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November 20, 2024HOUSING STARTS, OCTOBER 2024 Monthly (October 2024 vs September 2024, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,908 units in October 2024. This was a 7.6% increase from the previous month's revised value of 4,561.
Housing starts in Halifax declined to a seasonally adjusted annualized rate of 2,145 units in October 2024, down 17.5% from 2,601 units in September 2024.
Outside of Halifax, housing starts rose to a seasonally adjusted annualized rate of 2,763 units in October 2024, up 41.0% from 1,960 units in September 2024.
Across Canada, housing starts grew to a seasonally adjusted annualized rate of 240,761 units in October 2024, up 7.8% the 223,391 unit pace reported in September 2024.
Housing starts were up in seven provinces last month, with the largest percentage increase in Prince Edward Island. New Brunswick reported the sharpest monthly decline in housing starts. (Note: monthly changes in seasonally adjusted annualized housing starts are often volatile).
Year-over-year (October 2024 vs October 2023, seasonally adjusted annualized rate)
Nova Scotia's housing starts were down 51.2% compared with 10,065 unit pace set in October 2023. Halifax housing starts were down 73.1% from their rate in October 2023 (7,966). Housing starts outside the city were up 31.6% year-over-year from their pace in October 2023 (2,099). Across Canada, housing starts were down 11.5% year-over-year in October despite gains in seven provinces. Nova Scotia reported the largest year-over-year decline in housing starts in October (Ontario and British Columbia reported the other declines). Manitoba reported the fastest rise in housing starts year-over-year.
In unadjusted results for Halifax in October 2024, there were 165 housing starts and 323 completions. With completions outpacing starts, the stock of units under construction declined to 10,372 units in Halifax, though this was still up 27.7% from units under construction in the the same month last year (8,120).
Year-to-date (January-October 2024 vs January-October 2023, seasonally adjusted annualized rate)
Over the first ten months of 2024, Nova Scotia's housing starts were up 18.6% compared with the same period in 2023. Halifax starts were up 29.6% while starts outside the city decreased by 0.6%. Across Canada, year-to-date housing starts down slightly (-0.1%) even though there were gains in seven provinces. Newfoundland and Labrador reported the fastest percentage increase in year-to-date housing starts. Ontario, British Columbia and Saskatchewan reported declines.
Source: Statistics Canada, 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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