2025 Altus Cost Guide Breakdown: Halifax Construction Costs by Asset Class
Thinking of building in Halifax, Nova Scotia in 2025? Whether you're planning a new condo, a commercial development, or an industrial warehouse, understanding the current construction cost landscape is crucial for budgeting and pro forma planning. The newly released 2025 Altus Cost Guide gives us a detailed snapshot—and we've broken it down specifically for Halifax so you don't have to.
Let's dig into the numbers, compare 2025 to 2024, and unpack what it all means for developers, investors, and builders across Nova Scotia.
All construction cost ranges shown below are in dollars per square foot ($/SF or PSF) for hard construction costs, based on typical building standards in Halifax.
🏢 Residential Construction Costs in Halifax (2025 vs. 2024)
🛠️ Analysis: Concrete construction in Halifax saw the largest spike, likely due to material and labour volatility, along with increasing energy and logistics costs. Wood frame costs also crept up, but more moderately.
🧑💼 Commercial Construction in Halifax
🛠️ Analysis: Commercial costs are relatively stable, with modest increases. Investors can breathe easy—Halifax remains one of the more cost-efficient urban markets in Canada for retail and office construction.
🏭 Industrial & Warehouse Costs
🛠️ Analysis: Industrial construction costs remain stable, especially for basic warehouse builds. Distribution centers saw a minor uptick, likely tied to growing e-commerce demand and tighter logistics capacity.
🏗️ Parking Structures
🛠️ Analysis: Underground parking continues to climb in cost, which may make surface or structured parking more attractive—especially in suburban or mixed-use developments.
🎓 Institutional (Public Sector) in Halifax
🛠️ Analysis: Health-related buildings are seeing significant cost increases, possibly due to stricter post-pandemic design standards and supply chain issues with M&E systems.
🧠 Final Thoughts
Halifax is catching up: Costs here are still lower than Toronto or Vancouver, but the gap is narrowing—especially for concrete high-rises and healthcare facilities.
Wood-frame residential remains budget-friendly, ideal for developers targeting first-time buyers or small-scale investors.
Don’t forget soft costs: The Altus Guide covers hard construction costs only—your budget still needs to factor in design, permits, contingencies, and land costs.
📍Need Help Budgeting Your Next Build?
The Chisholm Group works with builders, investors, and developers across Halifax and Nova Scotia to make smart, data-driven real estate decisions. Reach out to us today to get the latest insights, site evaluations, or project feasibility reviews.
