Halifax Real Estate Market Report - January 2023

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Market Trends


Inventory continues to dwindle, resurrecting the age of the bidding war.


Inventory has not been this low since this past summer. With only 516 single-family homes and condos for sale in all of Halifax, buyers are starting to feel the pressure again.



In our own personal experience, just over the weekend, our clients found themselves in a bidding war of 24 offers. With pressure like this, prices will likely begin to rise again.


We have 82 fewer properties for sale than when we started 2023, because although 158 new listings came to market last month, 240 were sold.





Sales are significantly down since this time last year. The market slowed quite a bit over the past few months due interest rate hikes, however, we expect these numbers to begin to pick up again as rates are now stabilizing. Single-family home prices have decreased slightly when compared to 2022, and condo prices have increased by 22K (on average).



We have noticed in both the statistics and in our day to day business, properties are staying on the market longer than this time last year. When you are listing, don’t let this fool you into thinking we are not in a seller’s market. Properties are still selling in on average one month, which is relatively fast.





If the market continues on this trend of low inventory, we expect a wild summer ahead.


Jordan Gunn
Licensed Real Estate Assistant