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

December 17, 2024
HOUSING STARTS, NOVEMBER 2024

Monthly (November 2024 vs October 2024, seasonally adjusted annualized rate)

Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 6,218 units in November 2024. This was a 25.4% increase from the previous month's revised value of 4,958.  

Housing starts in Halifax rose to a seasonally adjusted annualized rate of 3,651 units in November 2024, up 69.1% from 2,159 units in October 2024.

Outside of Halifax, housing starts dropped to a seasonally adjusted annualized rate of 2,567 units in November 2024, down 8.3% from 2,799 units in October 2024.

Across Canada, housing starts grew to a seasonally adjusted annualized rate of 262,443 units in November 2024, up 8.4% from 242,207 units reported in October 2024. 

Housing starts were up in seven provinces last month, with the largest percentage increase in New Brunswick. Prince Edward Island reported the sharpest monthly decline in housing starts.  (Note: monthly changes in seasonally adjusted annualized housing starts are often volatile).

Year-over-year (November 2024 vs November 2023, seasonally adjusted annualized rate)

Nova Scotia's housing starts were down 51.5% compared with 12,831 unit pace set in November 2023. Halifax housing starts were down 64.6% from their rate in November 2023 (10,311).  Housing starts outside the city were up 1.9% year-over-year from their pace in November 2023 (2,520). Across Canada, housing starts were up 24.6% year-over-year in November with gains in five provinces. Quebec reported the largest year-over-year gain in housing starts in November. Nova Scotia reported the steepest decline in housing starts year-over-year.

In unadjusted results for Halifax in November 2024, there were 302 housing starts and 233 completions. The stock of units under construction rose to 10,440 units in Halifax, up 19.5% from units under construction in the same month last year (8,733).  

Year-to-date (January-November 2024 vs January-November 2023, seasonally adjusted annualized rate)

Over the first eleven months of 2024, Nova Scotia's housing starts were up 7.1% compared with the same period in 2023.  Halifax starts were up 10.9% while starts outside the city decreased by 0.4%.  Across Canada, year-to-date housing starts were up 2.0% with gains in seven provinces. Newfoundland and Labrador reported the fastest percentage increase in year-to-date housing starts. Ontario, British Columbia and Saskatchewan reported declines.

Source: Statistics Canada, 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)



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