The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
February 22, 2017INVESTMENT IN NEW HOUSING CONSTRUCTION, DECEMBER 2016 Investment in new housing construction in Nova Scotia (current dollars) increased by 10.8 per cent in December 2016 compared to December 2015 to $66.9 million. Investment in new single-detached units increased by 28.8 per cent, or $9.3 million, to $41.4 million, while investment in apartment units decreased by 18.7 per cent, or $4.4 million, to $19.1 million. In Canada, new housing investment increased by 9.1 per cent over the same period.
Comparing 2016 to 2015, new housing construction investment in Nova Scotia declined by 1.6 per cent, with increases in single units (+12.5per cent) and double units (+13.9 per cent) offset by declines in row units (-3.7 per cent) and apartment units (-19.2 per cent). The decline in apartment investment was mainly due to an unusually strong period in the second half of 2015. In Canada, new housing construction investment rose 7.2 per cent over the same time period.
Historically, Nova Scotia investment in new housing construction declined from late 2012 to mid-2014, reaching a monthly minimum in May of 2014 (note that May is typically a low month in the seasonal cycle for new housing construction). Investment has been generally on the rise since then. Investment in single-detached housing construction has generally declined over the past decade, while multiple unit construction surged periodically since 2011, at times displacing single housing as the largest component of new residential investment. In 2016, single-detached construction investment picked up but remained low compared to historical averages while apartment construction investment declined compared to 2015 but remained elevated compared to historical averages. The shift to multiple unit construction is consistent with national trends, though the decline in investment in single unit housing is more pronounced in Nova Scotia.
Looking across the country, six provinces saw an increase in investment in December 2016 compared to December 2015, lead by British Columbia. On an annual basis, four provinces saw increases, led by British Columbia and Ontario. Six provinces saw declining investment, with the largest drops in Alberta, Saskatchewan, and Newfoundland and Labrador.
Statistics Canada CANSIM 026-0017
<--- Return to Archive
