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January 20, 2017INVESTMENT IN NEW HOUSING CONSTRUCTION, NOVEMBER 2016 Investment in new housing construction in Nova Scotia (current dollars) decreased by 23.5 per cent in November 2016 compared to November 2015 to $55.0 million. Investment in new single-detached units decreased by 20.0 per cent, or $6.5 million, to $25.8 million, while investment in apartment units decreased by 31.7 per cent, or $10.9 million, to $23.4 million. In Canada, new housing investment increased by 4.1 per cent over the same period.
Comparing Jan-Nov 2016 to Jan-Nov 2015, new housing construction investment in Nova Scotia declined by 5.3 per cent, with increases in single units (+5.6 per cent) and double units (+8.6 per cent) offset by declines in row units (-3.1 per cent) and apartment units (-19.1 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 6.7 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. 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, three provinces (BC, ON, and MB) saw an increase in investment in November 2016 compared to November 2015. Year to date, three provinces saw increases, led by Ontario and British Columbia. Six provinces saw declining investment, with the largest drops in Alberta, Saskatchewan, and Newfoundland and Labrador.
Statistics Canada CANSIM 026-0017