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April 19, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, FEBRUARY 2018 
In February, investment in new housing construction in Nova Scotia (current dollars, unadjusted for seasonality) decreased 17.5 per cent compared to February 2017 to $57.3 million. Investment in new single-detached units decreased by 27.8 per cent to $26.8 million, and investment in apartment units decreased by 2.5 per cent to $25.9 million. The relatively smaller semi-detached segment was down 45.5 per cent to $2.4 million, while row housing construction rose 59.4 per cent to $2.2 million.
In Canada, new housing investment increased by 9.5 per cent over the same period to $4.5 billion.
Year-to-date, Nova Scotia's total new housing construction was down $17.2 million compared to the first two months of 2017. This decline largely reflects a $18.5 million decrease in spending on single dwelling units. Apartment spending was up $4.0 million in the first two months of the year. Semi-detached unit spending was down $4.1 million while row housing expenditures increased $1.4 million.
Across Canada, year-to-date investment in new housing construction is up $770.9 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. Apartment construction declined through 2016 and has been rising since early 2017. After rebounding somewhat through 2016 and 2017, single dwelling construction has declined in recent months.
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 February 2018 compared to February 2017, led by Prince Edward Island and Quebec. New housing investment declined in Nova Scotia and Saskatchewan.
On a year-to-date basis, new housing investment is up in the same eight provinces that saw year-over-year gains, led by Prince Edward Island and Quebec.
Statistics Canada CANSIM 026-0017
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