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February 16, 2024HOUSING STARTS, JANUARY 2024 Monthly (January 2024 vs December 2023, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 6,979 units in January 2024. This was down 11.4 % from the revised estimate of 7,877 units in December 2023.
Housing starts in Halifax dropped to a seasonally adjusted annualized rate of 4,309 units in January 2024, down 22.1% from 5,534 units in December 2023.
Outside of Halifax, housing starts increased to a seasonally adjusted annualized rate of 2,670 units in January 2024, up 14.0% from 2,343 units in December 2023.
Across Canada, housing starts fell to a seasonally adjusted annualized rate of 223,589 units in January 2024, down 10.2% from 248,968 units in December 2023.
Housing starts were down in 6 of 10 provinces last month, with the largest percentage decrease in British Columbia. The largest percentage increase was in Prince Edward Island.
Year-over-year (January 2024 vs January 2023)
Nova Scotia's housing starts were up 93.7% compared with January 2023 - the fastest percentage gain among provinces (just ahead of Newfoundland and Labrador). Halifax housing starts were 232.0% up their level from January 2023. Housing starts outside the city were up 15.8% year-over-year. Across Canada, housing starts were up 6.7% year-over-year in January with gains in eight provinces. Nova Scotia and Newfoundland and Labrador reported the largest year-over-year percentage increases in housing starts while British Columbia reported the steepest drop.
In unadjusted results for Halifax in January 2024, there were 340 housing starts and 77 completions. The stock of units under construction was 8,932 units in Halifax.
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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