Demographics Impact Halifax’s Market

Major projects, such as the federal shipbuilding contract, the “Big Lift” renovation to the Macdonald Bridge, the King’s Wharf Development and the John W. Lindsay YMCA Centre of Community, along with the growth of West Bedford and several high-density projects, have all been prime drivers behind the buoyant Halifax economy.

Halifax is home to approximately 418,000 people. The average age has been increasing. 15 years ago approximately 10% of the population was over the age of 65. Today, that number sits around 15%. This has affected the condominium market in Halifax, as more and more empty nesters are choosing to forego home ownership and opting for luxury rental apartment living instead. As a result, the median price for a condominium in Halifax declined from $281,022 to $257,056 in the first quarter of 2016. The condominium market remains one that the real estate industry is watching closely.