Statistics Canada data shows Halifax households spent more than 31% of their before-tax income on housing and transportation costs in 2024, a figure comparable to Toronto's 30%. Over recent years, housing prices in Halifax have rapidly escalated, with significant increases reported from 2019 to 2022. Many individuals considering moving to Halifax have shifted their plans after recognizing the high housing prices. Rising rents contributed to some residents relocating to cities like Montreal, revealing a shift in the affordability landscape of Halifax housing.
"A lot of people have this kind of misconception that homes are cheap," said Melnyk. Over the last few years, he's regularly received inquiries from people outside Nova Scotia who are interested in moving to the province.
"The value proposition [of moving to Halifax] doesn't make that much more sense anymore relative to say, a number of years ago when it was a lot cheaper."
While renting, Sunter started to consider buying her first home just before 2020. But in only a couple of years, that was out of reach.
Each year, all I could see was that there was nothing I would be able to afford as prices continued to rise.
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