Halifax experienced historic rent increases, maintained ‘very low’ vacancy rate in 2023
The Canada Mortgage and Housing Corporation’s rental market report for 2023 was released Wednesday
The average rent for a two-bedroom apartment in Halifax is up 11 per cent year over year — one of the highest spikes in Canada — while the city’s vacancy rate remains one of the lowest.
The latest Canada Mortgage and Housing Corporation rental market report shows Halifax had a record number of housing construction completions in 2023, but also a record level of rent growth.
Kelvin Ndoro, CMHC’s senior specialist and lead economist for the Atlantic region, said Halifax’s average rent has had its largest jump since this data began being recorded in 1988.
“Rental demand continues to increase and supply is not increasing fast enough to keep up with that demand,” Ndoro said Wednesday. “So, as a result, we are seeing a continued increase in rental prices due to that high demand.”
There are currently 1,101 people considered “actively homeless” in Halifax, according to the Affordable Housing Association’s by-name list, which counts people living on the streets, in shelters, hotel rooms and other precarious situations.