Condominium values in the Halifax Regional Municipality (HRM) have seen a modest uptick in 2024, but sales have declined dramatically, says a Remax report.

The average HRM condo price edged up to $484,491 in the first eight months of the year, said the real estate services company.

That price marks a 1% increase compared to $479,558 during the same period in 2023. However, the market has faced a slowdown in sales, with 510 condominiums changing hands between January and August, representing a nearly 7% decline from 2023, noted Remax while citing Nova Scotia Association of Realtors data.

Despite the sales dip, certain segments of the market remain highly competitive. Condominiums priced under $600,000, particularly those between $300,000 and $400,000, are still in high demand, especially among first-time buyers.

Semi-detached homes and townhomes in the $400,000-plus range are also favoured . At the upper end of the market, condos priced over $750,000 saw a slight rise in sales, with 35 units sold so far this year compared to 34 in 2023. However, the average price for luxury condos has softened, falling to $940,000 in 2024 from $957,300 a year earlier.

As interest rates continue to drop, more sellers have entered the market, leading to an 8% increase in condo inventory compared to 2023. Most condominium developments are concentrated in Halifax’s central, downtown, and northeast peninsula areas, though there are fewer options in Dartmouth and Bedford.

Investors remain active in HRM’s housing market, particularly in multi-unit properties, and buildings with eight to 10 units are especially sought after.

Optimism is returning to the Halifax real estate market after three consecutive interest rate cuts, with two more anticipated by the end of the year, including one on Wednesday. Earlier concerns tied to inflation are waning, and confidence is on the rise. Migration trends, particularly international immigration and interprovincial movement, have contributed to a net population gain of 6,000 in the second quarter of 2024, supporting the region’s growth.

Looking ahead, significant improvements are planned for Dartmouth’s waterfront, which is set to become more pedestrian-friendly, with new public spaces and amenities, Remax noted. These developments aim to replicate the success of Halifax’s bustling waterfront, which remains a magnet for both residents and tourists.

With ongoing investments and a focus on development, Halifax’s real estate market is expected to remain strong, supported by its affordable housing and scenic beauty, said Remax.

The HRM findings were part of a national Remax report that found sellers are returning to Canada’s condo markets in large numbers, driven by hopes of future interest-rate cuts enticing cautious buyers back.

The report examined condo sales from January to August 2024 across seven major cities.

Despite a current lull in sales across the country, market activity is likely to heat up in 2025, said Remax Canada President Christopher Alexander.

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