provincial edition
NOVA SCOTIA
The provincial market perspective for the Nova Scotia rental housing industry
2025
Welcome to the 2025 Provincial editions of theANNUAL. Not unlike our National edition, theANNUAL, is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the Provincial editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data. Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, theANNUAL delivers a complete market perspective for the rental housing industries of Nova Scotia and Saskatchewan. Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Provincial Edition of theANNUAL: The State of the Industry Report, an in-depth look at the individual provinces’ market conditions, based on CMHC and Stats Canada data.
Association Report, from our partners at RHPNS and RHSK, an overview of what we need to know about each province and association. Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends. The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each province. This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people for their help gathering the information and data which enabled us to deliver this comprehensive guide: Kevin Russell, Executive Director, Rental Housing Providers Nova Scotia (RHPNS); Landon Field, CEO, Rental Housing Saskatchewan (RHSK). RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theANNUAL, both at the National and Provincial levels. All the best,
Debbie Dollar-Seldon
Publisher Debbie Dollar-Seldon Art Director Scott Clark National Director, Sales and Marketing Melissa Valentini Office Manager Geeta Lokhram Owner Marc Côté
Subscriptions $59.99 Cdn
Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 Produced in Canada All contents copyright © RHB Inc. Canadian Publications Mail Product
Publisher
INC.
provincial edition
FOREWORD
Canadian Publication Mail Products Sales Agreement No. 42652516
TABLE OF CONTENTS
3 – FOREWORD
STATE OF THE INDUSTRY – 8
ASSOCIATION REPORT – 15
4 – theANNUAL Nova Scotia
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TABLE OF CONTENTS
21 – NEIGHBOURHOOD TRENDS
TOP 10 – 27
6 – theANNUAL Nova Scotia
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East Hants MD AVR: 0.0% 2BR: 1,274 New Glasgow AVR: 2.3% 2BR: $965
Kings, Subd. A SC AVR: ** 2BR: $1,063
5.
4.
Cape Breton AVR: 2.8% 2BR: $1,084
3. 2. 1.
Halifax Queens RGM AVR: 0.0%
AVR: 2.1% 2BR: $1,707
2BR: **
2024 population
1,079,676 Nova Scotia Zone Statistics 1. Lunenburg MD 2. Chester MD: 3. West Hants RM: 4. Kentville: 5. Truro:
AVR: ** | 2BR: ** AVR: ** | 2BR: ** AVR: ** | 2BR: ** AVR: 1.3% | 2BR: $1,189 AVR: 0.9% | 2BR: $1,105
8 – theANNUAL Nova Scotia
AVR= Average Vacancy Rate in October 2024 2BR= Average Rent of 2 Bedroom Suite in October 2024
** Data suppressed
Nova Scotia Number of Primary Apartment Units Bachelor
3,160
1 Bedroom
21,568
2 Bedroom
38,879
3 Bedroom + 5,165 Total
68,772
Primary Apartment Vacancy Rates Bachelor
1.5%
1 Bedroom
2.5%
2 Bedroom
1.8%
3 Bedroom + 1.6% Total
2.0%
Primary Apartment Average Rents Bachelor
$1,132
1 Bedroom
$1,351
2 Bedroom
$1,606
3 Bedroom + $2,115 Total
$1,550
theANNUAL Nova Scotia – 9
State of the Industry Nova Scotia
Nova Scotia’s primary and secondary rental market universe totals Primary
68,772
Secondary
84,055
45%
55%
Total: 152,827 *Secondary figure estimate based on growth rate
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
14.1%
15.0%
11.4%
11.4%
9.7%
9.0%
10.8%
8.8%
10.5%
10.0%
theANNUAL Nova Scotia – 11
Important things to know about Nova Scotia’s primary market:
Number of Private Apartment Units
Oct 2021
Oct 2022
Oct 2023
Oct 2024
Bachelor
3,128
3,176
3,089
3,160
1 Bedroom
20,149
20,254
20,749
21,568
2 Bedroom
34,357
35,677
35,502
38,879
3 Bedroom +
4,483
4,501
4,836
5,165
Total
62,117
63,608
64,176
68,772
Private Apartment Average Rents
Oct 2021
Oct 2022
Oct 2023
Oct 2024
Bachelor
$870
$954
$1,064
$1,132
1 Bedroom
$1,043
$1,112
$1,268
$1,351
2 Bedroom
$1,255
$1,355
$1,523
$1,606
3 Bedroom +
$1,532
$1,657
$1,928
$2,115
Total
$1,186
$1,281
$1,452
$1,550
Private Apartment Vacancy Rates
Oct 2021
Oct 2022
Oct 2023
Oct 2024
Bachelor
1.6%
1.3%
1.6%
1.5%
1 Bedroom
1.4%
1.2%
1.3%
2.5%
2 Bedroom
1.1%
0.9%
0.9%
1.8%
3 Bedroom +
1.3%
1.1%
0.5%
1.6%
Total
1.2%
1.0%
1.1%
2.0%
12 – theANNUAL Nova Scotia
** Data suppressed
Info Cape Breton
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Average Vacancy
0.0%
**
**
**
1.0%
2.7%
**
0.0%
0.8%
2.8%
Average Rent
$697
$747
$725
$849
$933
$1,084
$1,338
$1,368
$883
$1,027
Info Survey Date
East Hants MD
Oct 23
Oct 24
**
**
0.0%
0.0%
0.0%
0.0%
**
**
0.3%
0.0%
**
**
$975
$848
$1,202
$1,274
**
**
$1,143
$1,173
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Oct 23
Oct 24
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
1.3%
1.5%
1.3%
2.5%
0.9%
1.9%
0.5%
1.6%
1.0%
2.1%
Average Rent
$1,112
$1,182
$1,323
$1,403
$1,628
$1,707
$1,984
$2,170
$1,532
$1,629
Bachelor Oct 23
1 Bedroom
2 Bedroom
3 Bedroom +
Oct 24
Oct 23
Oct 24
Oct 23
Oct 23
Oct 24
Oct 24
Total Oct 23
Oct 24
Vacancy Rate
**
**
2.4%
0.7%
1.5%
1.4%
0.0%
0.0%
1.7%
1.3%
Average Rent
$598
$651
$724
$791
$978
$1,189
$1,127
$1,212
$906
$1,107
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
**
0.0%
**
**
**
0.0%
**
Average Rent
**
**
$736
**
$1,036
$1,063
**
**
$1,018
$1,045
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
**
1.0%
**
0.0%
**
**
2.3%
Average Rent
$578
$582
$742
$828
$973
$965
**
$1,028
$912
$923
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
**
**
0.0%
**
**
**
0.0%
Average Rent
**
**
**
**
**
**
**
**
**
**
Info
** Data suppressed
Oct 24
Average Rent
Info
Truro
Oct 23
Total
Average Vacancy
Info
Queens RGM
3 Bedroom +
Oct 24
Info
New Glasgow
2 Bedroom
Oct 23
Survey Date
Kings, Subd A SC
1 Bedroom
Oct 24
Info Kentville
Bachelor
Total
Oct 23
Info Halifax
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Bachelor Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Total Oct 24
Vacancy Rate
**
0.0%
2.2%
1.4%
0.9%
0.7%
**
**
1.6%
0.9%
Average Rent
$620
$674
$798
$885
$1,005
$1,105
$1,214
$1,337
$949
$1,044
theANNUAL Nova Scotia – 13
RHPNS
Association Report
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
A
B
RENTAL HOUSING PROVIDERS NOVA SCOTIA
RHPNS Advocacy | Education | Membership Services
C
RentNS
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
RENTAL HOUSING PROVIDERS N
RHPNS Advocacy | Education | Members
D
RentN
RENTAL HOUSING PROVIDERS N
Advocacy | Education | Membership
RentNS
E
no buildings
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
F
HomeNS
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
H
no buildings
G
HomeN
RENTAL HOUSING PROVIDERS N
Advocacy | Education | Membership
HomeNS
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
theANNUAL Nova Scotia – 15
Association Report
Executive Director’s message Over the past six months, Rental Housing Providers Nova Scotia (RHPNS) has played an increasingly active role in shaping the policy landscape affecting rental housing. With affordability concerns continuing to dominate headlines and government action accelerating at both the municipal and provincial levels, RHPNS has remained focused on ensuring the voice of rental housing providers is heard. Through advocacy, education, and outreach, the organization continues to represent its members in a complex and shifting hostile housing environment.
Advocacy Provincial activity RHPNS maintained a strong advocacy presence, voicing member concerns and proposing practical solutions before legislative committees, Halifax Regional Council, and the media through interviews, opinion pieces, and an active social media presence. During the spring legislative session, the Progressive Conservative government did not introduce any new legislation related to rental housing, an outcome RHPNS viewed as positive. In contrast, the Nova Scotia New Democratic Party (NDP) introduced several private members bills: Ending Abuses of Fixed-Term Leases Act, Rental Fairness and Affordability Act, Residential Tenancies Enforcement Act, and proposed amendments to both the Housing Supply and Services Act and the Residential Tenancies Act. While these bills were defeated by the
16 – theANNUAL Nova Scotia
majority government, they remain on public record and provide insight into potential legislative changes should a future government take a different policy direction. Bill 467, passed in the fall 2024 session and implemented in April 2025, amended the Interim Residential Tenancies Increased CAP Act to begin to restore balance to the Residential Tenancies Act. Key changes included: • Shortened eviction timelines: Landlords may initiate eviction after three full days of unpaid rent, with tenants given 10 calendar days to respond, down from the previous 30-day process. • New grounds for eviction: They include criminal behaviour, disruptive conduct, habitual late payments, and significant willful property damage. • Sublet rent control: Sublets at rates higher than the primary lease are prohibited to ensure fairness. Property tax increases RHPNS appeared before Halifax Regional Council to oppose a proposed 7.6 per cent property tax rate increase. Councillors were advised that property tax increases on apartment buildings are typically passed on to tenants in the form of rent hikes. For most rental housing providers, property taxes are the largest operating expense. Therefore, when Council approves a tax hike, it effectively approves a rent increase. These tax pressures worsen the City’s housing affordability crisis and may contribute to rising homelessness. Ultimately, Council approved a reduced 4.7 per cent increase.
RHPNS
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
A
Complicating the issue is Nova Scotia’s Capped Assessment Program (CAP), which limits assessment increases to 2.5 per cent for residential homeowners but excludes commercial properties, including multi-unit residential buildings. One small provider reported a 29 per cent assessment increase across three six-unit buildings portfolio, underscoring the disproportionate impact of the CAP on the rental housing sector. Water rate increases Halifax Water has proposed a 34 per cent rate increase over two years: 16.2 per cent in 2025–26 and 17.6 per cent the following year. RHPNS issued a statement: “Halifax Water’s proposed rate increase will have a significant impact on those who own, operate, and live in rental properties in HRM. As with property tax hikes, higher utility costs ultimately fall on tenants, as rents must reflect government-imposed costs to operate rental housing.” RHPNS has applied for and was granted intervenor status at the Nova Scotia Utility and Review Board hearing scheduled for September 15, 2025.
Legal and regulatory Supreme Court of Nova Scotia appeal In a significant legal victory underwritten by RHPNS, the Simmons family successfully appealed a Small Claims Court decision that had prevented them from allowing their daughter to occupy a unit they owned, despite complying with the Residential Tenancies Act (RTA). Justice Kennedy ruled that adjudicators must base their decisions
B
solely on the RTA and avoid RENTAL relyingHOUSING on social issues or RENTAL PROVIDERS HOUSING NOVA SCOTIA PROVIDERS N personal biases. RHPNS RHPNS Advocacy | Education | Membership Services
Advocacy | Education | Members
The decision sets a precedent extending to Residential C whom, like small D Tenancies Officers (RTOs), many of claims court adjudicators, now preface hearings by affirming that rulings will be based exclusively on the RENTAL HOUSING PROVIDERS NOVA SCOTIA RENTAL HOUSING PROVIDERS N RTA. Justice Kennedy also acknowledged that the RTA inherently favours tenants, creating a power imbalance. E RHPNS views this decision as a significant affirmation of no buildings property rights for rental housing providers. RENTAL HOUSING PROVIDERS NOVA SCOTIA
RentNS Advocacy | Education | Membership Services
RentN
Advocacy | Education | Membership
RentNS Advocacy | Education | Membership Services
Education and training
F
HomeNS
G
RHPNS revamped the Residential Property Management Course, successfully enrolling 22 students across three RENTAL HOUSING PROVIDERS NOVA SCOTIA RENTAL HOUSING PROVIDERS N courses: Advocacy | Education | Membership Services
HomeN
Advocacy | Education | Membership
• Legal Resources and Residential Property Management Standards (30 hours) H
HomeNS
buildings RENTAL HOUSING PROVIDERS NOVA SCOTIA • Human Relations fornoResidential Property Managers (20 hours) Advocacy | Education | Membership Services
• Marketing and Financial Planning for Residential Property Managers (20 hours) Students earned a “Certificate of Successful Completion” from NSCC for each course and an RHPNS certificate for completing all three. On May 13, RHPNS launched its Building Service Excellence Course, enrolling 19 students. The program’s timing aligned with rising vacancy rates, prompting property owners to focus on elevating resident customer service as a competitive differentiator.
theANNUAL Nova Scotia – 17
Association Report
RHPNS
RENTAL HOUSING PROVIDERS NOVA SCOTIA Advocacy | Education | Membership Services
A
Membership services The Awards Gala, Dinner, and Tradeshow, held on April 22, was another sold-out success, drawing more than 400 attendees. The event featured a Fireside Chat with Philip Fraser, CEO of Killam Apartment REIT, and Jon Love, Founder and Executive Chair of KingSett Capital. The session offered valuable insights into industry challenges, housing affordability, and the federal political landscape. It was met with enthusiastic applause. Celebrating innovation and excellence It was another outstanding year for the Innovation and Excellence Awards, which continue to highlight the dedication and professionalism within Nova Scotia’s vibrant rental housing sector. While only one winner can be named in each category, all nominees reflect the high standards and community spirit that define the industry. These awards are more than recognition; they serve as a symbol of excellence, instilling a sense of pride not only in the recipients but also among their colleagues, teams, and property owners. The 2025 Innovation and Excellence Award winners: • Resident Manager of the Year (Under 100 Units): Karen Chase, Skyline Living • Resident Manager of the Year (Over 100 Units): Bobby Defazio, Hazelview Properties • Maintenance Employee of the Year: Brandon MacDonald, Universal Realty Group • Property Manager of the Year: Marzan Hoque, CAPREIT • Support Person of the Year: Brittany Brown, Universal Realty Group • Supplier of the Year: Westland Express • Community Service Award: Killam Apartment REIT • Income Property Owner of the Year: CAPREIT • Development of the Year: Cunard Residences, Southwest Properties Congratulations to the winners and all nominees! Post-event surveys reflected strong satisfaction: • 85% of attendees rated the dinner segment as Excellent or Very Good • 86% said they are likely or very likely to attend next year
18 – theANNUAL Nova Scotia
B
RENTAL HOUSING • Among tradeshow exhibitors:
RENTAL
PROVIDERS HOUSING NOVA SCOTIA PROVIDERS NS 25% said the tradeshow exceeded expectations RHPNS Advocacy | Education | Membership Services
31% said it was above expectations
25% said it met expectations
C
RentNS
RHPNS Advocacy | Education | Membership Serv
D
RentN
• 75% found the event to be a good investment of time RENTAL HOUSING PROVIDERS NOVA SCOTIA RENTAL HOUSING PROVIDERS NOVA and money Advocacy | Education | Membership Services
Advocacy | Education | Membership Service
RentNS
• 75% plan to return next year, with the remaining 25% E considering it no buildings RENTAL HOUSING PROVIDERS NOVA SCOTIA
Upcoming events
Advocacy | Education | Membership Services
• RHPNS Golf Tournament is scheduled for Thursday, F G September 11, with a full sell-out of 45 teams expected.
HomeNS
HomeN
• Women in Industry Luncheon is scheduled for RENTAL HOUSING PROVIDERS NOVA SCOTIA RENTAL HOUSING PROVIDERS NOVA Wednesday, November 12. Advocacy | Education | Membership Services
Nova Scotia Rent Control webinar
Advocacy | Education | Membership Service
HomeNS
H In January, Cape Breton University professor Jan Hancock no buildings RENTAL HOUSING PROVIDERS NOVA SCOTIA approached RHPNS to assist in distributing a Nova Scotiafocused rent control survey to members. The survey aimed to assess the impact of the province’s temporary rent cap on rental housing supply, housing affordability, financial viability, and operational challenges for owners and operators. Advocacy | Education | Membership Services
More than 200 rental housing providers completed the survey. Professor Hancock will present his findings in a webinar for participants on June 11 as a gesture of appreciation. The results and accompanying study are currently under peer review and are expected to be published in fall 2025. The study concludes that the rent cap has negatively affected both rental housing supply and affordability in Nova Scotia; these findings are expected to spark significant public debate upon release.
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Book a Demo theANNUAL Nova Scotia – 19
Neighbourhood Trends Latest information on some of Nova Scotia’s many neighbourhoods
Kentville
East Hants MD
Kings, Subd. A SC
Halifax
theANNUAL Nova Scotia – 21
Neighbourhood Trends Data provided by Rentals.ca
Age Distribution RHB 2 Age Distribution of Active Renters Nova Scotia 30%
25%
29%
24%
20% 17% 14%
15%
10% 10%
6% 5%
0%
18-24
25-34
35-44
45-54
Amenity Searches
6/29
Average Rent / Sqft
22 – theANNUAL Nova Scotia
55-64
65+
Lead Submission of Prospective Tenants by Bed Count RHB 2 Lead Submission by Bed Count Nova Scotia
L
4+ Bed
0 Bed
3 Bed
11%
14%
37%
37%
1 Bed
2 Bed
Average Asking Rent by Bed Count
Average Rent by P
RHB 2 Average Rent by Bed Count Nova Scotia $3,500 $3,228 $3,067 $3,000
$2,511
$2,500
24/29 $1,962
$2,000
$1,500
$1,461
$1,000
$500
$0
0 Bed
1 Bed
2 Bed
3 Bed
4+ Bed
Lead Submission by Bed Count
theANNUAL Nova Scotia – 23
Neighbourhood Trends Searches by Property Type
hewan
Search by Property Type Nova Scotia
Houses
39%
42%
28%
Apartments
26%
20% Condos
Condos Apartments
Condos
Houses
Apartments
Average Rent by Bed Count Average Asking Rent by Property Type Average Rent by Property Type Nova Scotia $3,500 $2,328
$3,185 $3,000 $2,797
15/29
$2,500 $2,253
$2,000
$1,500
$1,000
$500
House
46%
$0
24 – theANNUAL Nova Scotia
Apartment
Condo
House
Condos
Houses
Apartments
YoY% Change in Lead Volume of Prospective Tenants
Average Rent / Sqft Amenity Searches RHB 2 Amenity Searches Nova Scotia 45%
43%
40%
28/29
35%
30%
25%
20% 16% 15%
10%
8%
8%
7% 5%
5%
0%
Pets
Parking
Heat
Water
Laundry Insuite
Electricity
4%
Dishwaher
3%
AC
3%
Balcony
1%
1%
Gym
Laundry Facility
Searches by Property Type
theANNUAL Nova Scotia – 25 12/29
Top 10 Nova Scotia’s top ten private landlords by size
OT I A’ S TO P 10 C S A V O N
theANNUAL Nova Scotia – 27
Top 10 Owners, Managers & REITs
Killam Apartment REIT
Category:
REIT
Number of suites
Website:
killamreit.com
5,731
CAPREIT
28 – theANNUAL Nova Scotia
Category:
REIT
Number of suites
Website:
capreit.ca
3,408
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Top 10 Owners, Managers & REITs
Paramount Management Category:
Owner
Number of suites
Website:
paramountmanagement.ca
2,000
* 2023 Data
Southwest Properties
30 – theANNUAL Nova Scotia
Category:
Owner
Number of suites
Website:
southwest.ca
1,900
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Top 10 Owners, Managers & REITs J2K Properties Category:
Owner
Number of suites
Website:
j2kproperties.ca
1,350
Westwood Develpoments Category:
Owner/Asset Mgr
Number of suites
Website:
www.westwoodgroup.ca
1,200
BANC Investments Inc. Category:
Developer/Owner
Number of suites
Website:
bancgroup.ca
1,125
32 – theANNUAL Nova Scotia
Top 10 Owners, Managers & REITs WMFares Group Category:
Owner
Number of suites
Website:
wmfares.com
1,050
Templeton Properties Category:
Owner
Number of suites
Website:
templetonproperties.ca
964
* 2023 Data
Hazelview Investments
34 – theANNUAL Nova Scotia
Category:
REIT
Number of suites
Website:
hazelview.com
853
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