Maritimes
Halifax Multi-Unit Housing Starts Fall 6%
Halifax multi-unit housing starts declined 6% year-over-year in April, according to the Canada Mortgage and Housing Corporation.
The federal housing agency’s monthly housing starts report shows that 5,016 multi-unit projects commenced in April 2024 compared to 5,340 a year earlier, based on a seasonally adjusted annual rate.
By comparison, Halifax single-family home starts declined 10% year-over-year to 932 from 1,040. The figures indicate that Halifax multi-residential development was hampered by 2023 high borrowing costs.
CMHC Chief Economist Bob Dugan has attributed the expenses, which resulted from a series of Bank of Canada interest-rate hikes, to an 11% decline in multi-unit housing starts nationally in April.
- ◦Development
