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May 17, 2021HOUSING STARTS, APRIL 2021 With April reference month results, year-over-year (Apr 2021 vs Apr 2020) and year-to-date (Jan-Apr 21 vs Jan-Apr 20) are beginning to show the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 3,598 units in April 2021. This was 23.3% below the 4,693 units started in March 2021.
Housing starts in Halifax declined 42.0% month-over-month to 1,561 units. Outside of Halifax, housing starts were up 1.9% from March and totalled 2,037 units in April.
Compared to April 2020, Nova Scotia’s housing starts were up 36.9% with higher starts both in and outside of Halifax. Housing starts in Halifax were up 9.5% year-over-year while outside of Halifax housing starts were up 69.3%.
Housing starts trended down across the province in the first half of 2020 before rebounding in the summer of 2020. Since then, housing starts have trended up across the province. In recent months, the six-month moving average is declining due to decline in the Halifax market, but starts remain above the long-run average pace.
In urban areas, housing starts for multiples are generally higher than for singles with greater variability month-to-month. The six-month moving average for singles has remained relatively flat through most of 2019 and 2020. Since October 2020, it has trended upward. The six-month moving average for multiples rose during the summer months of 2018 and declined until the first quarter of 2019. After a period of fluctuation in 2019 and 2020, the six-month moving average for multiples rose through the final months of 2020 and declining in recent months.
In Canada, housing starts declined 19.8% from previous month to 268,631 units in April 2021. When compared to April 2020, housing starts in Canada were up 63.2%.
Housing starts declined in six provinces from March 2021 to April 2021, led by British Columbia (-46.1%). New Brunswick posted the largest increase (+210.6%) over the previous month.
During the first four months of 2021, Nova Scotia's housing starts were up 20.9% compared to the same period last year. Canada’s housing starts increased 50.5%. Housing starts rose in all provinces with Newfoundland and Labrador posting the strongest growth (+156.1%), and New Brunswick the slowest (+12.5%).
Note: Urban areas are defined as areas over 10,000 people
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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