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September 16, 2021HOUSING STARTS, AUGUST 2021 With August reference month results, year-over-year (August 2021 vs August 2020) and year-to-date (Jan-Aug 21 vs Jan-Aug 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 2,441 units in August 2021. This was 56.1% below the revised 5,556 units started in July 2021.
Housing starts in Halifax decreased month-over-month to 481 units. Outside of Halifax, housing starts were down from 2,133 units in July to 1,960 units in August.
Compared to August 2020, Nova Scotia’s housing starts were 36.2% lower with a 77.0% decline in Halifax and a 12.5% 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 half of 2021. However, the six-month moving average for multiples started to trend downward in the second half of the year.
In Canada, housing starts decreased 3.9% from the previous month to 260,239 units in August 2021. When compared to August 2020, housing starts in Canada were down 0.5%.
Housing starts declined in eight provinces from July 2021 to August 2021, with Nova Scotia (-56.1%) reporting the largest decline. Ontario (+10.3%) and Manitoba (+6.0%) were the only two provinces reporting monthly increases in housing starts in August.
During the first eight months of 2021, Nova Scotia's housing starts were up 14.4% compared to the same period last year. Canada’s housing starts increased 34.6%. Housing starts rose in all provinces with Newfoundland and Labrador posting the strongest growth (+99.8%), and Prince Edward Island the slowest (+8.0%).
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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