Reflecting on the trends and challenges of housing in Halifax
Like many places across the country, housing has become a critical issue in Nova Scotia. To get the full picture on market trends from last year and predictions for what’s to come, we spoke with the Nova Scotia Association of REALTORS® (NSAR), Cresco (a real estate development company), and Habitat for Humanity Nova Scotia.
Trends and changes in the Halifax housing market
Matthew Dauphinee, Past President of NSAR, points out that the story of HRM’s housing market last year depended on the price point. “Sellers and buyers at different price points are having much different experiences,” says Dauphinee. “Below $500k has more buyers—the Down Payment Assistance Program has helped that end of the market—where the $800k+ market has fewer buyers or may see more homes selling subject to the sale of the buyer’s home.”
Andrew Inch, Vice President of Corporate Development at Cresco, highlights how policy made an impact last year. “2024 underscored the severity of the housing crisis, as demand far outpaced supply, driving up housing costs and construction expenses,” says Inch. “Governments responded with significant measures, including the removal of HST on new purpose-built rental housing and the Housing Accelerator Fund, which led to upzoning much of Halifax’s urban core to accommodate denser development. These policies improved the feasibility of building new housing, encouraging us and others to move forward with rental projects which are helping to address the region’s housing needs.”
Donna Williamson, Chief Executive Officer of Habitat for Humanity Nova Scotia, notes how rising housing prices are making homeownership more and more unattainable. “In Halifax, the average sale price for homes rose 4.4% in the last year, from $554,269 in 2023 to $578,913 in 2024,” says Williamson. “Meanwhile, rental costs have skyrocketed, averaging $1,974 for a one-bedroom and $2,487 for a two-bedroom apartment. These rising costs are creating a divide: higher-income households continue to climb the property ladder, while middle- and lower-income earners are increasingly locked out of both the rental and ownership markets.”

Left: Donna Williamson, Chief Executive Officer of Habitat for Humanity Nova Scotia Center:
Andrew Gilroy, President of Nova Scotia Association of REALTORS® Right:
Matthew Dauphinee, Past President of Nova Scotia Association of REALTORS®
Housing challenges in HRM
Dauphinee points to external factors as creating the most challenges in the Halifax housing market. “Scrutiny on the financial side, higher property taxes than we saw prior to 2022, and increased insurance costs have buyers considering much more than just their mortgage payment,” he says. “Homes priced at the lower end of the market are fewer, which challenges the affordability of homes.”
Inch adds that despite supportive policy changes, the rising costs of materials and labour were significant challenges in 2024. “Affordability continued to decline as housing costs consumed a larger share of household budgets,” he says. “Additionally, uncertainty between policy announcements and their implementation caused many builders and lenders to pause projects. High interest rates and persistent inflation further compounded the difficulty of building cost-effective housing.”
Halifax’s rapid population growth is outpacing housing development, driving up prices and worsening the affordable housing crisis, says Williamson. “Halifax’s population continues to grow faster than its housing stock,” she says. “This disparity exacerbates competition for available units and drives up prices across the market, further limiting access to affordable housing.”
Williamson emphasizes the need to build more housing quickly. “Delays in construction and bureaucratic bottlenecks hinder the city’s ability to address the housing shortfall effectively,” she says. “Over 30,000 residents are in core housing need, as reported by Max Chauvin. This includes individuals and families who cannot afford suitable, adequate, and affordable housing, reflecting the growing depth of the crisis.”
As a not-for-profit organization, Habitat for Humanity Nova Scotia faces rising costs and declining charitable donations, making it harder to address the growing demand for affordable housing. “Acquiring affordable land and securing the labour necessary to build homes has become increasingly difficult due to soaring costs in Halifax’s competitive real estate and construction markets,” says Williamson. “For the eleventh consecutive year, the number of Canadians making charitable donations has decreased, as highlighted in Charity Village’s 2024 Giving Report. This decline has made it harder to generate the financial support needed to scale our impact and meet the rising demand for affordable housing.”

Looking ahead to 2025
Is there hope on the horizon for housing? “There is a sense in the business community that the crisis is easing somewhat,” says Kent Roberts, Vice President of Policy at the Halifax Chamber of Commerce. “While there is a long way to go, a faster and improved regulatory environment has significantly increased the number of units being built in the HRM. And while rental prices remain high, even with the increased supply, units are taking longer to rent and some remain vacant, so market pressures may start to ease pricing as well.”
Roberts adds that new federal regulations are expected to slow population growth, which could help to stabilize the housing market this year. “It is anticipated in the short-term that population growth will slow with the recent federal reductions placed on immigration and international student intake levels,” he says. “While population growth is critical for long-term economic growth, this temporary slowdown may allow the infrastructure to catch up and help stabilize the housing market.”
Dauphinee shares Roberts’ optimism. “We expect a steady market, similar to 2024, with a slight increase as some buyers will come back to the table for lower interest rates, and predictions of increased new construction,” he says. “Consumer confidence is definitely on the rise.”
Andrew Gilroy, President of NSAR, adds that we may see an increased number of listings in 2025. “Renewals from COVID years will start to be due up, forcing some to sell, and creating a spike in inventory,” he says. “If rates settle by early spring, I believe we will see a surge in activity. Buyers are waiting for the lowest possible point on the interest rates to jump back into the market.”
Inch is also predicting that population growth will remain steady, driving ongoing demand for housing, with affordability continuing to be a challenge despite increased supply. “We expect population growth to slow slightly but remain steady, sustaining demand for housing,” he says. “With a high number of housing starts in 2024, we anticipate some relief in the supply-demand balance as more units come onto the market. However, affordability will likely remain a challenge across all segments of the housing continuum. We plan to continue building to meet the needs of our markets and expect strong demand for new homes and rental apartments to persist.”
Addressing Nova Scotia’s housing crisis will require a balanced focus on affordable homeownership alongside rental and deeply affordable housing, says Williamson. “We will advocate more strongly for affordable homeownership as a critical part of the solution to the housing crisis,” she says. “Homeownership provides long-term economic stability, fosters wealth-building, and strengthens communities. It’s not just a personal milestone; it’s a driver of economic growth and social well-being.”
Williamson adds that collaboration with developers, non-profits, and government is crucial to creating balanced solutions for affordable homeownership and housing needs. “By working together, we can amplify our efforts and create innovative solutions that address different needs across the housing continuum,” she says. “We hope to see increased funding and resources from all levels of government, specifically dedicated to affordable homeownership. While deeply affordable and rental housing are essential, we must not overlook homeownership as a vital component of the housing continuum. A balanced approach that addresses all segments of housing need is critical for meaningful progress.”