More new homes being built in N.S. this year than any 1st quarter since the 1940s
Previous 1st-quarter record set in 1973; bulk of new units are Halifax apartments
In the first three months of 2024, construction crews started work on more new housing units in Nova Scotia than during any other first quarter since the province began tracking such data in 1948.
Between January and March, when construction is usually slower than spring and summer months, building began on 2,158 new single family, semi-detached and row homes, and apartment units across the province, according to Canada’s national housing agency.
During the same period last year, Nova Scotia only recorded 827 housing starts. The previous record for a first quarter dates back to 1973, which saw 1,369 housing starts in the first three months.
Experts say the new record is a good sign, and could mean government incentives and policy changes are working.
It comes as the province’s population is increasing while housing vacancy rates remain around the lowest in the country, making increased residential construction crucial to meeting demand. …[Continue Reading]