Recent data analyzed by CBC News from Statistics Canada shows that in 2024, Halifax households were spending a comparable share of income on housing and transportation as those in Toronto. Approximately half of Halifax households were estimated to allocate 31% or more of their before-tax income towards these expenses, similar to the 30% seen in Toronto.
Chris Melnyk, a Halifax realtor, noted that the rising housing costs align with his observations, debunking the misconception that homes in Halifax are inexpensive. Melnyk highlighted a significant increase in home prices in and around the city, nearly doubling from 2019 to 2022, with prices steadily climbing since then.
Former Halifax resident Rachel Sunter experienced firsthand the rapid surge in housing prices, which hindered her dream of homeownership. Rising rents prompted Sunter to relocate to Montreal after facing affordability challenges in Halifax. While Montreal offers lower rental costs, Sunter noted higher expenses related to car ownership due to licensing fees.
Statistics Canada data indicates that while Toronto households spend a higher percentage of income on housing than Halifax, when transportation costs are factored in, the two cities are comparable. Halifax ranks as the 22nd most expensive out of the 50 largest census subdivisions in Canada based on the Housing and Transportation Cost Index, reflecting the cost of living in May 2024.
Nova Scotia stands out as the sixth-most expensive province in terms of housing expenses, with transportation costs placing it in the fourth position overall. Small towns within Nova Scotia face higher transportation expenses, as highlighted by senior analyst Marcello Barisonzi from Statistics Canada.
In summary, the cost of living in Halifax, including housing and transportation, is on par with major cities like Toronto, emphasizing the financial challenges faced by residents in Nova Scotia.
