Stabilized Dual-Income Bungalow in Halifax’s Growth Corridor

Located in the heart of the high-demand Fairview district, 116 Coronation Avenue is a prime example of a stabilized income-producing asset. This over-under bungalow configuration features two self-contained units that have been well-maintained, including a lower unit that was fully renovated in 2019. Its location provides easy access to downtown Halifax, major transit routes, and local amenities, ensuring a low vacancy risk in one of Atlantic Canada's tightest rental markets.

The property is currently fully tenanted, providing immediate cash flow stability. The upper two-bedroom unit is leased for $1,375 per month until September 2026, while the lower one-bedroom unit generates $1,400 per month until August 2026. This combined gross monthly income of $2,775 is supported by separate electrical meters and ductless heat pumps in each unit. Because tenants pay their own power and heating costs (NSP), the owner's operational exposure is significantly reduced, a critical factor for maintaining margins against rising utility costs.

From a financial perspective, a purchase at the $489,900 asking price with a 20% down payment ($97,980) and a 5.5% interest rate results in a monthly mortgage payment of approximately $2,400. With annual property taxes exceptionally low at $3,037, the property sits in a rare near-neutral cash flow position for the Halifax market at today's interest rates. This allows an investor to carry the asset comfortably while benefiting from the city’s aggressive appreciation trends.

Halifax continues to be a standout performer in Canadian real estate, boasting a 70% five-year historical appreciation rate and a consistent 7% growth over the last twelve months. The investment thesis for this property is centered on its entry-level price point and the supply-demand imbalance in the Fairview corridor. As the Halifax Peninsula becomes increasingly unaffordable for many renters, well-located suburbs like Fairview are capturing the overflow, driving long-term capital gains.

Risks for this asset include the typical maintenance requirements of a 1960s-era structure, though the 2019 basement renovation and the presence of modern heat pumps mitigate near-term capital expenditure concerns. Additionally, while the listing describes the property as a two-unit bungalow, the suite and zoning status should be independently verified with the Halifax Regional Municipality to ensure long-term legal compliance. For investors seeking a balanced play between immediate revenue and high-growth potential, this duplex is a standout opportunity.