As homebuyers in cities like Toronto and Vancouver grapple with prices that are soaring out of reach for many, Halifax has become “the best deal in Canada,” said Michael Savage, the city’s mayor, in an interview with BNN on Wednesday.
Savage said Halifax’s economy is expected to thrive thanks in part to Irving Shipbuilding’s multi-billion-dollar navy shipbuilding contract from Ottawa, as well as BP and Shell’s oil and gas investments and exploration plans in the region.
“There’s been good growth in the economy and it’s expected to continue,” Savage said.
According to the Conference Board of Canada, Halifax’s GDP is expected to grow three per cent in 2016, driven by the city’s manufacturing boom.
Amid economic growth that could potentially attract more Canadians to the city, Savage said Halifax’s housing market still offers “some very wonderful options” that won’t break the bank.
Even as home sales activity in Nova Scotia is expected to rise 5.8 per cent this year, the average home price is forecast to rise just 0.2 per cent, the Canadian Real Estate Association said on Wednesday.
By comparison, Toronto and Vancouver remain the hottest markets in Canada, with prices rising at double-digit paces year-over-year. Home prices rose 29.8 per cent in Vancouver and 15 per cent in Toronto in May from a year ago, according to CREA.
While Nova Scotia has struggled to retain young talent in recent years, Savage said that’s changing as more companies like IBM and Royal Bank of Canada choose to expand their operations in Halifax.
For businesses, Savage said the city offers “class A office space” on Halifax’s harbour and downtown core at “very affordable rates.”
“You can be in downtown Halifax with its craft beers and pubs, and 20 minutes later you can be on a pristine lake paddling your heart out,” Savage said. “And that’s a kind of unique value proposition that attracts young people to Halifax.”
The city of Halifax plans to grow its population from about 420,000 to 550,000 by 2030, Savage said.
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