Statistics // Highlights from 'Building Construction Price Index, Q3 2024' and 'Building Permits, September 2024'

The following statistics were released from the Economics and Statistics Division on November 5 & 12, respectively.

For full details from ‘Building Construction Price Index, Q3 2024,’ please click here.

For full details from ‘Building Permits, September 2024,’ please click here.

Halifax’s residential building construction prices increased by 4.5% from Q3 2023 to Q3 2024
Across Canada, residential building construction costs were up by 4.1%
In the last quarter of data, Halifax’s year-over-year construction costs growth continued to slow for all categories of residential structure

Overall non-residential building costs were up 2.1% in Halifax from Q3 2023 to Q3 2024
- This was the slowest growth in non-residential construction costs among major cities
Across the 15 major Census Metropolitan Areas, overall non-residential building construction costs grew 3.9%

The pace of building cost inflation was slower for schools (+2.1%), but slightly faster for factories (+2.7%), warehouses (+2.4%) and office building (+2.0%)

Non-residential building construction costs grew most rapidly among general requirements
There were no reductions in any non-residential building cost components, though conveying equipment reported no cost growth

Monthly (seasonally adjusted, September 2024 vs August 2024)

Nova Scotia’s total building permits (residential and non-residential) increased by 21.6% to $276.0 million
Halifax permits rose by 14.5% to $158.8 million
Permits outside the city rose 32.7% to $117.3 million
National permits rose 11.5% to $12.97 billion

Year-to-date (January-September 2024 vs January-September 2023)

Nova Scotia’s total building permits (residential and non-residential) were up 12.9% in the first nine months of the year comparing with the same period in 2023
Halifax permits increased 16.0% and outside the city permit values increased 8.3%
National permits were up 3.4%

Nova Scotia’s non-residential building permits increased 0.4% in the first nine months of 2024
Halifax permits decreased 0.3% while non-residential permits outside the city increased 1.4%
National non-residential building permit values rose 0.9%

Trends

Nova Scotia’s non-residential building permit values started to rise in early 2023 before reaching a plateau through the end of the year
In Halifax, non-residential permits have been trending upward in recent months due to rising commercial and institutional/governmental projects
After rising in early 2023, Halifax values for industrial building permits subsequently declined and have grown at a slower pace in recent months
Outside the city, permits have reached the peak and there is a decline in commercial and institutional/government permits