Halifax Index 2023

The year 2022 in Halifax felt … intense.

Population growth smashed previous records as international and interprovincial migration each broke their own records. The addition of almost 21,000 people to Halifax in 2022 was close to double the previous annual record and just shy of the total number that arrived here over the entire 2008 through 2015 period.

Despite the massive inflow of people and the related increase in the labour force, Halifax also hit a record low for the unemployment rate and a record high for the job vacancy rate. We are now in the midst of the tightening labour market that demographers have been predicting for many years.

GDP growth in 2022 was elevated as Halifax continued to ride the wave of recovery from the pandemic and its associated shutdowns in 2021.

Growing pains felt particularly acute in 2022 as well. The average house price accelerated rapidly, hitting a record high in April. Similarly, average apartment rents jumped to new highs in 2022, while the vacancy rate returned to its all-time low. These trends in the real estate market, along with price increases in food, energy, and other items, generated inflation rates unseen since the 1980s and a significant drop in purchasing power for the average Halifax consumer.

Anxiety levels intensified as commentators speculated on the likelihood of a recession, when widespread layoffs might begin, and how many bankruptcies would occur as COVID income support programs ended and interest rates climbed. This unease was visible in plummeting scores for both business and consumer confidence.

However, we have yet to see any metrics that would signal the onset of a recession. Mass layoffs have occurred in big-tech companies elsewhere, but not here in Halifax. Debt and delinquency statistics remain at historically low levels and show minimal signs, at least so far, of rapidly inflecting upwards.

Finally, in the grand scheme of things, Halifax appears happier in 2022 than it was in 2021. The mean score in our life satisfaction survey rose and the share of Halifax residents reporting low levels of satisfaction dropped.

We can continue to feel optimistic about our future as we recognize our growing pains and find new and better ways of addressing them.

How Halifax Measures Up

Every year, the Halifax Index provides an overview of our city's economic and community progress, giving insights to strengthen and grow Halifax. This 12th annual edition continues to measure Halifax's growth across a wide range of key indicators and progress towards Halifax's Inclusive Economic Strategy goals.

Traditionally, the Index has compared Halifax against five other similarly-sized Canadian "benchmark cities" – St. John’s, Quebec City, Kitchener-Cambridge-Waterloo (KCW), Regina, and Victoria.

This year, however, we are making a change. Halifax has garnered significant attention lately for its rapid growth, vitality, and attractiveness to people, businesses, and investors. There is a growing sense of confidence here and a recognition that we must – and can – compete with not only similarly-sized communities, but also with Canada’s major cities.

Thus, we have established a new set of ten benchmark cities that keeps some previous peers, provides broad regional representation, and firmly establishes Halifax as a player in the big leagues. These new benchmark cities are: Halifax, St. John’s, Quebec City, Montreal, Ottawa, Toronto, Kitchener-Cambridge-Waterloo (KCW), Winnipeg, Calgary, and Vancouver.