Halifax Regional Municipality (HRM)—which includes Halifax, Dartmouth, and Bedford—remains a top choice for homebuyers seeking a blend of urban convenience and coastal living.
After experiencing market fluctuations in 2023, mainly due to rising interest rates that slowed down buyer activity, 2024 is poised for a rebound. Experts predict that while the first half of the year may start slowly, we can expect a surge in activity by the second half as mortgage rates begin to stabilize, encouraging more buyers to re-enter the market.
Why Invest in Halifax Real Estate?
Halifax’s appeal lies in its diversity. From bustling downtown condos to spacious suburban homes, there’s truly something for everyone. Whether you’re a first-time homebuyer, a family searching for more space, or an investor looking for rental income, Halifax offers a variety of opportunities to suit different needs.
Market Trends for 2024
The Halifax real estate market experienced steady price growth in 2023, with the benchmark price reaching $530,900 by August. However, as interest rates rose, the market slowed, especially in the latter part of the year. Moving forward, 2024 is expected to see a resurgence, with increased activity in the second half. This uptick could lead to a rise in inventory, as more sellers decide to list their homes, providing much-needed options for buyers.
What Does This Mean for Buyers and Sellers?
For buyers, this anticipated market shift means that opportunities are on the horizon. As more homes become available, especially in the suburbs, you’ll have a greater selection—particularly in properties priced between $400,000 and $600,000, which are expected to attract more attention.
On the other hand, sellers should prepare for a more competitive market, especially in the latter part of the year. If you’re considering selling, now is the time to start getting your property market-ready so it stands out when demand increases.
Final Thoughts
With Halifax’s unique blend of vibrant urban life and peaceful coastal settings, 2024 is shaping up to be an exciting year for real estate. Whether you’re buying or selling, staying informed about market trends and working with an experienced local REALTOR® will help you make the most of this dynamic market.
As always, I’m here to help. Feel free to reach out if you’d like to discuss your next move!
Best,
A.
