Halifax is a stable city for real estate investment, with a strong long-term growth plan. With a population of 430,512, it is the largest city in Atlantic Canada. Currently, it holds a $29 billion federal shipbuilding contract, a $2 billion offshore oil exploration contract, $8.9 billion in housing and mixed-use developments, six universities educating over 35,000 students, and has the deepest port on the East Coast of North America servicing the largest shipping lines in the world to over 150 countries. In 2018, Halifax’s GDP rose by $300-million ($19.2 billion total), representing a 1.6 per cent increase in average annual income growth. Halifax is the fourth fastest growing among Canada’s 28 largest cities.
The residential vacancy rate in the HRM dipped below 1% in early 2020, a lower rate than both Toronto and Vancouver. Additionally, Halifax home prices closed 2019 with a 7.35% year-over-year gain, the second highest among all major Canadian housing markets.