Halifax boomtown

Halifax is full of cultural vibrancy, amazing food, entertainment, and connectivity. Its distinct communities have meshed to help make it a desirable place to settle down and create a bright future for generations to come. The small city has become one of Canada’s fastest growing cities and leads in tech talent among cities within Canada. It offers newcomers the charm of being in the big city without the headache of living in the big city.  It’s like Toronto, only better! Halifax has more affordable housing, shorter commutes, and access to nearby beaches.

Halifax – a growing city

Halifax’s population has boomed within the last couple of years. This is the fastest growth the city has seen since the 1980s. In 2017, the population within the HRM grew by 1.6 per cent to 431,701. Over 4,000 of the new residents emigrated from outside the country.

Growth factors

A couple of different factors helped drive the recent influx of residents within the Halifax Regional Municipality. A major portion of new residents came from other countries. In the past immigrants would land in Halifax and proceed to move to different provinces and cities, but more of these international immigrants are settling in Halifax. The city is also home to many post-secondary institutions that offer a wide range of degrees and programs, making it attractive to international students and others looking to further their education. Many international students and young professionals are drawn to Halifax in search of a better lifestyle and job opportunities. After they finish their post-secondary education they are buying homes and putting down roots in Halifax, instead of moving onwards to a bigger city. International immigrants are also creating connections back in their home countries, which is encouraging further immigration.

Growth hindrances

While Halifax is seeing ample amounts of growth in their population, it has not become a fully-fledged “boomtown.” With baby boomers aging and the overall median age of residents within the city getting older, Halifax’s population is not predicted to break a million anytime soon. In 2016, the city also lost 440 residents to other provinces and cities within Canada. This could be due to a plethora of different factors, like job opportunities in other cities and rising housing prices. With more newcomers looking to settle in Halifax, the city could start to see a decline in vacancy rates and an increase in housing prices. The city’s landscape is also changing with bigger buildings being built and a loss of historic buildings. This causes more street closures and an increase in overall traffic.

Halifax becoming Halifornia?

Halifax’s major changes in its cityscape will allow it to continue to grow and blossom, and present residents in the city with new opportunities to create a better lifestyle for themselves and future generations. Come see us at Clinton Wilkins Mortgage Team when you are looking to settle down in booming Halifornia.