Halifax condominium prices will rise modestly in 2024 after jumping in 2023, according to a new Royal LePage report.

The region’s median condo price is expected to tick up 1.5% to $431,375 this year. The market’s median condo price posted the second-highest increase (4.4%) in Canada in 2023, Royal LePage data shows. Toronto posted the biggest gain (5.4%).

“Looking ahead to the 2024 housing market in Halifax, we are feeling quite positive. It is likely that interest rates will be reduced mid-year, which will cause some hesitant or sidelined buyers to jump back into the market,” said Matt Honsberger, broker and owner at Royal LePage Atlantic, in a news release.

Honsberger said many investors from Ontario and Alberta are active buyers in Nova Scotia. Out-of-province investors are interested the “investor-friendly” condo sector and single-family homes.