State of the Downtown Report 2025

STATE OF THE DOWN TOWN 2025

Letter from the Chair It has been a privilege to serve as Board Chair of Downtown Halifax Business Commission (DHBC) during what has been a pivotal time for the evolution of our Downtown, city, and province. During my time as Chair, I have been deeply inspired by the energy, resilience, and innovation of our business community.

At the same time, I recognize that there is still much more we can do together through our organization, DHBC, to support one another. The commitment our business community has demonstrated in driving change and contributing to Halifax’s future has been nothing short of inspiring.

As a port city, Halifax holds a distinct advantage – strategically positioned as North America’s first inbound and last outbound gateway. This isn’t just geography; it’s opportunity. Downtown Halifax sits at the intersection of commerce, culture, and innovation. It’s imperative that we continue to invest in the heart of our province as a competitive hub for growth, talent, and trade. More broadly, we are the capital of Atlantic Canada. Unlike the "MTV" cities of Canada that often get the spotlight, Halifax – known as the Comeback City and one of the fastestgrowing downtowns in the country – must now step confidently into a new future that respects the progress we’ve made, while forging even further ahead.

As we move forward, let’s continue to challenge conventional thinking, embrace bold solutions, and build a Downtown that reflects the best of who we are – and who we aspire to be. As I complete my term as Chair, I invite you to become ambassadors of our beautiful Downtown, reflect on what has been accomplished, and partner with us in shaping a future-ready Downtown Halifax.

Letter from the Mayor As Mayor of Halifax, and on behalf of my colleagues at Regional Council, I’m proud to celebrate the third annual State of the Downtown report by the Downtown Halifax Business Commission.

This report is an important check-in on the health of our city’s core, and DHBC continues to set the bar when it comes to gathering and sharing data that tells the story of our Downtown.

Whether it’s foot traffic, business growth, or how we stack up against other Canadian cities, this work helps us make informed decisions about the future of Halifax.

A thriving municipality needs a thriving downtown. We need a core that’s alive with workers, residents, and visitors. One that’s vibrant, welcoming, and safe. And to build that kind of downtown, we need solid data and strong partnerships. I’m encouraged to see DHBC working closely with Discover Halifax, Events East, Halifax Partnership, Halifax Regional Municipality (HRM), and Halifax Regional Police to move the needle together.

It is also worth noting, in a practical sense, that when downtown thrives, so does the rest of the municipality. A strong downtown generates significant tax revenue that helps fund the municipal services people rely on across all our communities.

Thank you to everyone at DHBC for your leadership and dedication to Halifax’s urban heart. Let’s keep building momentum and keep working together to make sure Halifax remains Canada’s favourite Downtown.

Mayor Andy Fillmore HRM

Ashwin Kutty DHBC, Board Chair

Halifax - State of the Downtown Report

1

PEOPLE

Commentary

By Paul MacKinnon, CEO, DHBC

When DHBC created the first edition of our State of the Downtown report in 2023, it was done for two main reasons. The first was to see what relevant data was available and to give our members a full and accurate picture of what was happening Downtown.

The second was to cement DHBC’s position as an authority for all things Downtown. Our Board of Directors wanted to emphasize to our members, our stakeholders, and our government partners, that we are the Downtown experts.

DHBC is not just the expert on Downtown; we wish to be the curators of Downtown. We want to not only understand the trends, but to drive the trends. Through data collection and analysis, we hope to draw a compelling picture of what is happening now, and how to maintain those things that are positive, while altering the course of trends we deem to be negative.

Visitation over the last year was 19,217,332.

This represents an annual increase of 18.4%.

Most significantly, visitation exceeded pre-pandemic levels and was enough for CBC to crown us 'Canada's Comeback City.'

This is not always easy, and the path forward is not always obvious, but we can think of no better way to do this than to monitor, measure, understand, and then advocate.

This report, like the others before it, is broken into sections, People, Sales and Investment, to help tell the story of Downtown.

What’s different this year is we have included commentary for each section, and this can be identified by the text with a light grey background.

We do this with caution, as we know that this could cast into doubt the purely data-driven flavour of this document.

We do promise that the data remains impartial. It’s just that WE cannot be – we love Downtown too much. This State of the Downtown report provides plenty of data, trend analysis, and evidence-based research. We hope you find it informative, and we hope that you will continue to be a champion for Downtown Halifax.

RESIDENTS According to the 2021 Statistics Canada census, the greater Downtown Halifax area saw a 26.1% increase in its residential population, making it the fastest-growing downtown in the country between 2016 and 2021.

DOWNTOWN POPULATION: 2001 - 2021 20,000

POPULATION

Those things are still important, and as we present this third volume, we wish to reassure you that the data on these pages is meant to accurately present what is happening Downtown in an unbiased manner (both the good and the bad).

People lead to vibrancy. Visitation is driven by workers, tourists (events, leisure, cruise, conferences), and residents. Whereas workers and residents tend to grow slowly and incrementally, unforeseen circumstances can play a huge role in immediately impacting tourism.

19,536

15,000

13,280 10,000

2001

YEAR

2021

Source: Statistics Canada Census Data

2

Halifax - State of the Downtown Report

People - State of the Downtown Report

3

OUR DISTRICT AND BOUNDARIES:

PROPORTION OF EMPLOYEES BY SECTOR

According to the latest data from Halifax Partnership, HRM is home to 503,037 residents.

3.9%

Personal Services

15.4% Retail

HRM consists of 16 districts. District 7, referred to as Halifax South Downtown, has a population of approximately 26,500. The presence of a large student population contributes significantly to the area's unique character and vibrancy.

NUMBER OF EMPLOYEES:

52.4%

Food & Drink

DWELLING UNITS

DISTRICT

2023

2024

7 - Halifax South Downtown

20,179

18,893

8 - Halifax Peninsula North

16,293

14,579

9 - Halifax West Armdale

14,203

13,605

HRM TOTAL

213,717

216,601

Source: Halifax Regional Municipality

WORKERS Downtown Halifax is the largest work hub in HRM. The total employee base is now over 24,000, which well exceeds what we had previously.

With government and corporate mandates leaning toward more days in the office, the impact of hybrid work seems to be lessening, though we know in-office attendance is unlikely to go back to pre-pandemic norms.

SECTOR

2023

2024

FOOD & DRINK

2294

2184

ACCOMMODATIONS

1127

1178

RETAIL

668

641

PERSONAL SERVICES

151

163

OFFICE

18,134

20,476

Source: Dalhousie Transportation Collaboratory & Data Axle Canada

According to the Halifax Charter, a “dwelling unit” means living quarters that (i) are accessible from a private entrance, either outside the building or in a common area within the building, (ii) are occupied or, if unoccupied, are reasonably fit for occupancy, (iii) contain kitchen facilities within the unit, and (iv) have toilet facilities that are not shared with the occupants of other dwelling units.

In 2024, Downtown Halifax’s total employment base grew by 10.1%.

20K+ office employees work for one of our many multinational conglomerates, real estate holdings, regional banks, law firms, and government offices, where vacancy rates are currently under 16% and continue to decrease.

In the final quarter of 2024, Downtown’s leasing activity actually outperformed the suburbs.

HALIFAX VACANCY RATE BY SUBMARKET: 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

Q2

Q3

Q4

2021

Q1

Q2

Q3

Q4

Q1

2022

Q2

Q3

Q4

2023 Downtown

Q1

Q2

Q3

2024

Q4

Q1 2025

Suburban

Source: CBRE Research

4

People - State of the Downtown Report

People - State of the Downtown Report

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WHO VISITS DOWNTOWN HALIFAX?

DOWNTOWN RECOVERY

2024 CRUISE SHIP SEASON

TOTAL VISITATION TO DOWNTOWN:

Halifax had the third highest recovery in visitation between February 1, 2024 and February 28, 2025.

As a port city, Halifax has benefited from a faster recovery, with the 2024 season marking a record high in cruise visitor numbers.

Visitation numbers are derived from Canadian cell phone signals, which are recorded at 15-minute intervals.

2025 vs. 2024 ANNUAL TOTAL April 2024 - March 2025: 19,217,332 April 2023 - March 2024: 16,233,475 April 2019 - March 2020: 18,636,244 April 2022 - March 2023: 14,456,721

Source: © 2025 Environics Analytics Group Ltd.

CITY RANKING

% CHANGE IN VISITS

1. Ottawa

18.6%

2. Montreal

14.6%

3. Halifax

12.7%

4. Winnipeg

10.9%

5. London

10.5%

6. Vancouver

10.5%

7. Toronto

9.8%

8. Calgary

8.1%

9. Edmonton

3.9%

10. Quebec

0.8%

Highlights: • 201 ships – more than 350,000 passengers, more than 150,000 crew.

• 28 cruise lines, 11 new ships (first time a vessel has visited).

Source: Halifax Port Authority

EVENTS EAST Halifax Convention Centre Held 166 events and welcomed 89,000 guests.

Scotiabank Centre Hosted 82 events and welcomed 432,000 fans.

Source: Events East (April 1, 2024-March 31, 2025)

DOWNTOWN HOTEL ROOM NIGHTS SOLD

Source: University of Toronto, School of Cities

WHERE ARE PEOPLE VISITING DOWNTOWN? DISTRICT

2024 vs. 2023

WATERFRONT

up 13%

SOUTH BARRINGTON

up 22%

OLD SOUTH SUBURBS

up 74.7%

BARRINGTON STREET

up 5.6%

ENTERTAINMENT

down 9.9%

FINANCIAL

up 16.4%

COGSWELL

down 24%

Source: Discover Halifax

Source: University of Toronto, School of Cities

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People - State of the Downtown Report

People - State of the Downtown Report

7

LOCALS The University of Toronto’s School of Cities analyzed where people are originating from within HRM.

TOTAL STOPS DOWNTOWN BY DISTRICT OF ORIGIN: These “visits” are from Canadian cell phones only.

15

SALES

1

14 4 2

16 6 10

5 8

12

9

7

13

3

Downtowns feed on the insatiable human entrepreneurial spirit.

Even in times of economic uncertainty and high inflation, new businesses continue to open, shaping the Downtown landscape and experience. A great example of this is the transformation of both the southern and northern ends of the waterfront over the past five years. From a macro perspective, sales levels for retail and food & drink dipped slightly last year, with only the accommodations sector showing strong growth.

DOWNTOWN GROUND FLOOR CHANGES APRIL 1, 2024 - MARCH 31, 2025

11

7 * 8 5 9 10 16 11 12 6 13 4 3 14 15 2 1

Halifax South Downtown Outside HRM Halifax Peninsula North Dartmouth Centre Halifax West Armdale Halifax - Bedford Basin West Bedford - Wentworth Spryfield - Sambro Loop Timberlea - Beechville - Clayton Park - Wedgewood Dartmouth East - Burnside Prospect Road - St. Margarets Cole Harbour - Preston - Wetphal - Cherry Brook Dartmouth South - Woodside - Eastern Passage Hammonds Plains - Upper Hammonds Plains - Lucasville Middle & Upper Sackville Lower Sackville - Beaver Bank Lawrencetown - The Lakes - Chezzetcook - Eastern Shore Waverly - Fall River - Musquodoboit Valley Source: University of Toronto, School of Cities

7,032,980 2,761,690 1,761,970 650,985 638,685 606,850 596,510 553,975 463,240 596,510 553,975 336,790 249,570 236,640 209,085 199,455 189,760

51 28

NEWLY OPENED CLOSED/MOVED Source: DHBC

DOWNTOWN COMMERCIAL VACANCY RATES 2020 - 2025

YEAR

OFFICE

RETAIL

2020 2021 2022 2023 2024 2025

16.7% 22.0% 18.9% 16.9% 16.0% 12.4%

N/A N/A N/A 13.1% 9.7% 10.9%

Source: Colliers International (Nova Scotia) Inc.

8

People - State of the Downtown Report

Sales - State of the Downtown Report

9

DOWNTOWN GROUND FLOOR SALES SECTOR FOOD & DRINK

RETAIL

ACCOMMODATIONS

PERSONAL SERVICES

2022

2023

INVESTMENT

2024

# businesses: 131 # businesses: 131 # businesses: 128

Sales: $124M

Sales: $128M

Sales: $119M

# businesses: 78

# businesses: 72

# businesses: 69

Sales: $148M

Sales: $141M

Sales: $119M

# businesses: 14

# businesses: 15

# businesses: 18

Sales: $110M

Sales: $111M

Sales: $133M

# businesses: 30

# businesses: 29

# businesses: 30

Sales: $12M

Sales: $8M

Sales: $8M

Sources: Dalhousie Transportation Collaboratory & Data Axle Canada

Downtown Halifax is the undisputed economic engine of Halifax and of the greater Atlantic Canada region. Because of its density, compact form, high land values, and efficient servicing, it produces more tax revenue and economic wealth than it costs to maintain. As such, ongoing and significant investment from both the public and private sectors should be the norm.

2024 HIGHLIGHTS: • The Downtown Halifax district earned $9.54B in revenue, accounting for 20.5% of revenue in HRM and 9.4% of revenue in Nova Scotia.

Source: Dalhousie Transportation Collaboratory & Data Axle Canada

• Across Nova Scotia the largest annual increase in sales was recorded for sporting goods, hobby, and music retailers (+5.5%), whereas the largest annual decline was for gasoline stations and fuel vendors (-9.0%).

Source: Halifax Partnership

An overall decline in discretionary spending comes as no surprise - even with the rising number of visitors to Downtown Halifax. This trend is consistent across Canada, driven by the ongoing impacts of inflation and, more recently, tariffs. Looking ahead, the food and beverage sector may be approaching a natural saturation point, while traditional retail still presents significant growth opportunities. Accommodations growth, however, could be constrained by the limited addition of new hotel stock, despite increasing seasonal demand, as developers remain focused on residential construction.

10 Sales - State of the Downtown Report

DOWNTOWN PROPERTY ASSESSMENT Over the past 4 years, Downtown’s assessment has only increased by 1.08%, while HRM’s has increased 25.4%.

YEAR

DOWNTOWN

HRM

% OF TOTAL

2021

$1,433,343,936

$8,888,435,100

16.13%

2022

$1,348,803,246

$8,930,208,400

15.10%

2023

$1,368,704,562

$9,692,174,700

14.12%

2024

$1,418,129,261

$10,363,661,100

13.59%

2025

$1,448,868,144

$11,145,931,900

12.99% Source: Halifax Regional Municipality

While cost factors and development approval processing times may temper enthusiasm for projects still in the planning stages, anyone visiting Downtown can see that a significant amount of development is already underway.

The recent addition of Queens Marque and Cunard Residences have remade the waterfront. New openings on the horizon include the Press Block and the commercial-to-residential conversion at the Agency Art Lofts (former Centennial Building).

Looking further ahead, Skye, 11Ninety, and The Meridian projects are underway.

Investment - State of the Downtown Report 11

DOWNTOWN DEVELOPMENT MAP





Source: Halifax Regional Municipality

  

 

 

 







 

  

Highlights for 2025: • • • •

Barrington Street and Cogswell Street realignment Granville Park New transit hub on Barrington Street Approved affordable housing plan, private development bylaws, and land sales strategy, which will add 3,400 dwelling units.







 

 



 

     

 

 

 

 





 

 

 

 



 

  







12 Investment - State of the Downtown Report

 

Cogswell Project



Projects Completed in 2024



New Bike Lanes

  

27. Mi’kmaw Native Friendship Centre

 

21. Port of Halifax Redevelopment 22. Public Space 23. George & Carmichael Streetscape – HRM 24. Ferry Terminal Redevelopment – HRM 25. Provincial Law Courts Redevelopment – Province of Nova Scotia 26. Capital District Heritage Conservation – HRM

 

PUBLIC DEVELOPMENT

COGSWELL DISTRICT

  

11Ninety – Universal Realty Group Elmwood Redevelopment – Galaxy Properties HI Halifax Heritage House Renovations – Canadian Hostelling Association of Nova Scotia 4. YWCA Halifax Waverley Inn Residence – Grafton Developments 5. Cunard Residences – Southwest Properties 6. The Governor – Killam Apartment REIT 7. The Meridian – Universal Realty Group 8. Freemason’s Hall - Ruby LLP 9. The Pacific Building Renovations – YGE Investments Inc. 10. Sievert’s Building Renovations – 3Two8 Properties 11. Cameo Hotel and Suites – Ruby LLP 12. Skye Halifax – United Gulf Developments 13. Tramway Building – Ruby LLP 14. 1649 Bedford Row – Root Architecture 15. Agency Art Lofts – Sidewalk Real Estate Development 16. Vogue Building Addition – Starfish Properties 17. Press Block – Province of Nova Scotia & Dexel Developments 18. RBC Block Redevelopment – 33008800 Nova Scotia Ltd. 19. The Marlstone – Crombie REIT 20. Historic Properties Revitalization – The Armour Group Ltd.



1.

2.

3.



PRIVATE DEVELOPMENT

The streetscape and parks for the 16-acre Cogswell District will be completed in December 2025. This sets the stage for six new large-scale development blocks in the district, which HRM is determining how, and when to bring to the market. There are also several prime undeveloped sites throughout Downtown.

The main impediment to faster development, beyond red tape, remains labour shortages/costs and capacity limitations on the relatively small number of local developers. There is a distinct link between public investment and private investment.

Beyond HRM’s investment in Cogswell (which will be more than recouped through taxes), and the new ferry terminal, there is a concerning lack of future-known public projects.

OTHER INVESTMENT HIGHLIGHTS: The Mill Cove (Bedford) to Downtown Halifax ferry service is scheduled to begin operations in 2027-2028. The project will receive investments of $155.7M from the federal government, $65M from the province, and over $38M from the municipality.

It will also include the construction of a new ferry terminal in Downtown Halifax.

HRM has committed $13.7M ($5.1M Downtown) to complete the east-west AAA bike lane, connecting Dalhousie's Studley campus to Lower Water Street.

The completion date is 2028.

Halifax Port Authority, with funding from Transport Canada, is creating an Interterminal Rail Solution Project. Containers will be transferred by rail between the two container terminals through the existing rock cut, thus removing 75% of port-related truck traffic from Downtown streets. The project is expected to be completed by 2028.

Investment - State of the Downtown Report 13

PARKING

PUBLIC SAFETY Downtown Halifax offers nearly 10,000 public parking spots, with vacancies almost always available.

TOTAL AVAILABLE PARKING SPOTS 7,909

Downtown Halifax (DHBC Boundary)

1,915

Spring Garden Area

DOWNTOWN REPORTED CRIMES January 2022 - December 2024

Source: Halifax Regional Municipality Parking Demand Study, 2022

Shoplifting Break & Theft (Theft <$5K) Enter FROM Car

Theft OF Car

Arson

Homicide/ Attempted

Robbery

Weapons

Assaults

What do we mean when we say parking spots? In Downtown Halifax this can be easily broken down into privately owned and operated parking lots and garages, and the city owned and operated on-street parking.

2022

323

58

75

11

0

5

24

4

48

2023

298

46

68

10

1

1

19

13

47

HOW DO PEOPLE PAY?

2024

348

51

72

11

2

0

10

11

51

HotSpot use has continued to climb as the preferred payment method.

Source: Halifax Regional Police

Our on-street parking is a pay-by-plate, pay-by-zone system and the “Zone” that covers most of Downtown Halifax’s boundary is Zone B.

ZONE B PARKING DATA 2022 - 350,184 paid sessions 2023 - 364,838 paid sessions 2024 - 351,314 paid sessions The average parking session is 119.43 minutes.

ZONE B 14 Parking - State of the Downtown Report

Public Safety - State of the Downtown Report 15

The Path Forward Analysis of current trends does not, in itself, point the way toward solutions. Downtowns, being large and complex ecosystems, do not lend themselves to narrow silver-bullet solutions, as much as both champions and detractors of large projects tend to like to use that language. Only sustained and strategic efforts, both large and small, across a number of categories, will maintain Downtown Halifax’s vibrancy.

DOWNTOWN HALIFAX BUSINESS COMMISSION

Fortunately, informed by trends and data, we do know what to do.

In the spring of 2024, DHBC launched Downtown Halifax Vision 2030, which contained 4 transformational moves and 17 recommendations.

We need to do them all.

Most immediately, we need to focus on making it easier to get to and around Downtown.

This growing municipality deserves an enhanced transit system that moves commuters and leisure visitors to Downtown in a much more convenient manner than the single occupant vehicle. We need to create more reasons for people to want to be Downtown.

A connected bike network, including commuter-focused routes from the north and the south is also essential.

A circulator shuttle system, that moves people within the Downtown, would make our hilly urban core much more connected. Getting those moves right will also make life less congested for those who still want to use their car.

1546 Barrington Street, Suite 104 Halifax, Nova Scotia, Canada B3J3X7

The North American Downtowns who weathered the pandemic best are those, like HRM, who had already embraced Downtown as a place where people live, as well as work and play.

We need to continue adding housing. Lots of housing.

We need to ensure that we reinvest in the venues that we have, such as Scotiabank Centre, while adding key new ones, such as a 1500+ seat performing arts centre and new art gallery.

16 Vision 2030 - State of the Downtown Report

We need to attract, and create, more events, year-round.

There also needs to be additional placemaking and streetscape investments on the waterfront, as well as Barrington and George Streets.

This will continue to make Downtown Halifax a place where people want to be, whether they are workers, families, or citizens with some time to spend, engaged with other people in a beautiful place.

(902) 423-6658 info@downtownhalifax.ca Social: @DowntownHalifax DOWNTOWNHALIFAX.CA