The first month of 2025 is behind us, and the Halifax real estate market is showing signs of activity despite the winter chill. With a small increase in active listings, steady sales, and a significant mortgage rate update, let’s break down what’s happening and what it means for buyers and sellers in 2025.
Active Listings: More Homes Hitting the Market?
January 2025 saw a 5 percent increase in active listings compared to last year. While that may seem small—just 42 more homes than in January 2024—it signals a steady supply of inventory for buyers.
- January 2024: 755 active listings
- January 2025: 797 active listings
Compared to the ultra-low inventory of 2022, when there were only 179 homes for sale, Halifax’s housing market is slowly regaining balance.
Home Sales: Are Buyers Still in the Market?
Buyers remain active even in the winter months. January home sales were up 4 percent year-over-year, with 239 homes sold across the Halifax region. Serious buyers are still in the market, and competition remains steady.
Prices and Days on Market: Holding Strong
The average home price in January 2025 came in at $618,500, marking a 5.5 percent year-over-year increase. While that is slightly below last year’s 6.6 percent growth, it still outpaces pre-pandemic appreciation levels of 3 to 5 percent per year.
- January 2024 Average Price: $584,400
- January 2025 Average Price: $618,500
Meanwhile, homes are taking an average of 53 days to sell—identical to last year. This suggests that Halifax remains in a seller’s market, which has been holding strong since November 2019.
Mortgage Rate News: Lock In Before It’s Too Late
A major announcement from the Globe and Mail this month revealed that buyers can now lock in a 5-year fixed mortgage rate under 4 percent. Here is the article link to check out: 🏦🇨🇦 https://www.theglobeandmail.com/topics/bank-of-canada
Why This Matters
If you are considering buying in 2025, you can secure a 120-day rate hold at this lower rate. If rates drop further, you will still get the better deal. If they rise, you are protected from potential increases.
Key Takeaways for Buyers and Sellers
- Buyers: Despite rising prices, there are still opportunities under $400,000, though single-family homes in this range are becoming increasingly rare. Considering condos or townhomes may be a strategic way to enter the market.
- Sellers: With a 98.3 percent list-to-sale ratio, proper pricing is critical. The days of underpricing to encourage bidding wars are behind us. If a home is priced correctly, it should sell within the current market range.
Final Thoughts
With inventory still limited, interest rates shifting, and demand holding strong, 2025 is shaping up to be another competitive year in Halifax real estate!
Thank you again for joining us for our latest market recap! As we move into 2025, our team is here to help you navigate Halifax’s evolving real estate market with confidence. Whether you’re buying, selling, or investing, we’re ready to guide you every step of the way
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✉️ brendak@brendak.ca
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