Housing has been a hot topic in Halifax recently, so here are some of the most recent statistics to keep you in the know (PLUS- stay tuned for some exciting new housing content coming this weekend!):
The cost of new houses went up 11.6% between 2020-2021, double the % from the previous year. The average home resale price also increased (+19.4%).
Construction of single-unit housing grew by 17% in 2020, while multi-unit housing declined by 1.8% from the previous year.
Average rent prices have steadily increased. Landlords increased rent by 5% last year, despite a slight increase (+0.9%) in vacancy rate.
11.4% of households in Nova Scotia are in core housing need. This means that they are not able to access suitable and adequate housing without spending more than 30% of income on shelter costs. Of these households, just over half (53.7%) live in Halifax and most (66%) are renters.
As of 2019, Nova Scotian residents were 69% homeowners, 30% renters and 1% living on reserves. Proportionally, the majority of renters (40%) and the private rental market (86%) are concentrated in the HRM.
There are nearly 12,000 subsidized rental housing units across Nova Scotia. The goal is to add 1000 new affordable units and preserve/supplement 2250 units in HRM by 2022.
There is a provincial/federal investment of $513 million into affordable housing projects over 10 years planned through the National Housing Strategy.
Seniors, youth, lone parents and single renters are the most vulnerable to affordability challenges. Many other intersectional aspects of identity such as gender, immigration status, ability, and ethnicity may also impact a person’s access to affordable housing.