Melanie Leblanc, REALTOR® in Halifax

What You Need To Know About The Current Halifax Market

The second quarter of 2023 has continued to be a strong market. With an ever-growing population and families all over the province being displaced by devastating wildfires & floods, inventory levels continue to remain low. Despite an increase in the lending rate to 5% by the Bank of Canada, buyer demand remains strong and multiple offers remain common, with a large number of houses continuing to sell for over asking. The median price of a single-family detached home decreased 6.2% in the past three months over last year. This suggests that the raising of the interest rate has helped fight inflation and high housing prices seen in the second quarter of 2022.

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Q3 2023 – HRM Overall Stats

The following is a snapshot of what the housing market looked like over the last quarter for HRM. Keep in mind that each neighbourhood, property size, age, style etc will greatly affect the value of your property. If you would like to know more specifically what the market looked like in your neighbourhood in the last quarter or if you would prefer an in-depth analysis of your property, contact us directly. We would be happy to provide you with a FREE Competitive Market Analysis

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Frequently Asked Questions

What does “Residential Listings HRM” mean?

Residential Listings HRM refers to the number of current active listings on the MLS® system in the Halifax Regional Municipality

What does “Avg Days On Market” mean?

Average Days On Market (DOM) is the number of days a property spends listed on the MLS® system before it is officially sold for the current year.

What does “List To Sale Ratio” mean?

List To Sell Ratio is the final price a buyer paid for the home divided by the last list price. If it is above 100%, that means the home sold for above the list price. If it is less than 100% then homes sold for less than the list price.

What does “Year To Date Sales” mean?

Year To Date Sales refers to the number of sold transactions recorded from the first day of the current calendar year, up to the current date or the date the report was taken.

What does “Months Of Inventory” mean?

Months Of Inventory is the measure of how fast existing homes on the market would typically last assuming that no more listings were added and assuming that they sell is at the current average days on market rate. Months of inventory, help us determine if the current market is a seller's market (0-4months*), a balanced market (5-8 months*) or a buyers market (9+ months*). Identifying the type of market we are in will help determine the best strategy for buying or selling a property.

*These timelines are approximates

What does “Avg Sale Price” mean?

Average Sale Price refers to the average price in which a property/home is typically sold for, in that current year for the Halifax Regional Municipality. It is calculated by taking the total dollar sales volume year to date and then dividing it by the total amount of sales year to date.

What does “Appreciation From Last Year” mean?

Appreciation From Last Year refers to the average increased sales price of properties over the previous year as a result of factors such as inflation, increased job opportunities, and supply and demand. The national average is typically 3%-5% but in a seller's market where the number of buyers far exceeds the number of listings, the appreciation from last year may be considerably higher than the average.

Halifax Market Statistics