Lately in the news, the Canada Real Estate Association is talking about the slow down of markets across Canada. I took the time this morning to analyze our stats YTD and compare them to the rest of Canada
What does the below mean to you as a seller? We have local buyers for the most part, with no sense of urgency and smaller budgets. The market that we are currently in, is one that I have worked in since 2010. (apart from our Covid years)
Given the current economy, sellers will need patience and understanding of current times. Unfortunately, I believe that your home will take longer to sell than anticipated.
Halifax Real Estate Market (YTD) for 2025
Market Overview
- Total Properties Sold: 643 single-family homes
- Average Selling Price: $641,195.81
- Price Range: $30,000 (minimum) to $2,300,000 (maximum)
- Average Days on Market: 43.3 days
- Price Negotiation: 56.3% of properties sold under asking price, 31.7% sold over asking, and 12.0% sold at asking price
- Average Price Difference: Properties sold for an average of 1.83% below the original listing price
Top Districts by Sales Volume
- Timberlea, Prospect, St. Margaret's Bay (82 sales)
- East Hants/Colchester West (65 sales)
- Beaver Bank, Upper Sackville (41 sales)
- Spryfield (38 sales)
- Bedford (37 sales)
Market Trends
- Seasonal Pattern: Sales volume peaked in March 2025, which is typical for spring market activity.
- Price Trends: Average prices have been gradually increasing from February to March showing a positive trend in the market.
- Buyer's Market Indicators: With most properties selling below asking price, buyers appear to have some negotiating power in the current market.
- Days on Market: The average of 43.3 days indicates a moderately active market, though some properties took much longer to sell (maximum of 567 days).
Properties Sold Over Asking Price
- Number of Properties: 204 (31.7% of total sales)
- Average Amount Above Asking: $23,819.52
- Average Percentage Above Asking: 4.72%
- Median Percentage Above Asking: 2.90%
- Range: From just 0.01% to 21.69% above asking
Properties Sold Under Asking Price
- Number of Properties: 362 (56.3% of total sales)
- Average Amount Below Asking: $40,485.17
- Average Percentage Below Asking: 5.92%
- Median Percentage Below Asking: 4.53%
- Range: From just under asking to 45.79% below asking
Percentage Distribution
Properties Over Asking:
- 0-5% over: 132 properties (64.7% of properties sold over asking)
- 5-10% over: 37 properties (18.1%)
- 10-15% over: 26 properties (12.7%)
- 15-20% over: 6 properties (2.9%)
- 20%+ over: 3 properties (1.5%)
Properties Under Asking:
- 0-5% under: 204 properties (56.4% of properties sold under asking)
- 5-10% under: 101 properties (27.9%)
- 10-15% under: 35 properties (9.7%)
- 15-20% under: 12 properties (3.3%)
- 20%+ under: 10 properties (2.8%)
Properties Sold At Asking Price
- Number of Properties: 77 (12.0% of total sales)
This data suggests that while more properties are selling under asking price, the majority of these negotiations are relatively modest (within 10% of listing price). Properties selling over asking typically have smaller premiums (mostly
Halifax Real Estate Market Analysis by District - Complete Metrics
Based on my analysis of the Halifax real estate market data, here's a comprehensive breakdown by district including the listing prices, sold prices, and square footage data you requested:
Top Districts by Sales Volume
1. Timberlea, Prospect, St. Margaret's Bay (82 sales)
- Average Days on Market: 38.7 days
- Average Original List Price: $642,990
- Average Final List Price: $635,209
- Average Selling Price: $622,742
- Average Square Footage: 2,199 sq ft
- Average Price Per Square Foot: $1,293.00
- Sold Over Asking: 21 properties (25.6%)
- Average amount over: $9,874 (2.1%)
- Sold Under Asking: 41 properties (50.0%)
- Average amount under: $45,554 (7.8%)
- Price Drops Required: 22.0% of properties
2. East Hants/Colchester West (65 sales)
- Average Days on Market: 52.4 days
- Average Original List Price: $549,693
- Average Final List Price: $540,272
- Average Selling Price: $532,901
- Average Square Footage: 2,053 sq ft
- Sold Over Asking: 16.9% of properties
- Sold Under Asking: 66.2% of properties
- Price Drops Required: 29.2% of properties
3. Beaver Bank, Upper Sackville (41 sales)
- Average Days on Market: 68.7 days
- Average Original List Price: $758,571
- Average Final List Price: $745,247
- Average Selling Price: $737,498
- Average Square Footage: 2,361 sq ft
- Sold Over Asking: 19.5% of properties
- Sold Under Asking: 63.4% of properties
- Price Drops Required: 36.6% of properties
4. Spryfield (38 sales)
- Average Days on Market: 29.8 days
- Average Original List Price: $598,600
- Average Final List Price: $594,731
- Average Selling Price: $598,443
- Average Square Footage: 2,015 sq ft
- Sold Over Asking: 42.1% of properties
- Average amount over: $22,916 (4.4%)
- Sold Under Asking: 42.1% of properties
- Price Drops Required: Only 10.5% of properties
5. Bedford (37 sales)
- Average Days on Market: 56.5 days
- Average Original List Price: $796,469
- Average Final List Price: $789,480
- Average Selling Price: $776,921
- Average Square Footage: 2,523 sq ft
- Sold Over Asking: 29.7% of properties
- Sold Under Asking: 56.8% of properties
- Price Drops Required: 21.6% of properties
Hot Markets (Fast Sales, High % Over Asking)
Woodlawn, Portland Estates, Nantucket (35 sales)
- Average Days on Market: 20.7 days
- Average Original List Price: $534,871
- Average Final List Price: $530,723
- Average Selling Price: $540,809
- Average Square Footage: 1,971 sq ft
- Sold Over Asking: 62.9% of properties
- Average amount over: $29,132 (6.2%)
- Sold Under Asking: 37.1% of properties
- Price Drops Required: Only 11.4% of properties
Halifax West (20 sales)
- Average Days on Market: 21.6 days
- Average Original List Price: $719,249
- Average Final List Price: $720,410
- Average Selling Price: $728,107
- Average Square Footage: 1,701 sq ft
- Sold Over Asking: 60.0% of properties
- Average amount over: $36,980 (5.6%)
- Sold Under Asking: 40.0% of properties
- Price Drops Required: 20.0% of properties
Colby Area (20 sales)
- Average Days on Market: 17.9 days
- Average Original List Price: $540,733
- Average Final List Price: $537,030
- Average Selling Price: $536,663
- Average Square Footage: 1,976 sq ft
- Sold Over Asking: 45.0% of properties
- Sold Under Asking: 45.0% of properties
- Price Drops Required: Only 15.0% of properties
Challenging Markets (Longer Sales, Higher % Under Asking)
Lawrencetown, Lake Echo, Porters Lake (29 sales)
- Average Days on Market: 99.9 days
- Average Original List Price: $643,062
- Average Final List Price: $623,503
- Average Selling Price: $604,052
- Average Square Footage: 2,381 sq ft
- Sold Over Asking: Only 17.2% of properties
- Sold Under Asking: 72.4% of properties
- Average amount under: $55,886 (8.0%)
- Price Drops Required: 37.9% of properties
Halifax County East (19 sales)
- Average Days on Market: 57.7 days
- Average Original List Price: $388,584
- Average Final List Price: $383,530
- Average Selling Price: $374,284
- Average Square Footage: 1,899 sq ft
- Sold Over Asking: Only 10.5% of properties
- Sold Under Asking: 78.9% of properties
- Average amount under: $19,927 (10.4%)
- Price Drops Required: 36.8% of properties
Fairmount, Clayton Park, Rockingham (30 sales)
- Average Days on Market: 41.2 days
- Average Original List Price: $783,220
- Average Final List Price: $779,237
- Average Selling Price: $748,353
- Average Square Footage: 2,595 sq ft
- Sold Over Asking: Only 13.3% of properties
- Sold Under Asking: 83.3% of properties (highest percentage)
- Average amount under: $43,977 (5.2%)
- Price Drops Required: 20.0% of properties
Price Per Square Foot Analysis
According to the data, there are limited price per square foot values available, but from what we can see:
- Timberlea, Prospect, St. Margaret's Bay: $1,293.00 per sq ft
- Halifax South: $1,231.00 per sq ft
Square Footage By District
The most spacious homes (by average square footage) are in:
- Kingswood, Haliburton Hills: 2,779 sq ft
- Waverley, Fall River, Oakfield: 2,785 sq ft
- Bedford: 2,523 sq ft
- Fairmount, Clayton Park: 2,595 sq ft
The smallest homes (by average square footage) are in:
- Halifax West: 1,701 sq ft
- Halifax County East: 1,899 sq ft
- Woodlawn, Portland Estates: 1,971 sq ft
- Colby Area: 1,976 sq ft
Key Observations
- Price/Value Relationship: While we have limited price per square foot data, it appears Halifax South provides the best value for luxury properties, with large homes (2,914 sq ft avg) at a slightly lower cost per square foot than Timberlea.
- List-to-Sell Gaps: Most districts show some gap between original list price and final selling price. In Lawrencetown, the average property sells for nearly $40,000 less than the original list price.
- Price History Pattern: In hot markets like Woodlawn and Halifax West, the final selling price is often higher than both the original and final list prices, indicating competitive bidding.
- Square Footage Impact: Larger homes (2,500+ sq ft) tend to take longer to sell and are more likely to sell under asking price, while more modest-sized homes (1,700-2,000 sq ft) in desirable locations sell faster and often over asking.
- Price Drop Necessity: Challenging markets like Lawrencetown (37.9%), Halifax County East (36.8%), and Beaver Bank (36.6%) require price drops for over a third of listings to successfully sell.
Is Halifax Slowing Down?
Based on this data, Halifax does show signs of slowing down, though perhaps not as dramatically as some other Canadian markets
