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August 21, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, JUNE 2018
In June, investment in new housing construction in Nova Scotia (current dollars, unadjusted for seasonality) increased 12.7 per cent compared to June 2017 to $79.3 million. Investment in new single-detached units increased 31.4 per cent to $44.3 million, while investment in apartment units was down 15.7 per cent to $27.1 million. For the relatively smaller segments, semi-detached increased 60.1 per cent to $5.1 million and row housing construction rose 119.0 per cent to $2.8 million.
In Canada, new housing investment increased by 6.3 per cent over June 2017 to $5.0 billion.
Year-to-date, Nova Scotia's total new housing construction was up $21.9 million or 5.4 per cent compared to the first six months of 2017. Singles were up $29.2 million and apartments were down $15.0 million. Semi-detached unit spending was up $1.0 million and row housing expenditures increased $6.7 million.
Across Canada, year-to-date investment in new housing construction is up $2.4 billion, with the gains concentrated in apartments and singles registering lower investment than in 2017.
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 continued to grow in 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, seven provinces saw an increase in new housing investment in June 2018 compared to June 2017, led by Prince Edward Island and Quebec, 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 nine provinces and lower in Saskatchewan. 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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