Canada -  Halifax-Dartmouth

The HALIFAX-DARTMOUTH economy has long been reliant on resource-based industries. However, the gas industry is in decline across the region with the closure of several offshore natural-gas production sites. Halifax’s economy is now more and more fuelled by the manufacturing and life sciences sectors, shipbuilding at the Irving Shipyard, and shipping via the Port of Halifax. The increase in demand for seafood and fresh lobster from Asia in particular has given a boost to the Halifax economy. According to the Conference Board of Canada, the city’s GDP is projected to increase by 1.9% in 2018, double the growth seen in 2017. The Nova Centre, a new convention centre that features a boutique hotel and business towers, opened in 2018 and is expected to boost both business and leisure travel. Moreover, the renovation of the ferry terminal will support greater cruise-ship activity.

Between 2016 and 2017, the market lost 587 rooms as the result of the closure of 6 properties. This put high pressure on room rates, which rose by 5.2% and 9.7%, respectively, in these years. This in turn had a positive effect on RevPAR, which increased by 10.6% in 2016 and 14.7% in 2017. The value per room also displayed a double-digit increase of 21.5% in 2017. Consequently, Halifax-Dartmouth jumped from eleventh spot in 2016 to seventh in 2017 in the value-per-room rankings.

RevPAR growth is expected to be more moderate after 2018. Two property conversions brought 370 guestrooms back into the market in 2018. In 2019, the opening of the 262-room Sutton Place Hotel, the 196-room dual-branded Courtyard/Residence Inn, and the 125-room Holiday Inn Express in Dartmouth Crossing will increase the room inventory in the market.

The value per room is projected to increase from $161,870 in 2018 to $170,541 in 2021, putting the city in tenth position in the ranking in the latter year.

Change In Value For Market: ($CAD)

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Halifax-Dartmouth RevPAR Change ($CAD)

Halifax-Dartmouth RevPAR ($CAD)

Year RevPAR
2006 $83.68
2007 $87.78
2008 $86.66
2009 $78.78
2010 $79.60
2011 $80.22
2012 $81.82
2013 $80.23
2014 $81.34
2015 $84.51
2016 $93.45
2017 $107.24
2018 (f) $110.50
2019 (f) $111.87
2020 (f) $114.51
2021 (f) $116.42

For more information, please contact:

Monique Rosszell, AACI, MRICS, ISHC
[email protected]
  • +1 416 686-2260 (w)