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March 21, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, JANUARY 2018 
Investment in new housing construction in Nova Scotia (current dollars, unadjusted for seasonality) decreased 8.0 per cent compared to January 2017 to $58.4 million. Investment in new single-detached units decreased by 21.5 per cent to $29.7 million, while investment in apartment units increased by 24.1 per cent to $23.9 million. The relatively smaller semi-detached segment was down 44.5 per cent to $2.7 million, while row housing construction rose 34.8 per cent to $2.1 million.
In Canada, new housing investment increased by 9.4 per cent over the same period to $4.4 billion.
Nova Scotia's total new housing construction was down $5.1 million in January 2018 compared with the same month in 2017. This decline reflects a $8.1 million decrease in spending on single dwelling units and a $4.6 million increase in apartment spending. Semi-detached unit spending was down $2.1 million while row housing expenditures increased $0.5 million.
Across Canada, year-over-year investment in new housing construction is up $381 million, with the gains concentrated in apartments.
The composition of Nova Scotia's housing construction has been changing over the last decade, beginning with a rise in apartment construction in 2009. The pace of single dwelling construction slowed in 2013 as apartments reached a peak. Total construction was down in both categories for 2014, followed by a rebound in apartment construction in 2015. In 2016 and 2017, single dwelling construction rebounded, though not to the same pace as was observed over a decade ago. After declining in late 2016, apartment construction rose again through 2017.
The trend in Nova Scotia's housing construction (measured using an index of investment in all dwellings) shows both the strong seasonal pattern as well as the difference from national levels. While national new housing construction grew rapidly from 2013 onwards (particularly in larger urban centres), Nova Scotia's housing markets have grown more slowly as there was a shift in composition between apartment and single dwelling unit construction.
Looking across the country, eight provinces saw an increase in investment in January 2018 compared to January 2017, led by Prince Edward Island, Quebec, New Brunswick and Manitoba. New housing investment declined in Nova Scotia and Saskatchewan.
Statistics Canada CANSIM 026-0017
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