The Nova Scotian housing market has become a topic of intense debate as we approach the next provincial election. Claudia Chender, the latest candidate running for Premier of Nova Scotia, has expressed her strong criticism of the Conservative-led government’s approach to the housing crisis. Chender has openly accused both the Houston government and the previous Liberal administration of “doing nothing to address skyrocketing housing costs,” a remark that has quickly made headlines and stirred the pot for local homeowners, developers, and real estate professionals alike.

"For the last three years, the Houston government — like the Liberals before him — did nothing to address skyrocketing housing costs. Now, every month, people are forced to spend too much of their paycheque on housing,” said Chender. “Instead of building homes people can actually afford, the Conservatives’ plan has been to let wealthy developers build expensive condos. These units don’t make our communities more affordable for average people. Nova Scotians really need a break, now.”

But let’s take a closer look at the real estate landscape of Halifax and the broader Nova Scotia area. As real estate professionals with firsthand insight into Nova Scotia’s housing dynamics, we have a clear understanding of the value these condos are bringing to the market and why they play an essential role in providing housing options for many middle-class families. Chender’s rhetoric may resonate with some, but is it truly reflective of what’s happening in our communities? Here’s a closer look.

The Reality of Housing Inventory in Halifax: Why New Condos Are a Lifeline

Halifax, like many growing cities, has witnessed fluctuating housing inventories over recent years, especially as more people are drawn to our beautiful coastal communities. Since Tim Houston’s election in 2021, 232 new condos have been sold in Halifax at an average price of $499,500. While this figure may seem high to some, it’s actually quite affordable for a two-person household looking to enter the housing market without overspending. Here’s why.

Halifax’s Need for Housing Inventory

Prior to 2017, resale homes were already showing signs of declining inventory. This wasn't just a localized blip; it was part of a broader housing shortage that was sweeping across many Canadian cities. Halifax, too, was feeling the crunch, and residents were beginning to notice the squeeze. Families looking for affordable housing options were met with limited choices, and without new builds, those choices would have been even more restricted. Enter the influx of new condos — a development that was not only timely but necessary for maintaining balance in the market.

These condos filled an urgent gap, providing affordable housing for many Nova Scotians who otherwise would have had no viable options. Without them, resale prices would likely have soared even higher, creating an even more untenable situation for local buyers.

Affordable Condos: A Solution, Not a Problem

Contrary to Chender’s assertion that developers are only building “expensive condos,” the pricing and availability of these units tell a different story. Condos at $499,500 are by no means in the realm of luxury. They’re priced for middle-income families who seek housing that suits their lifestyle and budget. For many, a condo in this price range is an achievable entry into the housing market, especially given the overall increases in home prices throughout Canada.

Comparing Halifax to Other Canadian Cities

It’s important to put Halifax’s housing prices in context. While $499,500 might seem significant at first glance, consider the comparative prices in cities like Toronto and Vancouver, where similar units easily fetch two to three times that amount. Nova Scotians looking to build their lives here should feel fortunate to have relatively affordable options compared to other regions.

By providing condos at this price point, developers are actually supporting Nova Scotians who are trying to gain a foothold in the housing market. They’re not merely catering to “wealthy developers” or wealthy clients; they’re addressing a genuine need for workforce housing that allows residents to stay close to their families, workplaces, and communities.

The Importance of Diverse Housing Stock for Halifax’s Growth

It’s easy to criticize new developments, especially when they seem to cater to a demographic with disposable income. However, diverse housing stock — including condos — is an essential component of any thriving city. Halifax’s economy is growing, and as more jobs and opportunities arise, so too does the demand for suitable housing. The recent condo developments are an investment in Halifax’s future, attracting young professionals, retirees, and even new families who see the appeal of living in an urban center without breaking the bank.

Impact on Resale Market Stability

Without the addition of these condos, the resale market would face unprecedented strain. We’d likely see bidding wars and inflated prices for resale homes, pushing out average Nova Scotians who simply want to own a home. New developments serve as a stabilizing force, ensuring that demand does not completely overwhelm the existing inventory and drive prices to unsustainable levels.

By balancing both new developments and resale options, Halifax can maintain a more stable housing market where people from all walks of life can find housing that fits their needs and budgets. Ignoring this balance could lead to the very crisis Chender claims to want to solve.

Does Claudia Chender Truly Understand Halifax’s Housing Landscape?

Claudia Chender’s claim that developers are only out for profit and that affordable housing isn’t a priority seems based more on a simplistic narrative than on the complex realities of Halifax’s housing market. The truth is that housing affordability isn’t just about cutting down the prices of individual homes. It’s about creating a market that includes a variety of housing types and price ranges, ensuring that buyers and renters have options.

Failing to See the Bigger Picture

The idea that only “wealthy developers” benefit from new condo projects ignores the essential role these developers play in expanding housing options for all Nova Scotians. The solution isn’t to halt new condo developments but to create policies that encourage a diverse range of housing options.

Chender’s vision of only “affordable homes” is noble, but without the critical influx of condos, there would be no path to homeownership for many working families. Rather than dismissing new developments as overpriced and unnecessary, perhaps Chender should consider how these units actually benefit the average Nova Scotian.

Conclusion: Halifax Needs Condos to Remain Affordable and Accessible

The criticism of condo developments as catering only to wealthy investors doesn’t stand up against the actual trends we’re witnessing in Halifax. These condos, far from being unnecessary luxuries, are critical to keeping Halifax affordable for the broad demographic of buyers we serve.

At the end of the day, we’re not just talking about high-end real estate developments that only benefit a wealthy few. We’re talking about affordable housing options for families, young professionals, and longtime residents who want to stay in the communities they love. And yes, condos priced under $500,000 are a significant part of that equation.