Nova Scotia most expensive province for condominiums: report

A new report says Halifax has the most expensive condominium rent in the country.

Nova Scotia is the most expensive province for condominium and purpose-built apartments, according to a new report from Rentals.ca and Urbanation.

The report found the average rent for those types of units in Nova Scotia is $2,343, eclipsing British Columbia which sits at $2,328.

“This was an interesting report for Atlantic Canada,” says Giacomo Ladas, associate director of communications for Rentals.ca.

The report also found the average rent for residential properties in Canada declined for the 20th straight month.

The report noted the average asking rent dropped 4.7 per cent year-over-year in May, landing at $2,029. The average rent is also 7.9 per cent lower than two years ago, but 0.7 per cent higher than levels recorded in 2023.

Provinces on the East Coast are facing a different reality.

“Atlantic Canada as a whole has a 4.6 per cent increase in asking rents, the other side of the country, British Columbia, saw a 5.7 per cent decrease, it’s a 10 per cent swing from one side of the country to the other,” Ladas points out.

He says the vacancy rate in Toronto is around five per cent. “In Nova Scotia, it’s only 2.5 per cent. We like to see it at a three per cent for a healthier rental market,” he says.

Ladas says the province needs more supply to feed the housing market’s demands.

Kevin Russell, executive director of the Rental Housing Providers Nova Scotia says part of the problem is the rent cap.

“The rent cap is not covering sufficiently the operating costs of a rental building so rents are going up on an annual basis. That’s an impact of rent control on the market.”

“The Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population, and record apartment completions, which are all working together to keep rent increases softer than what is typical for this time of year,” said Shaun Hildebrand, president at Urbanation, in the report.

The report said rents increase by 0.1 per cent month-over-month in May despite the annual decline. Average rent costs in May peaked in 2024 at $2,202.

For more Nova Scotia news, visit our dedicated provincial page