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October 18, 2022HOUSING STARTS, SEPTEMBER 2022 
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 3,814 units in September 2022, down 34.5% from the revised estimate of 5,826 units in August 2022.
Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 953 units in September 2022. Outside of Halifax, housing starts were up to a seasonally adjusted annualized rate of 2,861 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 increased 10.8% from August 2022 to 299,589 units in September 2022 (seasonally adjusted annualized rate). Housing starts were up last month in three provinces with the largest increase reported in Ontario. Monthly housing starts were down in seven provinces in September 2022, with the largest decrease in Prince Edward Island.
During the first nine months of 2022, Nova Scotia’s housing starts were up 21.3% compared to the same period in 2021. Halifax housing starts increased 35.8% and starts outside the city were up 2.1%. Canada’s housing starts decreased 5.7%. Starts were up in four provinces led by Newfoundland and Labrador. Prince Edward Island and Quebec reported the largest declines in housing starts.
In the third quarter of 2022, there were 1,791 housing starts in Nova Scotia, an increase from 1,185 reported in Q3 2021 and from 1,609 reported in Q2 2022.
In Q3 2022, the number of units under construction reached a new high at 9,003 units, the majority of which were multiple units under construction (7,578 multiples vs 1,425 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, 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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