Nationally, new home prices declined for the seventh consecutive month, falling 0.4% from September to October. Prices were down in 12 census metropolitan areas (CMAs), unchanged in 10 and up in 5.
New home prices have been slowly trending downward nationally since peaking in August 2022, with the decline accelerating in 2025. One notable exception to the national trend is Halifax, where new home prices continued to rise.
New home prices in Halifax rising at the fastest pace nationally in 2025
During the first 10 months of 2025, the New Housing Price Index has fallen 1.8%, with prices down in 15 of 27 CMAs, including Canada’s two largest housing markets of Toronto (-2.8%) and Vancouver (-1.6%).
Conversely, new home prices in Halifax have risen at the fastest pace nationally, increasing by 4.9% since the beginning of 2025.
Spotlight on Halifax: Canada’s hottest new housing market
Strong demand for housing in Halifax has occurred against a backdrop of rapid population growth.
Builders in Halifax reported that many buyers moved from Ontario to Nova Scotia over the past few years, particularly those who had the ability to work remotely. Halifax was the preferred choice for these newcomers over other Atlantic CMAs due to its urban amenities. An estimated 57,220 people moved from Ontario to Nova Scotia from the beginning of 2021 to the second quarter of 2025.
New housing supply, however, has not kept up with the increased demand, with the New Housing Market Report, 2024: Experimental estimates reporting 190 new dwellings completed per 1,000 population growth over this period.
In addition to the upward pressure on house prices from high demand and low supply, construction costs continued to rise. In the third quarter of 2025, the cost to construct a single-detached house in Halifax increased by 4.0% year over year and was 9.4% higher compared with the same quarter in 2023.
In September 2025, the median number of days a new home was on the market in Halifax before selling was 78 days. According to builders surveyed, the presale market accounts for about half to two-thirds of the new housing market in the CMA, with an average time of nine months from the signing of a contract to the time of closing for the buyer.
As land near the Halifax city centre became scarcer, developers have moved to surrounding areas, with Middle Sackville and Dartmouth being popular choices for new home construction, as reported by respondents.
Contact information
For more information, contact the Statistical Information Service (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).