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January 18, 2022HOUSING STARTS, DECEMBER AND ANNUAL 2021 With December reference month results, year-to-date comparisons (Jan-Dec 21 vs Jan-Dec 20) show rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic in 2020.
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 9,646 units in December 2021, up 26.6% from November.
Housing starts in Halifax increased 27.2% to a seasonally adjusted annualized rate of 7,004 units in December. Outside of Halifax, housing starts were up 24.9% to a seasonally adjusted annualized rate of 2,642 units.
Since 2018, Nova Scotia's housing starts have reported periods of elevated activity: summer and fall of 2018, summer and fall of 2019 summer 2020 through spring 2021, and in the fall of 2021. These increases in the 6 month moving average of housing starts largely reflect activity in the Halifax market. Outside Halifax, there have been three different periods of elevated housing starts: spring through fall of 2018, fall 2019 through spring 2020 and winter through fall 2021.
In urban areas, housing starts for multiples are generally higher than for singles with greater variability in the six-month moving average of seasonally adjusted annualized rates. The six-month moving average for both singles and multiples increased in early 2021 and then slowed over the summer. In the fall of 2021, there has been renewed growth in starts for both single dwelling and multiple units.
In Canada, housing starts declined 22.3% from November to 236,106 units in December 2021 (seasonally adjusted annualized rate). In November, national starts saw a rebound following 5 consecutive months of slowing housing starts. Housing starts were up in four provinces in December, led by Newfoundland and Labrador (+70.1%). Starts were down in six provinces with the largest decline reported in Ontario (-46.0%).
ANNUAL 2021
Nova Scotia's annual housing starts were at a level of 5,975 in 2020, which was 22.8% higher than in 2020. Starts were higher for both single and multiples in 2021.
Since 2011, starts for multiples have outnumbered starts for single detached units in Nova Scotia. In 2021, multiple starts increased 26.1% to 3,722 while single detached starts increased 17.7% to 2,253.
Housing starts were up 22.8% in Nova Scotia in 2021. Housing starts were up 24.5% across Canada in 2021. All provinces reported increases compared to 2020, with the largest increases in Saskatchewan and Newfoundland and Labrador. Prince Edward Island and New Brunswick reported the slowest growth in housing starts during 2021.
Note: Urban areas are defined as areas over 10,000 people
Source: Statistics Canada, Table 34-10-0135-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, quarterly; 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)
Annual table: Statistics Canada, Table 34-10-0126-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, annual
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