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December 15, 2022HOUSING STARTS, NOVEMBER 2022 
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,144 units in November 2022, up 32.1% from the revised estimate of 3,137 units in October 2022.
Housing starts in Halifax increased to a seasonally adjusted annualized rate of 2,307 units in November 2022. Outside of Halifax, housing starts were down to a seasonally adjusted annualized rate of 1,837 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 grown more slowly.
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 0.2% from October 2022 to 264,159 units in November 2022 (seasonally adjusted annualized rate). Housing starts were up last month in seven provinces with the largest increase reported in New Brunswick. Monthly housing starts were down in three provinces in November 2022, with the largest decrease in Saskatchewan.
During the first eleven months of 2022, Nova Scotia’s housing starts were down 1.9% compared to the same period in 2021. Halifax housing starts decreased 3.1% and starts outside the city were up 0.1%. Canada’s housing starts decreased 5.3%. Starts were up in four provinces led by Newfoundland and Labrador. Prince Edward Island and Quebec reported the largest declines 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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