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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

September 10, 2019
CMHC PRELIMINARY HOUSING STARTS, AUGUST 2019

Nova Scotia's housing starts (seasonally adjusted annualized rate) rose 28.3 per cent to 5,389 in August compared to 4,201 in July. Compared to August 2018, housing starts were down 5.3 per cent. 

The monthly increase in August was due to higher starts across the province. Housing starts in Halifax rose 40.0 per cent to 3,578 in August. Outside of Halifax, housing starts rose 10.0 per cent in August to 1,811. Compared to August 2018, starts were down 10.6 per cent in Halifax and up 7.4 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 primarily 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. Since then, the six-month moving average for multiples has been rising.

Nationally, housing starts rose 1.9 per cent in August to 226,639 compared to 222,467 in July. National housing starts were up 14.3 per cent compared to August 2018.

Comparing the first eight months of 2019 with the same period of 2018, housing starts are down 4.8 per cent in Nova Scotia. Housing starts were up in five provinces, with the fastest increases reported in New Brunswick (+32.0 per cent) and Prince Edward Island (+29.8 per cent).  Newfoundland and Labrador (-57.3 per cent) reported the fastest decline year-to-date, followed by Saskatchewan (-35.4 per cent).  Nationally, housing starts are down 2.5 per cent over January-August 2018.

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

Source: Statistics Canada

 

CHMC Housing Market Information Portal



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