Is it worth buying a house in Halifax in 2024?

Buying a home in Canada is a big step, both emotionally and financially. It is absolutely advised to contemplate the location and make an informed decision while buying a house. 

                                           Is it worth buying a house in Halifax in 2024?

Whether you’re drawn to the city’s vibrant community, economic opportunities, or beautiful landscapes, Halifax has something to offer everyone. But, here comes the question every homeowner thinking of buying a house in Halifax are wondering- Is it worth buying a house in Halifax in 2024?

Keeping in mind the location, buying a house in Halifax in 2024 is a wise decision. Known for its picturesque landscapes, vibrant culture, and steady economic growth, Halifax offers a unique blend of affordability, prime location and quality of life that is hard to find in other major Canadian cities.

This article explores the benefits and potential of buying a house in Halifax assessing from different sides. 

Benefits of buying house in Halifax

Halifax is a promising city attracting countless investors and residents. The thriving economy, stable job market, reputed educational institutions, coupled with the scenic beauty and serenity, is a magnet on a national and international level. 

On top of that the neighborhood of Halifax like Bedford and Dartmouth add to the diversity of this beautiful state. Overall, the city’s real estate inventory offers townhouses, detached houses, semi-detached houses, apartments and condominiums fitting the pocket size and budget of people. Here are some reaasoning which is help you decide if getting a home in Halifax is worth it in 2024.

Economic Stability and Growth

Halifax’s economy is diverse and resilient, driven by key sectors such as technology, education, healthcare, and government services. The city has seen consistent economic growth and jobs, contributing to a stable real estate market. According to Halifax Partnership, the overall jobs in Halifax increased by 19,500 from May, 2023 to May, 2024. 

According to recent reports, Halifax’s GDP growth has been steady, with a projection to continue this trend in the coming years.

According to Statistics Canada and Halifax Partnership Economic Reports, This is the GDP growth in the last 5 years.

Affordability

One of the significant advantages of buying a house in Halifax is affordability. Compared to major cities like Toronto and Vancouver, Halifax offers more reasonable home prices, making it an attractive option for first-time homebuyers and investors. The average home price in Halifax is approximately $400,000, significantly lower than the national average.

According to the Canadian Real Estate Association (CREA), Toronto Real Estate Board (TREB), and Real Estate Board of Greater Vancouver (REBGV), here is the average home price in top tier cities in Canada in 2023. 

Quality of Life

Halifax offers an exceptional quality of life, combining urban amenities with natural beauty. The city is home to numerous parks, beaches, and cultural attractions, providing residents with a variety of recreational options. 

 

                                                  A girl enjoying nature and life in Halifax

The cost of living is also relatively low, allowing residents to enjoy a comfortable lifestyle without the high expenses associated with larger metropolitan areas.

According to research by Halifax Partnership, more than 80% of  Halifax residents are satisfied with it as a place to live and raise a family.  Additionally, over 75% of Halifax residents are satisfied with Halifax as a place to make a career as well as retire. 

Community and Culture

The sense of community in Halifax is strong, with friendly locals and a vibrant cultural scene. The city hosts numerous festivals, events, and activities throughout the year, fostering a sense of belonging and engagement among residents.

 This welcoming environment makes Halifax an ideal place for families, retirees, and young professionals alike.

Educational Opportunities

Halifax is a hub for education, with several renowned institutions such as Dalhousie University, Saint Mary’s University, and the Nova Scotia Community College. 

These institutions attract students from around the world, contributing to the city’s dynamic and youthful atmosphere.Halifax is also home to specialized institutions that cater to specific fields of study. The Nova Scotia College of Art and Design (NSCAD) is a leading art and design university, offering programs in fine arts, design, and media arts.

 Additionally, The Atlantic School of Theology (AST) provides theological education and training for those interested in ministry, theology, and spiritual leadership. AST’s programs are designed to nurture intellectual and spiritual growth, preparing students for meaningful careers in religious and community service.

The presence of these educational institutions also provides a steady demand for rental properties, benefiting real estate investors.

Future Prospects

The future looks promising for Halifax, with several infrastructure projects and developments underway. 

These projects include the expansion of public transportation, improvements to the waterfront, and the development of new residential and commercial areas. These enhancements are expected to boost property values and enhance the overall living experience in Halifax.

According to Halifax Regional Municipality and Official Press Releases, these are the major ongoing infrastructure projects in Halifax. 

Is it worth buying a house in Halifax in 2024?: Conclusion

Investing in a house in Halifax is undoubtedly worth considering. The city’s economic stability, affordability, quality of life, and future growth prospects make it an attractive option for homebuyers and investors. If you are thinking of buying a house, don’t forget to check our guide on Things to consider before buying house in Nova Scotia. 

Whether you’re looking to settle down, raise a family, or invest in real estate, Halifax offers a unique opportunity that combines the best of urban living with the charm of a coastal city.

By understanding the factors that make Halifax a prime location for real estate investment, you can make an informed decision that aligns with your financial goals and lifestyle preferences. If you need assistance of an experienced and reliable Real Estate Agent to start your home buying journey in Halifax, you can contact Pavneet Singh.