Halifax home prices edge up as national market declines

Halifax home prices edged up in February, outpacing the national trend according to new data from the Canadian Real Estate Association.

Home prices in Halifax-Dartmouth rose 0.5 per cent in February to $557,300, while Nova Scotia as a whole saw a 1.2 per cent decline. Year-over-year, Halifax prices increased 7.1 per cent, surpassing the provincial gain of 5.5 per cent.

Nationally, the aggregate home price fell 0.8 per cent on the month and 0.8 per cent year-over-year. Halifax outperformed the national trend over both periods.

In Atlantic Canada, greater Moncton saw a slight 0.1 per cent dip in February, while prices in Fredericton climbed 0.6 per cent.

Year-over-year, Moncton rose 5.0 per cent, Fredericton 18.2 per cent, and Saint John 16.6 per cent. New Brunswick as a whole increased 10.7 per cent over the year.

In Prince Edward Island, prices fell 0.8 per cent on the month but rose 1.6 per cent year-over-year. Newfoundland and Labrador posted a 0.5 per cent gain in February and an 8.0 per cent annual increase, while St. John’s prices rose 1 per cent on the month and 12.8 per cent over the year.

Compared to other Atlantic cities, Halifax’s annual price growth was lower than Fredericton and Saint John but remained higher than Moncton and the national average.