Halifax Rents Rise in September as Toronto and Vancouver See Declines
Average rent in Halifax increased by 1.6 per cent in September, bucking a national trend that saw declines in Toronto and Vancouver. A CMHC economist says the city's primary housing challenge is availability rather than price alone.
While average rents across Canada continue to decline from their 2024 peak, Halifax moved in the opposite direction in September. The city’s average rent rose by 1.6 per cent during the month, contrasting sharply with decreases recorded in other major urban centres.
Toronto saw its average rent fall by two per cent, while Vancouver experienced a 1.4 per cent decrease over the same period. Despite these drops elsewhere, newcomers arriving on the East Coast are finding that Halifax offers little financial relief compared to the markets they left behind.
Perry DeNure and his family relocated from British Columbia’s Lower Mainland to Halifax in May. According to reports, newcomers like DeNure have found that Halifax is priced similarly to the communities they departed in B.C.'s Lower Mainland.
Beyond the cost of renting, securing a unit remains a significant hurdle for those moving to the Halifax Regional Municipality. An economist with the Canada Mortgage and Housing Corporation (CMHC) stated that "The issue with Halifax is availability," highlighting that a shortage of units is driving the local market dynamics just as much as pricing.