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April 19, 2022HOUSING STARTS, MARCH 2022 
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 2,818 units in March 2022, down 25.8% from the revised estimate of 3,797 units in February 2022.
Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 1,467 units in March 2022. Outside of Halifax, housing starts were down to a seasonally adjusted annualized rate of 1,351 units.
Notwithstanding a dip in the last two months, Nova Scotia's housing starts have trended up since mid-2021 (rebounding from a decline early in that year). Starts in Halifax largely explain this trend as starts outside Halifax have remained relatively stable.
The recent increase in starts is concentrated among mulitple dwelling units. The growth in single dwelling unit starts was more moderate.
In Canada, housing starts decreased 1.6% from Febuary 2022 to 246,243 units in March 2022 (seasonally adjusted annualized rate). Housing starts were up in five provinces with the largest increase reported in New Brunswick. Housing starts were down in five provinces in March 2022, led by Saskatchewan.
During the first quarter of 2022, Nova Scotia’s housing starts were down 13.7% compared to the same period in 2021. Halifax housing starts decreased 12.8% and starts outside the city were down 15.3%. Canada’s housing starts decreased 19.9%. Starts were up in five provinces led by Newfoundland and Labrador and New Brunswick. Saskatchewan reported the largest decline in housing starts.
Statistics Canada has also released quarterly housing starts that are neither adjusted for seasonality nor annualized. In the first quarter of 2021, there were 1,059 housing starts in Nova Scotia, a decline from 1,214 reported in Q1 2021 and from 2,356 reported in Q4 2021 (housing starts typically decline in winter months of the year).
In addition to unadjusted housing starts, Statistics Canada has also released updated information on quarterly completions and units under construction. In Q1 2022, the number of units under construction reached a new high at 8,031 units, the majority of which were multiple units under construction (6,933 multiples vs 1,098 singles). Housing starts have continued to outpace completions, with 1,385 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)