Here’s what is on tap for Halifax’s housing market in 2025: Report

CITYnews halifax / By Natasha O’Neill

Housing builds and sales in Halifax are set to increase, according to a new report from the Canadian Mortgage and Housing Corporation (CMHC).

The agency’s 2025 outlook is favourable for the city as interest rate relief from the Bank of Canada seems to be helping a rebound for some housing types in the area. Although there is a prediction that housing builds will increase, the rental market could face a pinch in the municipality.

Similar to other east coast markets, rental projects are growing and account for the majority of the construction seen. The outlook that this will continue is “positive” the report notes, even if it’s not as strong as the last two years.

Single, semi-detached and row houses have made a comeback in Halifax over the last few months. This comes after several quarters of “significant declines,” the report reads.

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This is partially due to the declining mortgage rates and rising incomes in the city. Pay in all industries across the province has increased over the past two years, helping spur demand, CMHC said.

New units on the market are set to bring the vacancy rate up slightly. The main risk is that there could be delays in the construction of rental units because the industry is facing a shortage of workers. This could in turn limit the growth in supply.

Last year is forecasted to end off with an average resale price of a home in Halifax around $580,000, an increase from the $553,388 the year prior.

Homes are expected to increase in value to $605,000 this year.

The vacancy rate in 2024 ended at 2.1 per cent. This is expected to rise over the year and land closer to 2.5 per cent.

CMHC said average rental prices in the city are likely to be around $1,740 for two bedrooms, a small increase from the end of 2025.