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February 15, 2023HOUSING STARTS, JANUARY 2023 Monthly (January 2023, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 3,527 units in January 2023, down from the revised estimate of 5,466 units in December 2022. Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 1,292 units in January 2023, down from 2,964 in December 2022. Outside of Halifax, housing starts slowed to a seasonally adjusted annualized rate of 2,235 units, down marginally from 2,502 units in December 2022.
Across Canada, housing starts slowed to a seasonally adjusted annualized rate of 215,365 units in January 2023, down from 248,296 units in December 2022. Housing starts were down in 8 of 10 provinces last month, with the largest percentage decline in Newfoundland and Labrador and the largest percentage gain in Quebec.
Year-over-year (January 2023 vs January 2022)
In January 2023, Nova Scotia’s housing starts were down 54.9% compared to January 2022. Halifax housing starts decreased 77.6% and starts outside the city were up 9.9%. Across Canada, housing starts were down 7.7% in January 2023 with gains in 4 of 10 provinces. Nova Scotia reported the largest percentage drop in housing starts in January 2023 while Prince Edward Island reported the largest percentage gain.
Source: Statistics Canada, Table 34-10-0135-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, quarterly; Table 34-10-0158-01 Canada Mortgage and Housing Corporation, housing starts, all areas, Canada and provinces, seasonally adjusted at annual rates, monthly (x 1,000) ; Table 34-10-0156-01 Canada Mortgage and Housing Corporation, housing starts in all centres 10,000 and over, Canada, provinces, and census metropolitan areas, seasonally adjusted at annual rates, monthly (x 1,000); Table 34-10-0126-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, annual; Table 34-10-0135-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, quarterly
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