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April 19, 2023HOUSING STARTS, MARCH 2023 Monthly (March 2023, seasonally adjusted annualized rate)
Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 4,068 units in March 2023, down from the revised estimate of 4,535 units in February 2023. Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 2,292 units in March 2023, down marginally from 2,372 in February 2023. Outside of Halifax, housing starts slowed to a seasonally adjusted annualized rate of 1,776 units, down from 2,163 units in February 2023.
Across Canada, housing starts slowed to a seasonally adjusted annualized rate of 213,865 units in March 2023, down from 240,927 units in February 2023. Housing starts were down in 7 of 10 provinces last month, with the largest percentage decline in Saskatchewan and the largest percentage increase in British Columbia.
Year-to-date (January-March 2023 vs January-March 2022)
During the first three months of 2023, Nova Scotia’s housing starts were down 17.8% compared to the same period in 2022. Halifax housing starts decreased 34.8% and starts outside the city were up 10.4%. Across Canada, housing starts were down 8.2% in January- March 2023 with declines in 7 of 10 provinces. Newfoundland and Labrador reported the largest percentage drop in housing starts while Saskatchewan reported the largest percentage gain.
Quarterly (Q1 2023, unadjusted)
Nova Scotia's unadjusted housing starts amounted to 827 in Q1 2023, down from 1,059 in Q1 of 2022.
There were 335 single-detached unit starts in Nova Scotia in Q1 2023, up from 295 in Q1 2022.
Nova Scotia's multiple unit starts were down from 764 in Q1 2022 to 492 in Q1 2023.
Note: Completions and units under construction data for Q1 2023 are not published by Statistics Canada.
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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