Halifax has earned the nickname “half-priced Toronto” because, on average, homes here cost roughly half of what buyers pay in Canada’s largest city. With Halifax’s average sale price around the high-$500,000s in 2024, compared to Toronto’s roughly $1.1M range, the gap is very real.^1,2,3 This affordability gap is reshaping who moves here, how locals buy and sell, and what homeowners and investors should be thinking about next.

What does ‘half-priced Toronto’ actually mean for people in HRM?

• Buyers: Out-of-province demand from higher-priced markets increases competition in key price ranges.
• Sellers: Halifax looks like a bargain on a national scale, but pricing still has to match local reality.
• Homeowners: Your equity story is changing — especially if you bought before the recent growth years.
• Investors: Cash flow and appreciation potential both look different than in Toronto, but so do risks.

The numbers behind the “half-priced” label

According to the Halifax Index, the average sale price in Halifax in 2024 was about $579,606, up 4.7% from 2023.¹ Over the same general period, the Toronto Regional Real Estate Board reported an average selling price for all home types in the GTA in the low $1.1M range.^2,3 Whatever week or month you look at, the broad pattern is consistent: Toronto is roughly double Halifax on price.

At the same time, Nova Scotia has seen strong interprovincial migration. Between mid-2024 and mid-2025, more than 18,000 people moved to the province from elsewhere in Canada, with net migration firmly positive.⁴ Many of those arrivals are coming from higher-priced provinces like Ontario and British Columbia, for whom Halifax feels “cheap” compared to what they’re used to paying.

Put simply, people are moving here because our “half-price” label is real compared to Toronto — and that extra demand shows up in our offers, our days-on-market, and our long-term price trends.

“Your help in locating our home was exceedingly beneficial… We would strongly recommend you to anybody that’s in the market to purchase or sell a house.” — Mark B.

How this affects buyers in Halifax and HRM

Local buyers are now competing in a market where a $650K detached home may feel expensive to someone who grew up here — but looks like a deal to a buyer arriving from the GTA. That changes the psychology around pricing and negotiation.

Key realities for buyers:

• You’re not just competing with “other locals” — you’re often competing with people used to higher prices and different expectations.
• Well-located, move-in-ready homes in the core of HRM can attract multiple offers, especially in family-friendly neighbourhoods.
• Pre-approval, clarity on your absolute max budget, and a calm strategy matter more than ever.

The good news: Halifax is still fundamentally more affordable than Toronto on both purchase price and carrying costs. But the gap is closing, and the easiest wins have already happened. The path forward is less about “stealing a deal” and more about choosing the right property in the right area and holding it long enough.

How this affects sellers in Halifax

For sellers, the “half-priced Toronto” narrative is both an opportunity and a trap.

The opportunity:

• Buyers relocating from Ontario or BC often see more value in your home than you might expect.
• Marketing that speaks to both local and out-of-province buyers can expand your buyer pool.
• Properly prepared homes (staging, photos, pricing) can still sell quickly and strongly in many HRM sub-markets.

The trap:

• Pricing as if you’re in Toronto, not Halifax, can backfire — local incomes and lender limits are different.
• Not every property benefits equally from inbound migration; some segments will soften faster than others if supply rises.

A smart seller looks at both: how does my home compare in my neighbourhood, and how attractive is it to someone arriving from a higher-priced market?

What it means for homeowners and investors

For homeowners, the comparison to Toronto is really a story about equity and options.

• If you bought 5–10 years ago, your home may now represent a much larger share of your net worth.
• You may be able to refinance, trade up, or downsize while still staying in HRM — especially if you move from a high-demand core area to a more affordable one.
• If you’re thinking of leaving Halifax, your equity may stretch a long way in smaller markets.

For investors, Halifax sits in an interesting middle ground: more affordable than Toronto, but no longer the “cheap discount” it once was. CMHC and other agencies continue to flag high rental demand and low vacancy as ongoing themes in many Canadian cities, and Halifax is no exception.⁵ That creates opportunity — but cap rates, rents, and financing all need a careful second look in 2025 and beyond.

“I didn’t know how I was going to sell my house… you’ve gone out of your way and beyond. I can start over fresh now!” — Ian Z.

Common misconceptions about Halifax as ‘half-priced Toronto’

Misconception #1: “If Halifax is half-priced today, it will automatically double soon.”
Reality: Price gaps can persist for decades. Halifax and Toronto are very different economies with different wage levels, industries, and housing policies. Expect steady, data-driven growth — not guaranteed fireworks.

Misconception #2: “Out-of-province buyers are the only reason prices went up.”
Reality: Migration is a big factor, but so are low supply, construction challenges, population growth, and years of under-building.^4,5

Misconception #3: “If Toronto slows down, Halifax prices will crash.”
Reality: The markets are connected, but not identical. Local employment, regional migration, and provincial policy all play major roles in HRM outcomes.

Important considerations before you make a move

• Know your lane: First-time buyer, move-up buyer, downsizer, or investor — each needs a different playbook in this environment.
• Watch your timelines: If you’re selling and buying, plan the sequence carefully. Halifax’s market can still move quickly in the right pockets.
• Think in “total monthly cost,” not just price: Interest rates, property taxes, insurance, and utilities all feed into affordability.
• Buy quality: Neighbourhood, build quality, and long-term livability will matter more than trying to time the market perfectly.
• Plan for 5–10 years, not 5–10 months: In a city like Halifax, the real power of “half-priced Toronto” is unlocked over time, not in a quick flip.

FAQ

Q: Does being “half-priced Toronto” mean Halifax is automatically a good deal?
A: It means Halifax is cheaper than Toronto on average — not that every listing is a bargain. You still need to evaluate each property on its own merits, in its specific neighbourhood, at today’s financing costs.

Q: Is Halifax likely to “catch up” to Toronto prices?
A: Full convergence is unlikely because wages, industry mix, and population scale are very different. What’s more realistic is continued steady growth if migration and demand stay healthy.

Q: I’m a local buyer. Am I being priced out by people from Ontario?
A: In some segments and neighbourhoods, outbound buyers from higher-priced provinces do add pressure. The counterbalance is smart planning: getting pre-approved, widening your search radius slightly, and moving decisively on the right property.

Q: I’m a homeowner in HRM. Should I be doing something with this “Toronto gap” now?
A: It depends on your goals. For some, it’s a chance to trade up within HRM while equity is strong. For others, the best move is to stay put and let time do the work. A personalized review of your situation is key.

Q: Is Halifax still attractive for investors compared to Toronto?
A: Yes, but in a different way than before. Lower entry prices and strong rental demand are positives; higher rates and tighter cash flow are challenges. The days of buying “anything” and winning are over — property selection matters.

Next Steps
If you’d like to talk through how these trends affect your specific situation in HRM — whether you’re buying, selling, or just planning ahead — reach out any time:

Johnny Dulong | Family Real Estate Advisor | 902-209-4761