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August 16, 2024HOUSING STARTS, JULY 2024 Monthly (July 2024 vs June 2024, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 6,593 units in July 2024. This was a 45.5% decrease from the previous month's revised value of 12,089 (which was the 4th fastest pace of monthly housing starts in records dating back to 1990).
Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 3,681 units in July 2024, down 59.2% from 9,025 units in June 2024.
Outside of Halifax, housing starts decreased to a seasonally adjusted annualized rate of 2,912 units in July 2024, down 5.0% from 3,064 units in June 2024.
Across Canada, housing starts rose to a seasonally adjusted annualized rate of 279,509 units in July 2024, 15.7% above the 241,643 unit pace reported in June 2024.
Housing starts were up in 5 of ten provinces last month, with the largest percentage increase in Prince Edward Island (+219.4%) . The largest percentage decline was in Nova Scotia. (Note: monthly changes in seasonally adjusted annualized housing starts are often volatile).
Year-over-year (July 2024 vs July 2023, seasonally adjusted annualized rate)
Nova Scotia's housing starts were up 6.6% compared with July 2023. Halifax housing starts were 14.4% above their level from July 2023. Housing starts outside the city were down 1.8% year-over-year. Across Canada, housing starts were up 10.4% year-over-year in July with gains in 7 provinces. Prince Edward Island reported the largest year-over-year rise in housing starts in July, while Manitoba reported the fastest decline.
In unadjusted results for Halifax in July 2024, there were 329 housing starts and 476 completions. With completions outpacing starts, the stock of units under construction declined to 10,970 units in Halifax, though this was still up 45.3% from units under construction in the the same month last year (7,548).
Year-to-date (January-July 2024 vs January-July 2023, seasonally adjusted annualized rate)
Over the first seven months of 2024, Nova Scotia's housing starts were up 48.4% compared with the same period in 2023. Halifax starts were up 83.7% while starts outside the city decreased by 1.4%. Across Canada, year-to-date housing starts were up 6.7% with gains in 6 provinces. Newfoundland and Labrador reported the fastest percentage increase in year-to-date housing starts while Ontario reported the steepest decline.
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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