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March 15, 2023HOUSING STARTS, FEBRUARY 2023 Monthly (February 2023, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,490 units in February 2023, up from the revised estimate of 3,534 units in January 2023. Housing starts in Halifax increased to a seasonally adjusted annualized rate of 2,347 units in February 2023, up from 1,304 in January 2023. Outside of Halifax, housing starts slowed to a seasonally adjusted annualized rate of 2,143 units, down marginally from 2,230 units in January 2023.
Across Canada, housing starts increased to a seasonally adjusted annualized rate of 243,959 units in February 2023, up from 216,514 units in January 2023. Housing starts were up in 7 of 10 provinces last month, with the largest percentage increase in Saskatchewan and the largest percentage decline in British Columbia.
Year-to-date (January-February 2023 vs January-February 2022)
During the first two months of 2023, Nova Scotia’s housing starts were down 31.1% compared to the same period in 2022. Halifax housing starts decreased 52.2% and starts outside the city were up 8.7%. Across Canada, housing starts were down 4.7% in January- February 2023 with gains in 5 of 10 provinces. Newfoundland and Labrador reported the largest percentage drop in housing starts while Prince Edward Island reported the largest percentage gain.
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); Table 34-10-0126-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, annual; Table 34-10-0135-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, quarterly
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