Residential construction in the Halifax Regional Municipality (HRM) advanced in February due to an increase in both single-detached and apartment unit starts.  The existing homes market continued to show growth as both MLS sales and price increased in the month.  There were 292 total housing starts last months compared to 128 in February of last year.  There were 80 single starts last month, a substantial increase over the 22 starts recorded in February 2009.  Apartment starts more than doubled in February to 192 units from 90 units started in February of last year.  There were six semi-detached starts and 14 row starts last month, compared to two and 14, respectively, in February of 2009.

On a year-to-date basis, overall starts increased to 255 units, up from 185 last year.  After two months of the year, 135 single-detached units have broken ground, up from 64 starts over the same period last year.  The 28 semi-detached and row starts year-to-date are consistent with the 31 starts reported last year through the end of February.  In spite of no apartment starts in January in either of the past two years, there were 192 year-to-date apartment starts compared to 90 in the first two months of 2009.

The average price for a new, single-detached home decreased 15.6 per cent in February to $351,385.  Year-to-date, the average price of an absorbed hoem is $340,878 compared to $316,426 at this time last year.  The increase in average price through the first two months of the year is attributed to an increase in demand for homes priced above $300,000.  Through the first two months of the year 56 per cent (83 of 147) of absorbed single-detached homes were priced above $300,000 compared to 44 per cent (87 or 199) a year ago.