Halifax Real Estate 2023: Where to Buy in HRM

Halifax Regional Municipality is the capital of Nova Scotia and the economic hub of the Maritimes. Composed of Halifax, Dartmouth and Bedford, the municipality is home to roughly 440,000 residents and combines urban amenities with many suburban and coastal neighbourhoods.

What’s included on this page

• Best places to buy real estate in Halifax Regional Municipality
• How to read the table
• What’s happened in the Halifax real estate market?
• What’s next for real estate in Halifax?
• Halifax Regional Municipality’s top three neighbourhoods
• Methodology

Best places to buy real estate in Halifax

Below is a ranked table of Halifax neighbourhoods that scored highly on value, economic indicators and family friendliness. You can scroll horizontally to view all columns. The benchmark price reflects a composite of all property types as of Dec. 31, 2022.

Rank	Neighbourhood	City	Benchmark price (2022)	1-year growth	3-year growth	5-year growth	Value (0–5)	Economics (0–5)	Accessibility (0–5)	Households with children (%)
1	Cole Harbour	Halifax	$449,061	27%	65%	67%	4.5	4.3	0.6	47%
2	Preston–Lawrencetown–Chezzetcook	Halifax	$511,567	35%	75%	98%	5.0	3.6	0.5	42%
3	Waverley–Fall River–Beaver Bank	Halifax	$620,440	32%	60%	78%	3.8	4.7	0.1	48%
4	Timberlea–Prospect	Halifax	$574,098	31%	75%	93%	4.5	3.9	0.0	47%
5	Spryfield–Herring Cove	Halifax	$612,269	31%	80%	114%	4.6	3.7	0.0	41%
6	Woodside–Eastern Passage	Halifax	$368,032	29%	55%	73%	4.8	3.2	0.4	45%
7	Hammonds Plains–St. Margarets	Halifax	$711,251	23%	55%	90%	3.0	5.0	0.0	47%
8	Middle & Upper Sackville–Lucasville	Halifax	$509,364	30%	65%	90%	4.5	3.4	0.6	48%
9	Portland–East Woodlawn	Halifax	$443,460	22%	51%	54%	3.9	3.3	0.7	40%
10	Bedford	Halifax	$715,391	21%	61%	87%	3.0	4.1	0.1	42%
11	Lower Sackville	Halifax	$411,186	32%	54%	66%	4.6	2.5	0.4	42%
12	East Dartmouth–The Lakes	Halifax	$462,127	15%	56%	60%	3.7	3.0	0.8	41%
13	Eastern Shore–Musquodoboit Valley	Halifax	$346,996	11%	56%	77%	4.3	2.3	0.1	30%
14	Fairview–Clayton Park	Halifax	$513,981	22%	61%	74%	3.9	2.1	0.7	29%
15	Purcell’s Cove–Armdale	Halifax	$593,623	25%	59%	59%	3.5	2.5	1.5	34%
16	Clayton Park West	Halifax	$486,434	26%	57%	63%	4.0	0.8	0.1	29%
17	Albro Lake–Harbourview	Halifax	$535,214	35%	75%	88%	4.8	0.0	3.4	24%
18	Connaught–Quinpool	Halifax	$792,888	30%	59%	83%	2.8	1.9	3.2	27%
19	Dartmouth Centre	Halifax	$511,428	13%	49%	57%	3.2	1.3	3.3	25%
20	Rockingham–Wentworth	Halifax	$650,713	25%	48%	61%	3.0	1.1	1.7	30%
21	Halifax North End	Halifax	$547,964	-10%	47%	70%	2.2	1.0	5.0	19%
22	Halifax Downtown	Halifax	$717,089	9%	45%	54%	1.8	0.7	0.1	8%
23	Northwest Arm–South End	Halifax	$1,033,843	14%	36%	28%	0.0	2.2	4.3	17%

Source: Zoocasa

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How to read the table

• Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including detached and attached homes, townhouses/row units and apartments.
• 1-year, 3-year and 5-year growth: The percentage change in the composite benchmark price over each period.
• Value, economics and accessibility: Each is scored from 0 to 5. A higher score indicates stronger value for money, stronger neighbourhood economic indicators (income and education), and better ease of travel by foot, bike and public transit, respectively.
• Children: The percentage of households in the neighbourhood with children.
• See the detailed methodology used for these rankings in the full report.

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What’s happened in the Halifax real estate market?

Halifax experienced a rapid rise in prices through early 2022: the average home price peaked at about $603,386 in April 2022 before cooling later in the year. By year-end the average had declined to roughly $474,389, a drop of more than 21% from the April peak. Early 2022 saw intense competition, record-high prices in many neighbourhoods and historically low inventory—trends reflected across much of Canada.

Local agents report that the first half of 2022 was the hottest market Halifax had seen in recent history. Properties often received multiple offers and frequently sold well over the asking price. As interest rates rose in the second half of the year, buyer demand softened and markets slowed.

Higher borrowing costs have narrowed many buyers’ budgets. Where buyers could once afford homes in the $600,000 range with lower rates, many are now constrained to budgets nearer $400,000–$500,000. While prices retreated from the spring 2022 highs, they have not returned to pre-pandemic levels.

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What’s next for real estate in Halifax?

At the start of 2023 the average Halifax home price rose modestly to about $536,744 in January—roughly a 13% increase from December 2022. Competition has picked up compared with late 2022, but it remains below the intensity seen in early 2022. Supply is still tight, so well-priced homes that meet buyer needs continue to sell quickly.

Properties are, on average, spending more days on market than during the spring 2022 surge, but low listings mean sellers remain cautious about listing. When fairly priced, desirable homes appear, multiple-offer scenarios are returning in some parts of the region, although not to the extreme levels previously observed.

Overall affordability remains constrained by higher interest rates. Many buyers are more cautious about monthly payment commitments, which has reduced the urgency to buy for some. This environment suggests a steady, selective market rather than a broad, competitive frenzy.

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Top neighbourhoods in other regions

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Halifax’s top three neighbourhoods

1. Cole Harbour

Cole Harbour, east of Dartmouth, ranks highly for value and steady price growth. Convenient to schools, highways and nature trails, it recorded an average benchmark price of $449,061 at the end of 2022—27% higher than the prior year and 67% higher than five years earlier. Its value score is strong (4.5) and its economic indicators are solid (4.3). The neighbourhood is more car-dependent, which is reflected in a lower accessibility score.

View Cole Harbour real estate listings on Zoocasa.

2. Preston–Lawrencetown–Chezzetcook

This cluster of communities along Halifax’s eastern shore offers exceptional value and some of the region’s strongest recent price gains. The composite benchmark price was $511,567 at the end of 2022—up 35% year over year and 98% over five years—earning a perfect value score of 5. The area is family-friendly, with about 42% of households reporting children. As a suburban area, accessibility by transit or on foot is limited.

View Preston–Lawrencetown–Chezzetcook real estate listings on Zoocasa.

3. Waverley–Fall River–Beaver Bank

Located in northeast Halifax, Waverley, Fall River and Beaver Bank combine strong family appeal, recreational amenities and a network of lakes. The benchmark price averaged $620,440 at the end of 2022, reflecting steady growth: 32% year over year and 78% over five years. The area scores well on economic measures (4.7) and has one of the highest shares of households with children (48%), though accessibility remains low.

View Waverley–Fall River–Beaver Bank real estate listings on Zoocasa.

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Read more about buying a home

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• Video: How the Bank of Canada’s interest rate affects you
• How much of a down payment do you need on a second home?

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