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July 17, 2024HOUSING STARTS, JUNE 2024 Monthly (June 2024 vs May 2024, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 12,118 units in June 2024. This was a 35.3% increase from the previous month. May 2024 housing starts in Nova Scotia were revised to a seasonally adjusted annualized rate of 8,954 units.
Housing starts in Halifax increased to a seasonally adjusted annualized rate of 9,024 units in June 2024, up 42.1% from 6,351 units in May 2024.
Outside of Halifax, housing starts increased to a seasonally adjusted annualized rate of 3,094 units in June 2024, up 18.9% from 2,603 units in May 2024.
Across Canada, housing starts declined to a seasonally adjusted annualized rate of 241,672 units in June 2024, 8.8% lower than the 264,929 units in May 2024.
Housing starts were up in four of ten provinces last month, with the largest percentage increases in Manitoba (+159.1%) and Saskatchewan (+158.0%). The largest percentage decline was in Prince Edward Island (-57.2%). Monthly housing starts can be volatile.
Year-over-year (June 2024 vs June 2023, seasonally adjusted annualized rate)
Nova Scotia's housing starts were down 15.2% compared with June 2023. Halifax housing starts were 20.5% below their level from June 2023. Housing starts outside the city were up 5.0% year-over-year. Across Canada, housing starts were down 14.0% year-over-year in June with gains in six provinces. Newfoundland and Labrador reported the largest year-over-year rise in housing starts in June, while Ontario reported the fastest decline.
In unadjusted results for Halifax in June 2024, there were 792 housing starts and 453 completions. With starts outpacing completions again, the stock of units under construction rose to 11,117 units in Halifax, up 50.2% from the same month last year.
Year-to-date (January-June 2024 vs January-June 2023, seasonally adjusted annualized rate)
Over the first six months of 2024, Nova Scotia's housing starts were up 55.6% compared with the same period in 2023. Halifax starts were up 93.8% while starts outside the city decreased by 0.9%. Across Canada, year-to-date housing starts were up 5.8% with gains in six provinces. Newfoundland and Labrador reported the fastest percentage increase in year-to-date housing starts while Ontario reported the steepest decline.
Quarterly (Q2 2024, unadjusted)
Nova Scotia's unadjusted housing starts amounted to 2,360 in Q2 2024, up from 1,991 in Q2 of 2023. The increase from Q2 2023 to Q2 2024 was due to an acceleration in housing starts for multiples, as starts for single-detached units were unchanged from the same quarter a year prior.
Source: Statistics Canada, Table 34-10-0158-01 Canada Mortgage and Housing Corporation, housing starts, all areas, Canada and provinces, seasonally adjusted at annual rates, monthly (x 1,000) ; Table 34-10-0156-01 Canada Mortgage and Housing Corporation, housing starts in all centres 10,000 and over, Canada, provinces, and census metropolitan areas, seasonally adjusted at annual rates, monthly (x 1,000)
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