Nova Scotia Experiences Significant Population and Economic Growth
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Nova Scotia Experiences Significant Population and Economic Growth
- Nova Scotia's population reached 1,076,374 as of July 1, 2024, marking a 1.88% increase from the previous year.
- The province's real GDP increased by 3.0% in 2024, ranking as the third fastest among Canadian provinces, according to Statistics Canada's revised estimates released in November 2025.
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Nova Scotia has experienced notable population and economic expansion in recent years. As of July 1, 2024, the province’s population stood at 1,076,374, representing an increase of 19,888 individuals or 1.88% over the previous year. This growth, while slower than the two preceding years, was still among the fastest in over a century for Nova Scotia. International migration, including a significant inflow of non-permanent residents and 13,736 immigrants from July 1, 2023, to July 1, 2024, has been a key driver of this demographic shift. Interprovincial migration also contributed positively, with more people moving into Nova Scotia from other provinces than leaving, marking the ninth consecutive year of this trend.
Economically, Nova Scotia’s real Gross Domestic Product (GDP) saw a 3.0% increase in 2024, positioning it as the third fastest-growing provincial economy in Canada. This growth outpaced the national average of 1.7%. Goods-producing industries in Nova Scotia experienced a 4.7% rise in real GDP in 2024, while services-producing industries grew by 2.7%. Despite this overall economic growth, concerns have been raised that workers’ wages are not keeping pace with the rising cost of living, with half of all workers earning $25.64 per hour or less.
The housing market in Nova Scotia reflects these demographic and economic trends. The province’s housing stock reached 493,145 units in Q3 2024, a 0.27% increase from Q2 2024. However, population growth has outpaced housing development, leading to a decline in housing units per capita since 2020. New housing prices in Nova Scotia increased by 4.8% from May 2024 to May 2025, and by 4.9% from November 2024 to November 2025, leading the country in year-over-year gains. In Halifax, the average rent increased by 6.4% in 2024 to $1,636 per month, and further by 7.3% in 2025 to $1,755 per month. Housing starts in Halifax saw a significant spike in 2025, particularly for multi-unit dwellings, with a 51% growth over 2024.