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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

August 09, 2019
CMHC PRELIMINARY HOUSING STARTS, JULY 2019

Nova Scotia's housing starts (seasonally adjusted annualized rate) declined to 4,141 (-47.4 per cent) in July compared to 7,867 in June. Compared to July 2018, housing starts were down 36.4 per cent. 

The decline in July was due to fewer starts in Halifax, where housing starts declined 59.9 per cent to 2,531 in July.  Halifax starts were down 45.4 per cent compared to July 2018.

Outside of Halifax, housing starts rose 3.9 per cent in July to 1,160. Compared to July 2018, housing starts were down 14.0 per cent outside of Halifax.

The six-month moving average of housing starts in Nova Scotia and Halifax was relatively flat through 2017. During 2018, the six-month moving average rose due to higher starts for multiples and declined after reaching a peak in September. Since the early months of 2019, the six-month moving average has risen due to higher starts in the Halifax market.

In urban areas, housing starts for multiples are generally higher than for singles with greater variability month-to-month. The six-month moving average for singles is at levels similar to 2017, with a period in the first half of 2018 when it rose gradually before declining. The six-month moving average for multiples rose during the summer months of 2018 and declined until the first quarter of 2019. In recent months, the six-month moving average for multiples has been rising.

Nationally, housing starts declined 9.6 per cent in July to 222,013 compared to 245,455 in June. National housing starts were up 9.8 per cent compared to July 2018.

Comparing the first seven months of 2019 with the same period of 2018, housing starts are down 5.1 per cent in Nova Scotia. Housing starts were up in five provinces, with the fastest increases reported in Prince Edward Island (+31.5 per cent) and New Brunswick (+19.2 per cent).  Newfoundland and Labrador (-61.3 per cent) reported the fastest decline year-to-date, followed by Saskatchewan (-39.0 per cent).  Nationally, housing starts are down 4.7 per cent over January-July 2018.

Note: Urban areas are defined as areas over 10,000 people

Source: Statistics Canada

 

CHMC Housing Market Information Portal



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