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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

July 18, 2022
HOUSING STARTS, JUNE 2022

Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 5,844 units in June 2022, down 50.1% from the recent monthly high for housing starts reported in May (seasonally adjusted annualized rate of 11,721).

Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 4,359 units in June 2022. Outside of Halifax, housing starts were down to a seasonally adjusted annualized rate of 1,485 units.

Notwithstanding a dip in the previous months, the 6 month moving average for Nova Scotia's housing starts have trended up since mid-2021 (rebounding from a decline early in that year). Starts in Halifax largely explain this trend as starts outside Halifax have remained relatively stable.

The recent decrease in the 6 month moving average for starts is concentrated among multiple dwelling units. The growth in single dwelling unit starts was more moderate.

In Canada, housing starts decreased 3.0% from May 2022 to 273,841 units in June 2022 (seasonally adjusted annualized rate). Housing starts were down last month in six provinces with the largest decline reported in Nova Scotia. Monthly housing starts were up in four provinces in June 2022, with the largest increase in Saskatchewan.

During the first half of 2022, Nova Scotia’s housing starts were up 8.1% compared to the same period in 2021. Halifax housing starts increased 30.2% and starts outside the city were down 23.5%. Canada’s housing starts decreased 11.5%. Starts were up in five provinces led by Newfoundland and Labrador and Alberta. Quebec reported the largest decline in housing starts.

 

In the second quarter of 2022, there were 1,609 housing starts in Nova Scotia, an increase from 1,224 reported in Q2 2021 and from 1,059 reported in Q1 2022.

In Q2 2022, the number of units under construction reached a new high at 8,847 units, the majority of which were multiple units under construction (7,721 multiples vs 1,126 singles). Housing starts have continued to outpace completions, with 2,191 more starts than completions in the last four quarters. 

 

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, quarterlyTable 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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