News / Halifax

Prices sky high: Cost of condos soaring in hot Halifax housing market

Royal LePage's house price survey said the aggregate price of a home in Halifax Regional Municipality is up 4.3 per cent, and the price of a condo is up 11 per cent.

The crane-filled view from the Halifax Citadel National Historic site

Jeff Harper / Metro Order this photo

The crane-filled view from the Halifax Citadel National Historic site

With all the cranes in the sky, you might think condo prices in the municipality would be dropping, but a new survey says prices are going up as fast as the buildings.

The annual Royal LePage house price survey released on Thursday said their aggregate price of a home in Halifax Regional Municipality overall is up 4.3 per cent year-over-year to $320,656, and the price of a condominium jumped 11 per cent to $350,701.

“It’s not gonna get any worse. It’s only gonna get better,” said Sandra Pike with Royal LePage in Halifax.

“We’re all so looking forward to 2017.”

A news release from Royal LePage gave some of the credit for rising prices to Halifax regional council, and Pike said that’s “absolutely” a factor.

“We’re looking at building different infrastructure, there’s new construction, the Ramia gentlemen are building downtown; there’s certainly a lot of factors that lead to people moving to Halifax, which is great,” she said.

Dartmouth Centre Coun. Sam Austin isn’t sure council has much influence over housing prices.

“I think, in terms of a planning perspective … we have made efforts to make it easier to focus growth in the regional centre,” he said. “But I mean, where housing prices go, to me, is more a function of the market rather than necessarily anything that happens at city hall.”

Austin said the rising prices could be a concern for affordable housing in the municipality, but he’s hopeful that new density bonusing policies will help, and that the province will hand over more autonomy on housing.

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