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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 possibly can obtain the info to your system 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. Situated east of Dartmouth, Cole Harbour is called after an area harbour. It has easy accessibility to Freeway 107 and Freeway 111, making it a horny location. Cole Harbour’s 2023 benchmark residence worth was $505,774, and that’s the results of constant worth development in recent times. The benchmark worth was 13% greater than in 2022, 66% greater than in 2020, and 69% greater 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 realm has a number of colleges—a comfort for the above-average 47% of households with youngsters. Residents love the world’s seashores and trails, together with the Salt Marsh Path and Rainbow Haven Seashore Provincial Park. Cole Harbour can be a preferred 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 doubtless want a automobile 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 army households on account of its mid-sized group really feel. Boasting a dozen eateries, handy entry to Halifax via 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 reside. Woodside-Japanese Passage’s benchmark residence worth was $432,486 in 2023, which was 18% greater than in 2022, 64% greater than in 2020, and 97% greater than in 2018. It’s the one neighbourhood in HRM with an ideal worth rating of 5.0.
The realm options a number of current subdivisions that present quite a lot of housing choices, together with semi-detached and indifferent properties. There are a lot of elementary, junior excessive and excessive colleges that cater to the 45% of households with youngsters. Like most locations in HRM, you’ll doubtless want a automobile to reside right here, although.
View Woodside-Japanese Passage actual property listings on Zoocasa.
Situated 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 properties of the highest three neighbourhoods on our checklist, with a 2023 benchmark worth of $666,815. That was 8% greater than in 2022, 62% greater than in 2020, and 83% greater than in 2018. Notably, Waverly-Fall River-Beaver Financial institution has the second-highest economics rating on our HRM neighbourhoods checklist.
All properties 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 variety of traditional-style properties. Many residences boast lake entry, and a few even take pleasure in a lakefront setting. The neighbourhood has many sought-after colleges. Whereas the world could 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 could necessitate proudly owning a automobile, 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?
In contrast to the ups and downs of 2022, Halifax actual property costs didn’t sharply improve 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 available on the market longer, and we didn’t see a number of gives 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 circumstances 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 acquired 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 inexpensive 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. “Houses in that vary have been getting extra consideration as rates of interest rose.”
What’s subsequent for actual property in Halifax?
The benchmark residence worth in Halifax has elevated by a bit of greater than 1% since December, reaching $518,500 in January. With demand anticipated to rebound, worth development will doubtless proceed, although that may rely on the mortgage fee outlook.
Payne expects the alternative of 2023 to unfold in 2024—with a quiet begin to the true 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 checklist their properties, resulting in a much-needed bump within the variety of properties available on the market.
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