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May 22, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, MARCH 2018 
In March, investment in new housing construction in Nova Scotia (current dollars, unadjusted for seasonality) increased 7.6 per cent compared to March 2017 to $71.4 million. Investment in new single-detached units increased by 12.9 per cent to $41.0 million, and investment in apartment units decreased by 3.7 per cent to $24.1 million. The relatively smaller semi-detached segment was up 6.2 per cent to $3.9 million, while row housing construction rose 82.9 per cent to $2.4 million.
In Canada, new housing investment increased by 9.7 per cent over March 2017 to $4.6 billion.
Year-to-date, Nova Scotia's total new housing construction was up $7.3 million compared to the first three months of 2017. Singles were up $3.9 million and apartments were up $3.8 million. Semi-detached unit spending was down $3.3 million while row housing expenditures increased $2.9 million.
Across Canada, year-to-date investment in new housing construction is up $1.305 billion, 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 been flat in the first months of 2018.
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, nine provinces saw an increase in new housing investment in March 2018 compared to March 2017, led by Prince Edward Island, Quebec and New Brunswick. New housing investment declined in Saskatchewan.
On a year-to-date basis, new housing investment is up in the same nine provinces that saw year-over-year gains. In percentage terms, gains were strongest in Prince Edward Island, followed by New Brunswick and Quebec. Saskatchewan was the only province to report a decline.
Statistics Canada CANSIM 026-0017
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