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Greatest locations to purchase actual property in Halifax
Within the desk beneath, you’ll discover the highest Halifax neighbourhoods for actual property purchases. To view all the info, slide the columns proper or left utilizing your fingers or mouse. You may obtain the info to your machine in Excel, CSV and PDF codecs.
Supply: Zoocasa
High three neighbourhoods in Halifax
For the second consecutive yr, Cole Harbour is the highest place to purchase a house in HRM. Positioned east of Dartmouth, Cole Harbour is known as after a neighborhood harbour. It has quick access to Freeway 107 and Freeway 111, making it a beautiful location. Cole Harbour’s 2023 benchmark dwelling worth was $505,774, and that’s the results of constant worth progress in recent times. The benchmark worth was 13% increased than in 2022, 66% increased than in 2020, and 69% increased 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.
The world has a number of colleges—a comfort for the above-average 47% of households with youngsters. Residents love the realm’s seashores and trails, together with the Salt Marsh Path and Rainbow Haven Seaside Provincial Park. Cole Harbour can also be a well-liked vacationer vacation spot: the quaint Cole Harbour Heritage Farm Museum and Fisherman’s Cove are two must-see stops. Nonetheless, 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 Japanese Shore of HRM close to the Shearwater Canadian Air Power base, Woodside-Japanese Passage is a well-liked vacation spot for navy households as a result of its mid-sized group really feel. Boasting a dozen eateries, handy entry to Halifax by way of the Woodside Ferry, the principle Nova Scotia Group Faculty campus and plentiful character, this rising neighbourhood proves to be a sensible funding and a pleasant place to dwell. Woodside-Japanese Passage’s benchmark dwelling worth was $432,486 in 2023, which was 18% increased than in 2022, 64% increased than in 2020, and 97% increased than in 2018. It’s the one neighbourhood in HRM with an ideal worth rating of 5.0.
The world options a number of latest subdivisions that present quite a lot of housing choices, together with semi-detached and indifferent houses. There are various elementary, junior excessive and excessive colleges that cater to the 45% of households with kids. Like most locations in HRM, you’ll probably want a automotive to dwell right here, although.
View Woodside-Japanese 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 costliest houses of the highest three neighbourhoods on our checklist, with a 2023 benchmark worth of $666,815. That was 8% increased than in 2022, 62% increased than in 2020, and 83% increased than in 2018. Notably, Waverly-Fall River-Beaver Financial institution has the second-highest economics rating on our HRM neighbourhoods checklist.
All houses on this space use septic techniques; some depend on wells for water, whereas others are related 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 colleges. Whereas the realm might have restricted facilities, it boasts a well-established canoe and kayak membership, a number of daycare services, a publish workplace and a comfort retailer. Dwelling in Waverly-Fall River-Beaver Financial institution might necessitate proudly owning a automotive, given its accessibility rating of 0.1.
View Waverly-Fall River-Beaver Financial institution actual property listings on Zoocasa.
What’s occurred within the Halifax actual property market?
Not like the ups and downs of 2022, Halifax actual property costs didn’t sharply improve or lower in 2023. The benchmark worth persistently rose from January by way of the tip of the spring market and reached a late peak of $530,900 in August. Following this, dwelling 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 writer of this examine, is wholly owned by eXp World Holdings.) “Properties have been lingering available on the market longer, and we didn’t see a number of provides on a house anymore. By the second half of the yr, consumers had shifted to a extra cautious stance, preferring to attend on the fence to see how circumstances would evolve.”
As rates of interest rose in the summertime, consumers skilled some frustration, which morphed into confusion about what to anticipate from the market, says Payne. “As soon as consumers obtained confused, they didn’t really feel assured to make any selections, and this contributed to the slowdown in market exercise.”
The uncertainty additionally influenced consumers’ budgets. “A scarcity of inexpensive choices, particularly within the $400,000 to $600,000 vary, pushed many consumers 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.”
What’s subsequent for actual property in Halifax?
The benchmark dwelling worth in Halifax has elevated by just a little greater than 1% since December, reaching $518,500 in January. With demand anticipated to rebound, worth progress will probably proceed, although that can rely on the mortgage charge outlook.
Payne expects the alternative of 2023 to unfold in 2024—with a quiet begin to the actual property market, adopted by an energetic 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 yr, I anticipate a surge in exercise within the second half of the yr as consumers catch on to falling rates of interest and rush again into the market.”
Patrons who have been sitting on the sidelines final yr could also be higher positioned to affix the market in 2024. An inflow in purchaser exercise may additionally encourage extra sellers to checklist their houses, resulting in a much-needed bump within the variety of houses available on the market.
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