Halifax Economic Dashboard

See an overview of the most up-to-date economic statistics on Halifax

Halifax Economic Snapshot

(Updated: June 2024)

Home Prices

The average selling price for a home in Halifax was $596,080 in May, down from $597,721 in April. The May 2024 figure is a 3.4% increase over May 2023. The sales-to-new-listings ratio in May rose to 69.0, signifying movement towards a balanced market, though Halifax remains in a “seller’s market” situation.

Gross Domestic Product

The latest estimates from the Conference Board of Canada show that Halifax's real GDP grew by 1.4% in 2023. It is expected to grow by 0.8% in 2024 and by an average of 2.5% per year between 2025 and 2028. Comparatively, in 2023 real GDP growth was 1.0% and 0.7% for Canada and Nova Scotia, respectively. Halifax accounted for 57.7% of Nova Scotia's 2023 real GDP.

Inflation

Inflation decreased slightly in April and has been falling over the longer term. Halifax saw an annualized inflation rate of 3.4% in April 2024, 0.2 percentage points lower than the previous month and 1.5 percentage points lower than a year ago. Comparatively, April 2024 saw the national inflation rate fall to 2.7%, down 1.7 percentage points compared to a year ago, while the Nova Scotia rate fell to 3.1%, down by 1.4 percentage points. As compared to March, the national and provincial inflation rates were down by 0.2 percentage points each.

Rental Real Estate

Average monthly rent in Halifax, across all apartment types, increased by 13.8% from $1,352 in 2022 to $1,538 in 2023. The apartment vacancy rate remained stable near its historic low, at 1.0% for the third year in a row. Within Halifax, the largest rent increase was in Bedford/Sackville (+$303). These figures are derived from a survey of Halifax renters conducted in October 2023. They represent an average of the rents current residents were paying at the time the survey was taken.

Labour Market

The unemployment rate in Halifax increased to 5.8% in May 2024, up 0.3 percentage points from April 2024 and up 0.7 points from May 2023. Comparatively, the May 2024 rates for Canada and Nova Scotia were 6.3% and 6.1%, respectively.

The overall number of jobs in Halifax increased by 1,600 positions (+0.4%) between April and May 2024, and increased by 19,500 positions (+4.8%) compared to a year ago. Since May 2023, the health care and social assistance industry added the most jobs (4,900), while information, culture and recreation lost the most jobs (-1,800).

Retail Sales

Total retail sales in Nova Scotia increased 2.9% in March 2024 compared to a year ago. Across industries, the largest annual increase in retail sales was recorded for general merchandise retailers (+11.2%), whereas the largest annual decline was recorded for health and personal care retailers (-13.6%). These figures reflect the the total dollar value of transactions, which are affected by both the volume of goods sold and the changes in their prices.

Commercial Real Estate

The vacancy rate for office space in Halifax declined 0.3 percentage points to 12.4% between Q4 2023 and Q1 2024, and was 1.4 percentage points lower than a year ago. Overall average asking rent for office space increased by $0.28 psf since the previous quarter. As for industrial space, the overall vacancy rate was 4.9%, down 0.4 percentage points since Q4 2023, but 1.3 percentage points higher than a year ago. Average gross rent for industrial space increased $0.08 psf since the previous quarter.

You can explore the dashboard below for figures in specific parts of the city.

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 2024.

×

Search

This website uses cookies
This website uses cookies to improve user experience and analyse website traffic. By using our website without adjusting your cookie settings you consent to all cookies in accordance with our Privacy Policy.

OK