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June 21, 2017INVESTMENT IN NEW HOUSING CONSTRUCTION, APRIL 2017 
Investment in new housing construction in Nova Scotia (current dollars) increased by 27.4 per cent in April 2017 compared to April 2016 to $70.9 million. Investment in new single-detached units increased by 18.3 per cent, or $5.3 million, to $34.2 million, while investment in apartment units increased by 44.9 per cent, or $9.9 million, to $31.9 million. In Canada, new housing investment increased by 8.4 per cent over the same period.
On a year-to-date basis, new housing investment increased 22.9 per cent in Nova Scotia, to $270.2 million in the first four months of the year. Investment in construction of single-detached units was up 31.3 per cent to $145.5 million while investment in apartment unit construction was up 13.9 cent to $ 102.7 million.
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, eight provinces saw an increase in investment in April 2017 compared to April 2016, led by PEI, Manitoba, and Nova Scotia. Two provinces saw declining investment, with drops in Newfoundland and Labrador and Alberta.
On a year-to-date basis, seven provinces saw an increase in investment in the first four months of 2017 compared to the same period in 2016, led by PEI, Manitoba, Nova Scotia, and Ontario. Three provinces saw a decline in investment, with the largest drop in Newfoundland and Labrador, followed by Alberta.
Statistics Canada CANSIM 026-0017
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