Investment in new housing construction in Nova Scotia (current dollars) increased by 8.3 per cent in January 2017 compared to January 2016 to $60.8 million. Investment in new single-detached units increased by 23.2 per cent, or $6.7 million, to $35.4 million, while investment in apartment units decreased by 14.2 per cent, or $3.2 million, to $19.3 million. In Canada, new housing investment increased by 8.7 per cent over the same 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 January 2017 compared to January 2016, lead by British Columbia. Four provinces saw declining investment, with the largest drops in Alberta and Newfoundland and Labrador.

Statistics Canada CANSIM 026-0017