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Greatest locations to purchase actual property in Halifax in 2024


Greatest locations to purchase actual property in Halifax

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Within the desk beneath, you’ll discover the highest Halifax neighbourhoods for actual property purchases. To view all the information, slide the columns proper or left utilizing your fingers or mouse. You possibly can obtain the information to your gadget in Excel, CSV and PDF codecs.

Supply: Zoocasa

Prime three neighbourhoods in Halifax

For the second consecutive 12 months, Cole Harbour is the highest place to purchase a house in HRM. Positioned east of Dartmouth, Cole Harbour is known as after an area harbour. It has easy accessibility to Freeway 107 and Freeway 111, making it a sexy location. Cole Harbour’s 2023 benchmark residence worth was $505,774, and that’s the results of constant worth progress in recent times. The benchmark worth was 13% larger than in 2022, 66% larger than in 2020, and 69% larger than in 2018, giving Cole Harbour a price rating of 4.0. It additionally has a neighbourhood economics rating of 4.3, the third-highest in HRM. 

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The realm has a number of faculties—a comfort for the above-average 47% of households with children. Residents love the realm’s seashores and trails, together with the Salt Marsh Path and Rainbow Haven Seaside Provincial Park. Cole Harbour can be a well-liked vacationer vacation spot: the quaint Cole Harbour Heritage Farm Museum and Fisherman’s Cove are two must-see stops. Nevertheless, with the neighbourhood’s accessibility rating of 0.6, you’ll probably want a automotive to get round.

View Cole Harbour actual property listings on Zoocasa.

Located on the Jap Shore of HRM close to the Shearwater Canadian Air Power base, Woodside-Jap Passage is a well-liked vacation spot for army households as a consequence of its mid-sized group really feel. Boasting a dozen eateries, handy entry to Halifax via the Woodside Ferry, the primary Nova Scotia Neighborhood School campus and plentiful character, this rising neighbourhood proves to be a wise funding and a pleasant place to dwell. Woodside-Jap Passage’s benchmark residence worth was $432,486 in 2023, which was 18% larger than in 2022, 64% larger than in 2020, and 97% larger than in 2018. It’s the one neighbourhood in HRM with an ideal worth rating of 5.0. 

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The realm options a number of current subdivisions that present a wide range of housing choices, together with semi-detached and indifferent houses. There are a lot of elementary, junior excessive and excessive faculties that cater to the 45% of households with youngsters. Like most locations in HRM, you’ll probably want a automotive to dwell right here, although.

View Woodside-Jap Passage actual property listings on Zoocasa.

Positioned a mere 10 minutes from the airport and half-hour from downtown Halifax, the Waverly-Fall River-Beaver Financial institution space is famend for its scenic panorama, that includes quite a few lakes, expansive open areas and generously sized tons. It additionally has the most costly houses of the highest three neighbourhoods on our listing, with a 2023 benchmark worth of $666,815. That was 8% larger than in 2022, 62% larger than in 2020, and 83% larger than in 2018. Notably, Waverly-Fall River-Beaver Financial institution has the second-highest economics rating on our HRM neighbourhoods listing.

All houses on this space use septic programs; some depend on wells for water, whereas others are linked to metropolis water. Residential tons are spacious and have a spread of traditional-style houses. Many residences boast lake entry, and a few even take pleasure in a lakefront setting. The neighbourhood has many sought-after faculties. Whereas the realm could have restricted facilities, it boasts a well-established canoe and kayak membership, a number of daycare services, a submit workplace and a comfort retailer. Dwelling in Waverly-Fall River-Beaver Financial institution could necessitate proudly owning a automotive, given its accessibility rating of 0.1.

View Waverly-Fall River-Beaver Financial institution actual property listings on Zoocasa.

Not like the ups and downs of 2022, Halifax actual property costs didn’t sharply enhance or lower in 2023. The benchmark worth constantly rose from January via the top of the spring market and reached a late peak of $530,900 in August. Following this, residence costs softened earlier than experiencing a modest rise in December, settling at a benchmark worth of $511,600. 

“Within the first quarter of 2023, costs and gross sales have been up, however then the market actually slowed down after the spring,” says native eXp actual property agent Richard Payne. (Zoocasa, the creator of this research, is wholly owned by eXp World Holdings.) “Properties have been lingering in the marketplace longer, and we didn’t see a number of presents on a house anymore. By the second half of the 12 months, patrons had shifted to a extra cautious stance, preferring to attend on the fence to see how situations would evolve.”

As rates of interest rose in the summertime, patrons skilled some frustration, which morphed into confusion about what to anticipate from the market, says Payne. “As soon as patrons received confused, they didn’t really feel assured to make any choices, and this contributed to the slowdown in market exercise.” 

The uncertainty additionally influenced patrons’ budgets. “An absence of reasonably priced choices, particularly within the $400,000 to $600,000 vary, pushed many patrons to look out of the core and into extra of the suburbs,” says Payne. “Properties in that vary have been getting extra consideration as rates of interest rose.”

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What’s subsequent for actual property in Halifax?

The benchmark residence worth in Halifax has elevated by somewhat greater than 1% since December, reaching $518,500 in January. With demand anticipated to rebound, worth progress will probably proceed, although that can rely upon the mortgage fee outlook. 

Payne expects the alternative of 2023 to unfold in 2024—with a quiet begin to the actual property market, adopted by an lively second half. “At first of 2023, exercise was pretty up, after which as rate of interest hikes have been introduced, it put the brakes on momentum,” he says. “This 12 months, I anticipate a surge in exercise within the second half of the 12 months as patrons catch on to falling rates of interest and rush again into the market.”

Consumers who have been sitting on the sidelines final 12 months could also be higher positioned to hitch the market in 2024. An inflow in purchaser exercise may also encourage extra sellers to listing their houses, resulting in a much-needed bump within the variety of houses in the marketplace. 


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