Table of Contents
Rising rents and urban migration
Halifax is experiencing a significant transformation, with new high-rise developments reshaping its skyline. However, this growth raises a pressing question: who can actually afford to live in these new spaces? Recent studies indicate that many Nova Scotians, particularly families on tight budgets, are being pushed out of the urban rental market.
The Halifax Index 2024 highlights that the city’s population growth reached record levels in 2023, primarily driven by international migration. While this influx is beneficial for addressing long-term demographic challenges, it also exacerbates existing pressures on housing and affordability.
The impact of construction on residents
For many residents, the constant construction noise and rising costs are becoming unbearable. Jaki, a local Haligonian, reflects on her changing neighborhood, stating, “It’s not affordable for people, and I just don’t like it.” The average housing price in Halifax has skyrocketed to $550,600, more than double what it was a decade ago.
With rents increasing by over $6 monthly, the average rent now exceeds $2,200, marking a five percent rise from the previous year. This trend is not limited to urban centers; every region of Halifax has seen double-digit growth in average rent, leaving many questioning their ability to remain in the city.
Future prospects and expert insights
As the demand for housing continues to outpace supply, experts are raising concerns about the sustainability of this rapid development. Jill Grant, a professor at Dalhousie University, emphasizes that the current pace of construction is unsustainable, noting a potential glut in the market.
“There’s a lot of stuff coming on the market and not enough high-income earners to necessarily fill up all those expensive new apartment units,” she explains. The situation is further complicated by the fact that many new projects are marketed as “luxury,” catering to a demographic that may not represent the majority of the city’s population.
With the vacancy rate sitting at just two percent, housing advocates warn that the situation remains dire, particularly for those seeking affordable options.
Potential solutions and community support
To address these challenges, researchers and advocates are calling for increased government support, including greater investment in public housing. There are suggestions to revive wartime housing programs, such as building pre-fabricated homes and incentivizing developers to create affordable rental units. “We need that kind of program if we’re going to have enough housing to keep people off the streets,” Grant asserts. As Halifax continues to grow, the need for a balanced approach to development that prioritizes affordability and accessibility is more critical than ever.
