Canada -  Halifax-Dartmouth

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HVS In-Depth Canada Hotel Valuation Index:   2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

HALIFAX-DARTMOUTH plays a major role in the economy of Atlantic Canada. Halifax realized a healthy GDP growth of 2.6% in 2019, above the increases of 1.9% and 1.6% seen in the two previous years. The manufacturing and construction sectors, particularly ongoing shipbuilding work, have been fuelling economic growth in the city. While the manufacturing sector is expanding and contributing to the overall growth in the market, the primary and utilities sector is expected to grow slightly, after contracting significantly over the last few years. The decline in output in this sector was mainly due to the maturation of the offshore natural gas sector. The decommissioning process for Encana's Deep Panuke Project and ExxonMobil's Sable Offshore Energy Project was completed at the end of 2019. Numerous projects are taking place in 2020, including the Queen’s Marque mixed-use development in downtown Halifax, upgrades to Mic Mac Mall in Dartmouth, the expansion and renovation of the QEII Hospital and the Dartmouth General Hospital.

The city and the province are facing a deep recession, mainly due to the coronavirus pandemic that is simultaneously bringing domestic economic activity to a halt and reducing demand for the province’s export-intensive industries. The emergency measures put in place and stay-at-home orders to contain the virus’s spread are devastating for the Halifax-Dartmouth hotel sector. The pandemic will severely limit the number of international tourists that visit Halifax in 2020. The cruise ship activity at the Port of Halifax will also likely come to a halt this year. As such, it is reasonable to expect that the number of visitors from overseas, as well as the U.S., will likely be down considerably this year. The pandemic will undoubtedly have a negative impact on 2020 hotel values resulting in significant value decreases, returning to moderate growth in values by 2021.

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%

For more information, please contact:

Monique Rosszell, AACI, AACI, MRICS, ISHC
[email protected]
  • +1 416 686-2260 (w)
  • +1 514 776-7099 (m)
  • +1 416 704-3883 (m)