2025 Nova Scotia Provincial

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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