Halifax is booming. Once a modest coastal city, it’s now one of Canada’s fastest-growing urban centres, and the Halifax population surge is reshaping the real estate market. With more newcomers arriving every year, from across Canada and around the globe, the demand for housing has skyrocketed. If you’re thinking about investing in Halifax in 2025, understanding how population growth is influencing the housing market is more important than ever.
What’s Driving Halifax’s Population Growth?
According to Statistics Canada, Halifax welcomed over 10,114 immigrants in 2023/2024 — more than double the 4,503 recorded in 2015/2016. That doesn’t include the growing number of returning Nova Scotians: 756 emigrants returned home in 2023/2024, up from just 396 nearly a decade earlier.
So what’s behind this surge?
1. Interprovincial Migration
Many new residents are coming from Ontario and other expensive provinces, drawn by Halifax’s lower cost of living and slower pace. Remote work has also made it easier for Canadians to relocate while keeping their jobs elsewhere.
In 2014/2015, 4,788 Ontarians moved to Nova Scotia. By 2023/2024, that number had nearly doubled to 8,251, with more Ontario residents packing their bags for the East Coast.
2. Immigration & Students
Immigration has skyrocketed, and Halifax’s universities continue to attract students from around the globe. These newcomers are adding to both the rental and resale demand. 26,635 international migrants moved to Halifax in 2024, with 21% coming on a study permit.
3. Economic & Job Growth
Halifax’s job market has grown in key sectors like tech, health care, and education. The Halifax Partnership notes ongoing momentum in these industries, which keeps talent and demand for housing in the city.
4. Lifestyle Appeal
Coastal living, a strong sense of community, and access to nature make Halifax increasingly attractive, especially for younger Canadians and families. In 2023-2024, the largest increase in population growth was among 30-44 year olds. Meanwhile, 20.6% of the population is between 15 and 29, representing a higher percentage than many other large cities like Montreal, Ottawa, and Calgary.
How Is the Real Estate Market Responding?
With more people comes more demand, and Halifax’s housing supply hasn’t kept up. In June 2025, housing starts in the city were down a staggering 38.9% compared to the same month last year. Over the first half of 2025, starts declined 5.7% in Halifax, while increasing 10.6% across the rest of Nova Scotia. That means fewer new homes are being built in the region experiencing the most population growth.
As a result, competition for existing homes is intensifying. Prices have continued to rise year-over-year, especially for single-family homes and entry-level condos. Halifax’s benchmark home price reached $618,659 in June — a 4.1% increase from June 2024 — reflecting the growing pressure on a limited pool of available properties.
New developments are underway, but given construction slowdowns and regulatory hurdles, they won’t be enough to meet demand in the near term.
Rentals Are Tighter Than Ever
If you’re looking to rent in Halifax, you’ve probably already felt the pressure. The city’s vacancy rate remains among the lowest in the country, and average rents have soared.
According to the latest National Rent Report:
- Halifax’s average 1-bedroom rent is $2,059
- That’s nearly $500 more than Calgary
- And just $200 less than Toronto, where the average is $2,283
In short, Halifax rent prices now rival the GTA, largely because housing supply hasn’t kept pace with population growth. Purpose-built rentals remain scarce, and many newcomers are struggling to find affordable options. Budget-friendly apartments are especially hard to come by.
Policies have been introduced to address the shortage, including funding for new builds and rent caps. Still, unless housing starts double, a recent report warns Nova Scotia will not restore pre-COVID affordability levels anytime soon.
What It Means for Buyers, Renters, and Investors in 2025
If you’re planning to move to Halifax in 2025, here’s what you need to know:
For Buyers
Homeownership remains more affordable than in Vancouver or Toronto, but bidding wars and tight inventory are common. Flexibility in location, budget, and timing will help. Keep an eye on up-and-coming neighbourhoods where growth is spurring new development. If affordability is key, consider looking beyond the Halifax city limits.
For Renters
Start your search early, especially if you’re a student or new to the city. Consider co-living or shared accommodations as transitional options. Tools like waitlists and direct landlord outreach can give you an edge in a competitive market.
For Investors
Halifax is now firmly on the radar for real estate investors. High rental demand and rising prices create solid income potential, especially for those targeting student housing or mid-density family units. However, supply constraints and rent control policies require careful planning.
What This Means for Halifax’s Housing Future
Halifax’s growing population is reshaping the city in real time. With immigration rising, more Canadians returning home, and housing starts lagging, pressure is mounting on both the resale and rental markets. Affordability is no longer a guarantee, but opportunity still exists for those who act strategically.
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