Halifax Index 2024

Real Estate

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HOUSING RELIEF ON THE HORIZON BUT NOT HERE SOON

Halifax’s average housing price reached $550,605 in 2023, over double the level a decade ago. Price increases are moderating, however. The average price increased by 2.8% in 2023, down from 14.9% in 2022 and 27.4% in 2021. Halifax remained in the middle among benchmark cities with the fifth highest price in 2023.

There are fewer signs of relief in the rental market. Halifax’s rental vacancy is at an all-time low of 1.0% where it has been firmly lodged since 2021. Consistently low vacancy rates have put upward pressure on rent; the average monthly rent was $1,538 in 2023. Over the longer-term, rent has increased by +$602 since 2014 when a typical monthly rate was $936. Price pressures are not isolated to Halifax’s urban centres; every region of Halifax has seen double-digit growth in average rent.

On the positive side, Haligonians are still able to pay their mortgages despite the elevated interest rates since mid-2022. From 2014 to 2023, Halifax’s mortgage delinquency rate fell from 0.47% to a record low of 0.12%.

Halifax is experiencing a construction boom. There were 4,657 housing-unit starts in 2023, up 37.5% from 2022. These new units are increasingly in multi-unit developments across the city. However, most of the new homes have not been completed, and there was a 3.5% decrease in housing completions in 2023. At present, there are not enough new units to stabilize the housing and rental markets.

Expanded construction activity, in Halifax and across Canada, has contributed to rising costs for materials, equipment, and labour. The Building Construction Price Index in Halifax increased by 8.3% in 2023 for residential buildings and 5.6% for non-residential buildings.

In the non-residential sector, 2023 saw record levels of investment in building construction and building permits. Investment in non-residential building construction increased by $128 million (+27.2%) in 2023 after its meteoric rise of $183 million (+63.3%) in 2022. Similarly, the total value of non-residential building permits increased by $225.7 million (+65%) in a single year.

The office market saw virtually no price growth in 2023, and its already-high vacancy rates decreased only marginally. Meanwhile, industrial vacancy in 2023 was just above the record-low of 1.9% in 2022, and average rent for industrial space has risen sharply in the past two years.

Halifax Index 2024
Housing

Halifax’s housing market continued to be tight in 2023. However, pressure lessened somewhat: overall housing starts continued to climb, developers leaned into the multi-residential subsector, and the rise in housing prices decelerated. Among Canada’s 20 largest cities, Halifax had the fastest rate of housing-start growth, rising by 37% over 2022 values. The 4,657 housing starts in 2023 was the largest annual number on record since 1989.

This aggregate number masks interesting economic movement within the city and its housing subsectors. Single-unit starts have continued their downward trajectory since 2020. There were 529 starts in 2023, below the 10-year average of 710 units per year. Single-unit housing starts primarily took place in the area defined by the Canada Mortgage and Housing Corporation (CMHC) as the Rest of Halifax, which includes areas outside the Peninsula, Mainland Halifax, Dartmouth, and Bedford/Sackville. In 2023, 455 (86%) of single-unit starts took place in the Rest of Halifax.

Meanwhile, multi-unit starts more than made up for the decline in single-unit starts. There were 4,128 multi-unit starts across Halifax in 2023 – an increase of 1,516 units (+58%) over 2022. Multi-unit starts were distributed more evenly across the city, with hundreds of new units in each of Mainland Halifax (781 starts), Dartmouth (1,089), and Bedford/Sackville (370). While the Peninsula saw roughly the same number of new starts as in 2022, it remains the second-largest source of new multi-unit starts (975) behind Dartmouth.

According to the Canadian Real Estate Association (CREA), the benchmark price1of a home decreased by 5.9% between 2022 and 2023 across Canada. This is in sharp contrast to the 12.3% increase between 2021 and 2022. Across benchmark cities, Halifax was in the middle, with the fifth-most affordable average price and the fourth-fastest increase in price from 2022 to 2023. In 2022, Halifax experienced the fastest growth in benchmark prices (+17.2%), while Winnipeg experienced the slowest growth (+7.0%).

Over the longer term, Halifax’s average home price2continued to decelerate in 2023 though price levels were dramatically higher than a decade ago. The average home price in Halifax was $550,605 in 2023, more than double the 2014 figure of $275,283. Since 2014, Halifax has seen a compound annual growth rate (CAGR) of 8.0%. However, prices increased by only 2.8% in 2023, well below the 14.9% growth rate in 2022 and 27.4% in 2021.

Source: Canada Mortgage and Housing Corporation, Housing Market Information Portal

Single-Unit Housing Starts by Region

  • Halifax had 529 single-unit starts in 2023, below the 10-year average of 710 units per year.
  • In 2023, 455 single-unit starts occurred in the Rest of Halifax region, defined by the CMHC as areas outside the Peninsula, Mainland, Dartmouth, and Bedford/Sackville.
  • The share of single-unit starts in the Rest of Halifax fell to 86% in 2023, down from 89% in 2022. However, this share was higher than in the past 10 years, when it averaged 75%.
  • Bedford/Sackville had 12 single-unit starts, Mainland Halifax 27 starts, Dartmouth 22 starts, and the Peninsula 13 single-unit starts.
  • The number of single-unit starts on the Peninsula was historically low, but there has been a noticeable decline in the starts in Mainland Halifax and Dartmouth, especially since the start of the pandemic.

Source: Canada Mortgage and Housing Corporation, Housing Market Information Portal

Multi-Unit Housing Starts by Region

  • There were a record-breaking 4,128 multi-units starts across Halifax in 2023, 58% higher than 2022 and approximately 1,800 units above the 10-year average.
  • There were a large number of multi-unit starts in each region of the city. The greatest numbers were in Dartmouth (1,089 starts) and on the Peninsula (975 starts), followed by the Rest of Halifax (913 starts), Mainland Halifax (781 starts), and Bedford/Sackville (370 starts).
  • Bedford recovered from its multi-unit stall, increasing from just six multi-unit starts in 2022 to 370 starts in 2023.
  • In 2023, most regions saw a sizeable increase in multi-unit starts over 2022. The largest increase was in Dartmouth (+670 units) followed by Bedford/Sackville (+364 units) and Mainland Halifax (+326 units). Multi-unit starts on the Peninsula were essentially unchanged from last year, decreasing nine units from 2022.

*CREA benchmark prices reflect an example home based on the features of homes that have been bought and sold in the Canadian marketplace. It therefore provides an apples-to-apples comparison of home prices across the entire country. Benchmark prices should not be compared to other home-price data within the Halifax Index.
Source: Canadian Real Estate Association, MLS® Housing Price Index

Benchmark* Home Prices by City

  • The benchmark price of homes across Canada decreased by 5.9%, falling from $780,458 in 2022 to $734,316 in 2023. This was a welcome relief for home buyers who faced a 12.3% home-price increase in 2022.
  • Across benchmark cities, Halifax fell firmly in the middle, with the fifth-most affordable benchmark price ($519,217) and the fourth-fastest increase in price (+1.3%) from 2022 to 2023.
  • Between 2022 and 2023, home prices increased in four benchmark cities and decreased in six benchmark cities. The largest increase was in Calgary (+5.7%) while the largest decrease was in KCW (-8.2%).
  • Between 2021 and 2022, home prices increased rapidly across Canada. Every benchmark city saw an increase, with the largest increase in Halifax (+17.2%). Even the smallest increase in Winnipeg (+7.0%) outpaced 2023’s fastest growing benchmark city.
  • The average home in Halifax cost $191,275 more than its counterpart in St. John’s – where the benchmark price was the lowest – and $658,266 less than in Vancouver, where it was the highest.

Source: Nova Scotia Association of REALTORs, Custom Request

Average Home Prices

  • Halifax’s average home price hit $550,605 in 2023, just over double the average home price of $275,283 in 2014.
  • The rate of housing-price growth in Halifax decelerated in 2023, growing by only 2.8% over 2022. Since 2014, Halifax has seen a compound annual growth rate (CAGR) of 8.0%.
  • This rate of growth is dramatically slower than in 2022 and 2021, when prices rose by 14.9% and 27.4%, respectively.
  • Given sustained high interest rates in 2023, prices decelerated significantly as borrowers faced higher mortgage and financing costs.

Halifax Index 2024
Renting

Elevated interest rates and strong population growth that continued to outstrip construction activity combined to exert significant pressure on Halifax's rental market, which has remained at a historically low 1.0% vacancy rate since 2021.

Consistently low vacancy rates have put upward pressure on rents as more renters compete for the few available apartments. In 2023, the average rent in Halifax was $1,538 per month. The average rent increased by 8.4% in 2022 and 13.5% in 2023. The Government of Nova Scotia imposed a rent-increase cap of 2.0% in 2020, but this applies only to existing tenants. The average monthly apartment rent has increased by $602 since 2014, reflecting declining rental affordability over the longer term.

Rent increases are not isolated to Halifax’s downtown or even the Peninsula. Every region within Halifax saw rent increases between 2022 and 2023. Even the region with the lowest rent increases, Halifax Mainland, saw a 12.1% increase last year. In regions such as Bedford/Sackville and the Rest of Halifax, these increases hit 21.6% and 16.6%, respectively. A deeper look at how these rents vary within Halifax – and how this has evolved over time - can be found in the Communities section.

Rental-affordability pressures are not unique to Halifax. Halifax’s average monthly rent ($1,538) placed it in the middle of benchmark cities. Toronto had the highest monthly rate ($1,830), while Quebec City had the lowest ($1,002). Across benchmark cities, vacancy rates ranged from 0.9% in Vancouver and Quebec City to 2.2% in Ottawa.

With respect to different types of apartments, Halifax remained in the middle of benchmark cities and sixth-most expensive in terms of rental rates for bachelor, one-, and two-bedroom apartments. However, it was third-most expensive in three+ bedroom apartments. Bachelor apartments in Halifax averaged $1,113 per month in 2023, while three+ bedroom apartments averaged $1,982 per month.

High levels of construction activity and especially increased multi-unit starts may lead to higher vacancy rates and easing rental pressures in the future. However, Halifax is currently experiencing historically low availability and is seeing commensurate deterioration of rental affordability.

Source: Canada Mortgage and Housing Corporation, Housing Market Information Portal

Residential Rent and Vacancy Rates

  • The 2023 apartment vacancy rate in Halifax remained unchanged. It has been at a record low of 1.0% since 2021.
  • The average rent in Halifax was $1,538 per month in 2023, up 13.5% from the previous year. This outpaced 2022’s record growth of 8.4%.
  • Average monthly rent has increased by $602 (or 64%) since 2014 with a compound annual growth rate of 5.6%.

Source: Canada Mortgage and Housing Corporation, Rental Market Report (Various)

Average Rent by Region

  • Every region of Halifax saw an increase in average rent in 2023. Bedford/Sackville saw the largest growth (+21.6%) followed by the Rest of Halifax (+16.6%) and the Peninsula (+15.8%).
  • Halifax Mainland experienced the lowest increase in rent across regions although at a still significant increase of 12.1% over 2022. Dartmouth had the second lowest increase at 14.1%.
  • The Rest of Halifax had an average rent of $1,922, the highest across the municipality. Bedford/Sackville and the Peninsula had average rents of $1,695 and 1,631, the second- and third highest, respectively.
  • Dartmouth and Mainland Halifax had comparatively lower average rents: $1,324 and $1,424, respectively.
  • Between 2014 and 2023, the Rest of Halifax experienced the fastest growth in monthly rent (+128%, +$1,079), followed by Bedford/Sackville (+94%, +$821), Dartmouth (+68%, +$537), Mainland Halifax (+65%, +$562), and the Peninsula (+61%, +$615).

Source: Canada Mortgage and Housing Corporation, Rental Market Report (2023)

Comparative Rent and Vacancy Rates

  • Halifax’s average rent was in the middle of benchmark cities in 2023 at $1,538. This is $296 lower than the highest figure in Toronto and $532 more than the lowest average rent in Quebec City.
  • Across benchmark cities, Halifax’s vacancy rate was the third lowest at 1.0%. The lowest rate was 0.9% in Vancouver and Quebec City, and the highest rate was 2.2% in Ottawa.
  • Six benchmark cities had declining vacancy rates compared to 2022, while three – Halifax, Ottawa, and Vancouver – saw no change in their vacancy rates. The largest decrease was in St. John’s (down 1.3 percentage points). Only Kitchener-Cambridge-Waterloo saw an increasing vacancy rate (up 0.6 percentage points).

Source: Canada Mortgage and Housing Corporation, Rental Market Report (2023)

Comparative Rent by Apartment Size

  • At $1,113 per month, Halifax’s bachelor apartments were the sixth-most expensive across benchmark cities. The most expensive were in Vancouver ($1,489). In 2023, as with the previous year, Vancouver topped the list for every apartment type.
  • Across benchmark cities, one- and two-bedroom apartments were the sixth-most expensive in Halifax, at $1,324 and $1,632, respectively. St. John’s ($904) had the least-expensive one-bedroom apartments, and the least-expensive two-bedroom apartments were in Quebec City ($1,040).
  • Three+ bedroom apartments cost an average of $1,982 in Halifax, the third highest across benchmark cities. This was $838 more than in St. John’s, at the bottom of the list.

Halifax Index 2024
Mortgages

Mortgage rates increased sharply in 2022 and remained elevated through 2023.

Nonetheless, Halifax and its benchmark cities showed no signs of a rise in mortgage defaults or delinquency rates. In 2023, Halifax’s mortgage delinquency rate was at its lowest on record at 0.12%, basically unchanged from 0.13% in 2022. In fact, delinquency rates remained the same across the ten benchmark cities in 2023 and 2022. Over the longer-term, Halifax’s delinquency rate has fallen from 0.47% in 2014 to 0.12% in 2023.

Having a low delinquency rate does not mean that mortgages have remained affordable. Looking at new and refinanced mortgages issued in 2023, the average mortgage payment in Halifax reached a record high of $1,781 per month. This was $249 (16%) higher than in 2022 and $658 (59%) higher than 2014. Across Canada, Halifax had the sixth highest average mortgage payment in 2023. This was well below Vancouver’s $3,121 but above Quebec City’s $1,125.

Mortgages and home equity lines of credit (HELOCs) make up the largest shares of monthly credit payments for Halifax debtholders, with mortgage payments at $1,330 per month (43% of payments) and home equity lines of credit at $618 per month (20%).

Mortgages have become increasingly expensive for homeowners in Halifax, but in 2023, Halifax debtholders showed no signs of increased defaults or delinquency.

Source: Canada Mortgage and Housing Corporation, Mortgage and Debt Data (Various)

Mortgage Delinquency Rate

  • Halifax’s mortgage delinquency rate fell to a record low of 0.12% in 2023 down slightly from 0.13% in 2022.
  • The mortgage delinquency rate did not change noticeably across benchmark cities in 2023. The largest increase was in Toronto where the rate rose 0.03 percentage points. The largest decrease was in Calgary with a decrease of 0.03 percentage points. This follows a broad decline in mortgage delinquency rates in 2022 when rates fell in every benchmark city.
  • Despite recent predictions about a potential spike in credit defaults, there is no evidence yet to suggest this has occurred in Halifax.
  • Between 2014 and 2023, Halifax experienced the largest decline in delinquency rates across benchmark cities. The rate fell from 0.47% to 0.12%.

Source: Canada Mortgage and Housing Corporation, Mortgage and Debt Data (Various)

Average Monthly Payment for New Mortgages

  • The average payment for a Halifax mortgage issued in 2023 hit a record high of $1,781 per month. This is $249 above the $1,532 figure for 2022. Halifax homeowners saw a similar increase of $246 between 2021 and 2022.
  • Across benchmark cities, Halifax was firmly in the middle with the sixth highest average mortgage payment in 2023. Halifax’s monthly mortgage payment was $1,339 lower than Vancouver and $656 higher than Quebec City.
  • Since 2022, Halifax’s average monthly payment for a new mortgage has increased by 16.2% (+$249). The greatest increase across benchmark cities was in Calgary (+19.2%), while the smallest increase was in Quebec City (+8.8%).
  • Between 2014 and 2023, the average monthly cost of a new mortgage in Halifax has increased from $1,123 to $1,781. This is an increase of 58% or a compound annual growth rate of 5.3%.

*Home equity line of credit
Source: Canada Mortgage and Housing Corporation, Mortgage and Debt Data (Various)

Monthly Credit Payments by Source

  • In 2023, mortgages accounted for the largest share of monthly credit payments by Halifax households. Halifax debtholders on average paid $1,330 per month on mortgages or 43% of total credit payments.
  • Payments on HELOCs, which average $618 a month, comprise the second-largest credit payment.
  • Next to housing-related debt, the largest source of debt is auto loans. Halifax debtholders pay an average of $496 per month or 16% of their monthly credit bill. Lines of credit (7%), credits cards (2%), and miscellaneous other forms of credit (12%) make up the rest.
  • Since 2019, average monthly payments for mortgages have increased by 18%, HELOCs by 27%, auto loans by 9%, and miscellaneous forms of credit by 9%. Over the same timeframe, average credit cards payments have decreased by 20% and payments on lines of credit have decreased by 6%.
  • Consequently, since 2019, mortgages and HELOCs have increased as a share of the monthly credit bill, from 59% to 63% of the bill.

Halifax Index 2024
Construction

The number of housing starts in Halifax jumped in 2023 after declining in 2022. There were 4,657 starts in 2023, up 37.5% from 3,387 in 2022. This is a considerable rebound from the 10.7% decrease between 2021 and 2022. However, the large increase in starts has not yet translated to an increase in completions. Halifax’s 2,954 completed units in 2023 were just below the 3,061 completions in 2022 (-3.5%). Given there were 19,237 more people living in Halifax in 2023, the pace of completions will have to increase further to relieve pressure on the housing market.

The record number of housing units entering Halifax’s construction pipeline meant increased competition for building materials, equipment, and labour. Statistics Canada’s Building Construction Price Index3for residential buildings in Halifax increased by 8.3% between 2022 and 2023. Since 2017, residential building costs increased by 55.8% or a compound annual growth rate of 7.7%.

On the non-residential side, construction costs have risen consistently but at a more moderate pace than in the residential sector. The Building Construction Price Index showed non-residential costs in Halifax increasing by 5.6% between 2022 and 2023. Since 2014, non-residential construction costs have increased 39.5% or a CAGR of 3.8%.

Halifax set a record in 2023 for investment in non-residential building construction. This figure increased from $473 million in 2022 to $601 million in 2023, a jump of 27.2%. Most of this increase came from a 140.8% increase in the institutional and governmental subsector (e.g., hospitals, schools, power grid, ports, government buildings). Construction investment in the commercial subsector saw a 17.1% increase, while the industrial sector declined by 2.4%.

There also was a dramatic increase in 2023 in the value of non-residential building permits4in Halifax. Building permits provide a more leading (though speculative) indicator of construction activity as developers procure land and obtain the legal rights to build properties in the future. The aggregate value of building permits issued for new non-residential construction in 2023 was $316 million, nearly double (+90%) the $166 million in 2022. This is in addition to the $257 million for structural improvements in 2023.

Source: Canada Mortgage and Housing Corporation, Housing Market Information Portal

Housing Starts and Completions

  • In 2023, there were 4,657 housing starts in Halifax up 37.5% from 3,387 units in 2022.
  • The number of completions decreased slightly last year from 3,061 completions in 2022 to 2,954 in 2023.
  • Figures for 2023 were higher than usual with starts up 53% (1,605 units) and completions up 20% (495 units) over their 10-year averages.
  • Since 2014, housing starts and completions have increased by a compound annual growth rate of 11.4% and 5.3%, respectively.

Source: Statistics Canada, Building Construction Price Index, Table 18-10-0276-01

Residential Construction Costs by Building Type

  • The Building Construction Price Index (BCPI) for residential buildings increased by 8.3% between 2022 and 2023.
  • The greatest rate of increase was in single-detached homes where the BCPI rose 9.7% followed by townhouses at 9.4%. The smallest rate was for apartments at 7.1%.
  • There are data for residential buildings as far back as 2017. Since then, the cost of residential buildings has gone up 55.8% or a CAGR of 7.7%.

Source: Statistics Canada, Building Construction Price Index, Table 18-10-0276-01

Non-Residential Construction Costs by Building Type

  • The Building Construction Price Index for non-residential buildings increased by 5.6% between 2022 and 2023.
  • In the commercial subsector, which includes shopping centres and office buildings, there was a 5.7% increase in the BCPI in 2023. The industrial subsector (e.g., factories) increased by 7.1%. In the institutional subsector, which includes school construction, there was a 4.7% increase in construction costs in 2023.
  • Since 2014, the cost of non-residential building construction has increased 39.5% or a CAGR of 3.8%.

Source: Statistics Canada, Investment in Construction, Table 34-10-0286-01

Investment in Non-Residential Building Construction

  • Investment in non-residential building construction in Halifax continued to climb in 2023, rising by $128 million (+27.2%). In 2022, non-residential building construction rose by $183 million (+63.3%) over the previous year.
  • While the 2022 growth was primarily driven by an 80% increase in the commercial subsector, the 2023 rise was driven by a 141% increase in the institutional and governmental subsector.
  • The commercial subsector, including retail and office space, decreased by $2.0 million in 2023.
  • The industrial subsector, including warehouses and factories, increased by $57.9 million in 2023.
  • The institutional and governmental subsector, including hospitals, ports, and power grids, increased by $72.6 million in 2023.
  • Since 2014, investment in non-residential building construction in Halifax has increased by 79.8%, a CAGR of 6.7%.

Source: Statistics Canada, Building Permits, Table 34-10-0285-01

Non-Residential Building Permits by Type of Work

  • The total value of non-residential building permits issued in Halifax increased by $225.7 million between 2022 and 2023, a rise of 65% in a single year.
  • In 2023, 55% of this activity ($316 million) was new construction, while 45% ($257 million) was improvements to existing structures.
  • Of non-residential permits issued in 2022, 52.6% ($182.9 million) were for improvements to existing infrastructure, while 46.9% of permits, valued at $163.1 million, were for new construction.
  • These shares have fluctuated over the past six years with new constructions ranging from 41% of the total in 2020 to 60% in 2021.
  • By comparison, while there were $573 million in permits issued for non-residential work, there was an additional $1.2 billion in residential permits.

Halifax Index 2024
Non-Residential

Halifax’s office and industrial markets reflect notably different market conditions. The office market continues to have elevated vacancy rates and stable rent levels. In contrast, the industrial vacancy rate remains very low and average rent has risen sharply; however, significant new construction activity may temper these trends going forward.

In terms of availability, Halifax’s downtown office vacancy rate decreased from 19.4% in 2022 to 18.3% in 2023. In the suburbs, the vacancy rate declined to a more modest 12.2% in 2023 from 12.9% in 2022. These high vacancy levels mean there has been essentially no movement in office rents. Average rent for downtown office space was $16.59psf in 2023, unchanged from 2022, while suburban office space was $14.67psf in 2023, up very slightly from $14.65psf in 2022. Since their recent lows in 2017, compound annual growth rates for downtown and suburban office rent were 2.2% and 1.3%, respectively.

Halifax offered among the most affordable Class-A office space in Canada. Across the eight benchmark cities for which data were available, Halifax had the second lowest average Class-A net rent (at $18.13psf) and the second highest vacancy rate (at 19.6%). Only Calgary had lower average rent and a higher vacancy rate.

The story could not be more different in the industrial market. Industrial vacancy inched up from its historic low of 1.9% in 2022 to 2.2% in 2023. In the last year alone, the average industrial rent jumped 18%, rising from $8.87psf in 2022 to $10.49psf in 2023. This increase (+$1.61psf) nearly tripled Halifax’s previous record for a single-year increase in industrial rent (+$0.55psf), which occurred between 2021 and 2022. Among the eight benchmark cities for which data were available, Halifax’s vacancy rate was positioned in the middle at fifth highest, while average net rent was the lowest among benchmark cities.

Source: CBRE, Office MarketView (Various)

Office Rent and Vacancy Rates by Region

  • Average office net rents remained essentially unchanged in 2023 at $16.59psf downtown and $14.67psf in the suburbs as compared to $16.59psf and $14.65psf in 2022, respectively.
  • This is a slowing of the gradual increases seen since 2017 when downtown net rent was $14.54psf and suburban net rent was $13.59psf. This is a compound annual growth rate of 2.2% and 1.3%, respectively.
  • Office vacancy rates declined in 2023 falling to 18.3% in the downtown and 12.2% in the suburbs, down from 19.4% and 12.9% in 2022, respectively.
  • The 2023 downtown office vacancy rate has increased by 6.3 percentage points since 2014, while the suburban office vacancy rate has decreased by 2.0 percentage points over the same period.

*For greater comparability and to avoid differences in class composition, this graph compares only Class-A offices in each benchmark city.
**Data were not available for Quebec City and St. John’s.
Source: CBRE, Office MarketView (Various)

Class-A* Office Rent and Vacancy Rates by City

  • At 19.6%, the Class-A office vacancy rate in Halifax was second highest among the eight benchmark cities for which data were available. This figure was lower than only Calgary, at 24.7%, and much higher than Vancouver, which had the lowest rate at 8.6%.
  • The average net rent for Class-A office space in Halifax was second lowest among benchmark cities at $18.13psf. Calgary was slightly lower at $18.09psf. Halifax was considerably more affordable than Vancouver, the most expensive city at $40.52psf.

Source: CBRE, Industrial MarketView (Various)

Industrial Rent and Vacancy Rates by Region

  • Halifax’s industrial vacancy rate remained low in 2023 at 2.2%, up 0.3 percentage points from 2022 but down 9.5 percentage points from its peak in 2016.
  • Average industrial net rent increased sharply in 2023 rising to $10.48psf (+18%) from $8.87psf in 2022.
  • Industrial rent jumped +$1.61psf from the previous year breaking the previous record increase of +$0.55psf set in 2022.
  • Early figures released for Q1 2024 suggest that the industrial vacancy rate has increased substantially to 5.3% as more inventory has entered the market. This may help slow the recent rapid increase in price.

*Data were not available for Quebec City and St. John’s.
Source: CBRE, Industrial MarketView (Various)

Industrial Rent and Vacancy Rates by City

  • Among the eight benchmark cities for which data are available, the industrial vacancy rate in Halifax was fifth highest at 2.2%. All benchmark cities had low levels of industrial vacancy ranging from a high of 4.1% in Calgary to a low of 1.8% in Toronto and Kitchener-Cambridge-Waterloo.
  • Average net rent for industrial space in Halifax was the lowest among benchmark cities at $10.48psf. The most expensive jurisdiction was Vancouver at $21.71psf, more than double Halifax’s rate.

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