Hey guys,
I know it's been a while since I did a monthly market stat breakdown for Halifax, but here I am back again!
Few things to note.
Average home price was $597,168.00 which is only the second time this year that the average home price in Halifax dropped below $600,000.00 (the only other time was July 2025.) So that means 2 times in the last 3 months has the average home price dropped below $600k. Something worth noting!
To me, the important things to note in this months market stats are the number of homes for sale in Halifax (1320), and the months of inventory in Halifax (3.2 months.)
Why?
Halifax has not had 1320 units for sale since April 2020!! That's the start of the COVID-19 pandemic, when home prices in Halifax started increasing rapidly. Now since the start of January 2025, Halifax has increased it's number of units for sale every single month, starting from 792 units in January to 1320 units inSeptember. Now in real estate, we live and die by the rule of supply and demand. Ff there are no homes for sale and strong demand, prices go up, and if there are homes for sale and no demand, prices go down. Simple, right? Well if that's the case here, than home prices should be starting to cool off in Halifax becuase we're starting to get supply (number of homes for sale) back. And you can tell, because we are gaining units for sale every month. Days on market is up, Halifax is seeing more price adjustments, and homebuyers are starting to be able to negotiate price adjustments on purchases.
So, something is starting to happen in Halifax.
The next thing would be the months of inventory at 3.2 months. So this is a real estate mathematical equation we use to see how much inventory is in a real estate market at any given time. The equation is simple, we assume if Halifax receives no new listings, how long does Halifax have, based on rate of consumption by buyers, until it runs out of listings?
3.2 months.
Why is this important? Halifax has not had 3.2 months of inventory since October 2019!! Just think about that for a second, Halifax now has as much inventory for sale as we did back in October 2019. 6. Years. Ago. Before the real estate market went crazy!! Now another thing to note, the real estate industry has 3 different real estate markets. Sellers market, balanced market, and a buyer's market. A sellers market is defined by 0-4 months of inventory, a balanced market is 4-6 months of inventory, and a buyers market is 6+ months of inventory. (This is defined by CREA, the Canadian Real Estate Association.) So if that's the case, Halifax is actually 0.8 months of inventory away from a balanced market. A balance market by definition states that a buyer is paying fair market value for a home.
So what does this all mean? I'm taking it as signs in the water that the Halifax real estate market might be starting to cool off... But Halifax home prices seem to be sticking to their all time highs throughout all of 2025. So are home prices the last things to come down? Or will buying demand come back now that the Bank of Canada is cutting interest rates again?
Who knows, something to think about.
Last thing to note, September 2025 received 654 new listings, September has not received that many new listings since September 2020 when everyone was chasing the red hot real estate market and all time high home sale prices... So are sellers still chasing these all time high prices, or are people selling their homes because mortgage renewals are here and the change in interest rates are too much for them to bear?
Food for thought!
Jason Paul
902-220-7357
[email protected]
@jasonpaulhalifaxrealtor
