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July 19, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, MAY 2018 
In May, investment in new housing construction in Nova Scotia (current dollars, unadjusted for seasonality) declined 8.4 per cent compared to May 2017 to $61.3 million. Investment in new single-detached units declined by 1.9 per cent to $29.7 million, and investment in apartment units declined by 22.8 per cent to $24.6 million. The relatively smaller semi-detached segment increased 34.7 per cent to $4.7 million, and row housing construction rose 82.5 per cent to $2.3 million.
In Canada, new housing investment increased by 6.3 per cent over May 2017 to $4.8 billion.
Year-to-date, Nova Scotia's total new housing construction was up $3.7 million compared to the first five months of 2017. Singles were up $9.3 million and apartments were down $9.2 million. Semi-detached unit spending was down $1.4 million while row housing expenditures increased $5.0 million.
Across Canada, year-to-date investment in new housing construction is up $1.861 billion, with the gains concentrated in apartments.
The composition of Nova Scotia's housing construction has been changing over the last decade, beginning with a rise in apartment construction in 2009. The pace of single dwelling construction slowed in 2013 as apartments reached a peak. Total construction was down in both categories for 2014, followed by a rebound in apartment construction in 2015. Apartment construction declined through 2016 and rose through 2017. After rebounding somewhat through 2016 and 2017, single dwelling construction has been flat in the first months of 2018.
The trend in Nova Scotia's housing construction (measured using an index of investment in all dwellings) shows both the strong seasonal pattern as well as the difference from national levels. While national new housing construction grew rapidly from 2013 onwards (particularly in larger urban centres), Nova Scotia's housing markets have grown more slowly as there was a shift in composition between apartment and single dwelling unit construction.
Looking across the country, six provinces saw an increase in new housing investment in May 2018 compared to May 2017, led by Quebec and Prince Edward Island, in percentage terms. New housing investment declined in four provinces, with the largest decline reported in Saskatchewan.
On a year-to-date basis, new housing investment is up in eight provinces and lower in Saskatchewan and Manitoba. In percentage terms, gains were strongest in Prince Edward Island, followed by Quebec and New Brunswick.
Statistics Canada. Table 34-10-0012-01 Investment in new housing construction, by type of dwellings (x 1,000)
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