Halifax Economic Dashboard

Economic Snapshot

(Updated: August 2022)

  • Average home prices in Halifax declined 6.7% since the previous month, and were down 9.6% since the start of this year, reaching $506,639 in July 2022. This is, however, still 12.0% higher than in July 2021.
  • Retail sales in Nova Scotia increased 20.0% since a year ago in May 2022, and was up 9.9% over the previous month. The largest annual increases in sales were seen in clothing and clothing accessories (+576.7%) and sporting goods, hobby, book and music stores (+177.1%), which tend to grow during the summer. There were no declines observed since a year ago.
  • Halifax's unemployment rate saw an increase of 0.2 percentage points since a month ago to reach 4.9% in July 2022, 3.7 percentage points lower than a year ago. The participation rate, at 68.0%, is at its highest since September 2021.
  • After more than two years with zero activity, the Port of Halifax reported 27,679 cruise passengers in Q2 2022. This is still only two-thirds of the passengers seen in Q2 2019.
  • July 2022 saw overall employment increase by 2,400 positions (+1.0%) since a month ago and by 19,200 positions (+8.2%) since a year ago. Looking across industries, professional, scientific, and technical services added the most jobs over the past year with 5,100 new positions, followed by accommodation and food services which added 4,200 new positions.
  • As of Q2 2022, Halifax's office vacancy rate was at 13.6%. It has fallen 0.6 percentage points since last quarter and 1.1 percentage points since a year ago. Industrial vacancy, at 4.1%, was up 0.3 percentage points since last quarter and is unchanged since last year. The central business district maintains the highest office vacancy (17.2%), while Burnside has the highest industrial vacancy (4.4%).
  • Price levels continue to rise, although the pace of inflation has started to decrease. Annualized inflation in Halifax was 8.6% in July 2022, down from 9.1% in June. In comparison, inflation in July was 8.7% in Nova Scotia and 7.6% in Canada.

Get the Facts on Halifax's Economy

To learn more about Halifax’s economy and get a definitive look at Halifax’s economic and community progress, read the Halifax Index 2022.

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