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August 17, 2021HOUSING STARTS, JULY 2021 With July reference month results, year-over-year (July 2021 vs July 2020) and year-to-date (Jan-Jul 21 vs Jan-Jul 20) are in part showing 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 5,545 units in July 2021. This was 124.5% above the revised 2,470 units started in June 2021.
Housing starts in Halifax increased month-over-month to 3,489 units. Outside of Halifax, housing starts were down from 2,303 units in June to 2,056 units in July.
Compared to July 2020, Nova Scotia’s housing starts were 31.3% lower with a 47.9% decline in Halifax and a 49.0% increase outside of Halifax.
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 in Halifax has come down from its peak in late 2020. Outside of Halifax has had an upward trend in housing starts.
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 had trended upward since early 2019 before a modest moderation in recent months. 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 has been at an elevated level in the first seven months of 2021.
In Canada, housing starts decreased 3.2% from the previous month to 272,176 units in July 2021. When compared to July 2020, housing starts in Canada were up 11.0%.
Housing starts declined in four provinces from June 2021 to July 2021, with Manitoba (-33.3%) reporting the largest decline. Nova Scotia (+124.5%) posted the largest increase.
During the first seven months of 2021, Nova Scotia's housing starts were up 20.5% compared to the same period last year. Canada’s housing starts increased 41.2%. Housing starts rose in all provinces with Newfoundland and Labrador posting the strongest growth (+122.5%), and Nova Scotia the slowest (+20.5%).
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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