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September 16, 2022HOUSING STARTS, AUGUST 2022 
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,711 units in August 2022, down 40.3% from the revised estimate of 7,893 units in July 2022.
Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 3,193 units in August 2022. Outside of Halifax, housing starts were down to a seasonally adjusted annualized rate of 1,518 units.
While the six month moving average of housing starts has retreated from a peak in early 2022, the trend in housing starts has been higher compared to last few years. Halifax largely explains 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 and decline in single dwelling unit starts was more moderate.
In Canada, housing starts decreased 2.8% from July 2022 to 267,443 units in August 2022 (seasonally adjusted annualized rate). Housing starts were down last month in five provinces with the largest decrease reported in Nova Scotia. Monthly housing starts were up in five provinces in August 2022, with the largest increase in Saskatchewan.
During the first eight months of 2022, Nova Scotia’s housing starts were up 18.2% compared to the same period in 2021. Halifax housing starts increased 47.7% and starts outside the city were down 20.6%. Canada’s housing starts decreased 8.6%. Starts were up in five provinces led by Newfoundland and Labrador and Nova Scotia. Prince Edward Island reported the largest decline in housing starts.
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)
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