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

January 17, 2025
HOUSING STARTS, DECEMBER AND ANNUAL 2024

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

Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 5,990 units in December 2024. This was a 5.0% decrease from the previous month's revised value of 6,303.  

Housing starts in Halifax rose to a seasonally adjusted annualized rate of 3,735 units in December 2024, up 2.6% from 3,640 units in November 2024.

Outside of Halifax, housing starts dropped to a seasonally adjusted annualized rate of 2,255 units in December 2024, down 15.3% from 2,663 units in November 2024.

Across Canada, housing starts fell to a seasonally adjusted annualized rate of 231,468 units in December 2024, down 13.4% from 267,140 units reported in November 2024. 

Housing starts were down in eight provinces last month, with the fastest percentage decline in Manitoba. Prince Edward Island reported the sharpest monthly gain in housing starts.  (Note: monthly changes in seasonally adjusted annualized housing starts are often volatile).

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

Nova Scotia's housing starts were down 24.4% compared with 7,926 units pace in December 2023. Halifax housing starts were down 32.4% from their rate in December 2023 (5,526).  Housing starts outside the city were down 6.0% year-over-year from their pace in December 2023 (2,400). Across Canada, housing starts were down 7.6% year-over-year in December with gains in five provinces. Prince Edward Island reported the largest year-over-year gain in housing starts in December. Saskatchewan reported the steepest decline in housing starts year-over-year.

In unadjusted results for Halifax in December 2024, there were 328 housing starts and 468 completions. The stock of units under construction dropped to 10,300 units in Halifax from the previous month, up 18.8% from units under construction in the same month last year (8,669).  

Annual (2024 vs 2023)

In 2024, Nova Scotia's housing starts were up 3.1% compared with 2023.  Halifax starts were up 6.9% while starts outside the city decreased by 2.0%. Across Canada, housing starts were up 2.1% with gains in seven provinces. Newfoundland and Labrador reported the fastest percentage increase in 2024 housing starts. Ontario, British Columbia and Saskatchewan reported declines.

Nova Scotia’s housing starts increased to 7,381 units in 2024, this was the strongest year since 1986.

The majority of Nova Scotia's housing starts in 2024 were in multiple-unit buildings (5,302), while there were 2,079 single detached dwelling unit starts. The increase in Nova Scotia's housing starts from 2023 was concentrated in multiple-unit starts as single-detached unit starts declined. Multiple-unit starts were at their highest level since data for this series began in 1955.

Quarterly (Q4 2024, unadjusted)

There were a total 1,437 housing starts in Nova Scotia in Q4 2024. This was down 45.3% from 2,625 in Q4 of 2023.   

 Starts for single detached dwellings declined 4.5% from 559 units in Q4 2023 to 534 units in Q4 2024.

 Starts for multiple dwelling units also declined, falling by 56.3% from 2,066 in Q4 2023 to 903 starts in Q4 2024.

Note: Annual values for Halifax and rest of Nova Scotia calculated from monthly results.

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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