Highlights from Housing Starts (March 2022)

The following was shared by the Finance and Treasury Board on April 19, 2022. To find more information and national stats, view the full release here. 

Nova Scotia’s housing starts (seasonally adjusted annualized rate) totalled 2,818 units in March 2022, down 25.8% from the revised estimate of 3,797 units in February 2022.

  • Housing starts in Halifax slowed to a seasonally adjusted annualized rate of 1,467 units in March 2022.
  • Outside of Halifax, housing starts were down to a seasonally adjusted annualized rate of 1,351 units.

Notwithstanding a dip in the last two months, Nova Scotia’s housing starts have trended up since mid-2021 (rebounding from a decline early in that year). 

  • Starts in Halifax largely explain this trend as starts outside Halifax have remained relatively stable.

Statistics Canada has also released quarterly housing starts that are neither adjusted for seasonality nor annualized:

  • In the first quarter of 2021, there were 1,059 housing starts in Nova Scotia, a decline from 1,214 reported in Q1 2021 and from 2,356 reported in Q4 2021 (housing starts typically decline in winter months of the year).