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October 16, 2024HOUSING STARTS, SEPTEMBER 2024 Monthly (September 2024 vs August 2024, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,490 units in September 2024. This was a 13.7% increase from the previous month's revised value of 3,950.
Housing starts in Halifax increased to a seasonally adjusted annualized rate of 2,598 units in September 2024, up 3.0% from 2,522 units in August 2024.
Outside of Halifax, housing starts rose to a seasonally adjusted annualized rate of 1,892 units in September 2024, up 32.5% from 1,428 units in August 2024.
Across Canada, housing starts grew to a seasonally adjusted annualized rate of 223,808 units in September 2024, up 5.1% the 213,012 unit pace reported in August 2024.
Housing starts were down in six provinces last month, with the largest percentage decreases in Manitoba amd Prince Edward Island. Saskatchewan posted the most notable monthly increase in housing starts. (Note: monthly changes in seasonally adjusted annualized housing starts are often volatile).
Year-over-year (September 2024 vs September 2023, seasonally adjusted annualized rate)
Nova Scotia's housing starts were down 48.9% compared with 8,788 unit pace set in September 2023. Halifax housing starts were down 61.5% from their level in September 2023. Housing starts outside the city were down 7.3% year-over-year. Across Canada, housing starts were down 16.0% year-over-year in September with gains in six provinces. Nova Scotia reported the largest year-over-year decline in housing starts in September, while Saskatchewan and Prince Edward Island reported the fastest gains.
In unadjusted results for Halifax in September 2024, there were 230 housing starts and 633 completions. Housing starts typically slow in September in the unadjusted data. With completions outpacing starts, the stock of units under construction declined to 10,532 units in Halifax, though this was still up 38.2% from units under construction in the the same month last year (7,619).
Year-to-date (January-September 2024 vs January-September 2023, seasonally adjusted annualized rate)
Over the first three quarters of 2024, Nova Scotia's housing starts were up 31.0% compared with the same period in 2023. Halifax starts were up 54.0% while starts outside the city decreased by 4.5%. Across Canada, year-to-date housing starts were up 1.4% 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 (Q3 2024, unadjusted)
Therwe were a total 1,426 housing starts in Nova Scotia in Q3 of 2024. This was down 16.9% from the 1,716 units started in Q3 2023.
Starts for single detached dwellings declined 4.0% from 656 units in Q3 2023 to 630 units in Q3 2024.
Starts for multiple dwelling units also declined, falling by 24.9% from 1,060 in Q3 2023 to 796 starts in Q3 2024.
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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