Soaring Halifax real estate market featured in global magazine

Halifax deemed red-hot real estate destination The Economist magazine has recognized Halifax as a red-hot real estate destination.

The Economist, a global magazine with roughly 1.6 million subscribers, recently featured Halifax for of its historic increases and successes in the real estate market.

Scott Allison, a realtor in the Halifax area, says he was not surprised.

“We are a great city, we are a smart city and we have three universities,” said Allison.

Allison’s property listings are soaring with high demand. He recently sold a home for $175,000 above asking price.

“There is a lot of growth internally. People are returning home from Ontario, from BC and from Alberta,” said Allison, who added two of the last three homes he sold were for people who live out of province and are moving back to Nova Scotia. “They’re coming back to live the Nova Scotia life.”

For these market trends to have captured the attention of an international magazine is no small matter. The Economist feature highlights market trends that Halifax Chamber of Commerce CEO Patrick Sullivan had been watching closely.

“More people are coming from Alberta. More people coming from Ontario,” said Sullivan. “We have greater immigration and now we have international exposure.”

Sullivan said global exposure could lead to even more momentum and growth for the city.

Digital anthropologist Giles Crouch said being featured in this magazine is a convergence of the digital and physical universes. The online social media world is now aware of the growth trend in Halifax.

“You’ve had a great investment in infrastructure and immigration policies in the real world,” said Crouch. “And then in the digital world, everyone is able to share the stories and talk about what’s happening. And everyone can share these stories.”

Something that should help make Halifax a more attractive destination.

“People used to talk about visiting Nova Scotia,” said Crouch. “Now they’re not just talking about visiting, they want to move here.”