Article contentArticle contentMODULAR HOUSINGArticle content“Modular construction is gaining traction in the housing construction industry,” reported Statistics Canada.Article contentThis type of construction involves building homes in sections indoors and delivering them to a building site where they’re assembled on a pre-poured foundation.Article content“Some homes are already complete when they arrive at the site, with siding, kitchen appliances, flooring, et cetera. As the need for more homes increases and as more regions revise their residential zonings to allow for modular construction, these dwellings may play a growing role in the coming years, as they are faster to build compared to conventionally built homes on site.”Article contentBuilders reported to Statistics Canada that homes built in Nova Scotia in the $100,000-$200,000 range were the most common at 45 per cent. These prices exclude the cost of land, site preparation, utility connections, or exterior features like the driveway and landscaping. These homes have an average living area of 1,086 square feet, which works out to about $150 per square foot. Article contentArticle contentCheaper modular homes priced under $100,000 are mostly bachelor style, with 357 square feet of living space.Article contentAnd on the other side of the spectrum, modular homes over $500,000 had on average 2,318 square feet of living space ($310 per square foot).Article content“Two-bedroom homes were the most frequently reported configuration in Nova Scotia in 2024.”Article contentNATIONAL TRENDSArticle contentNationally, Statistics Canada said the housing market was “subdued” in 2024 compared to the previous year.Article content“There was a 59 per cent increase in the inventory of completed units that were unsold in the fourth quarter of 2024 compared to the fourth quarter of 2023,” reads the report.Article contentMortgage rates remained high in the first half of 2024 compared to the previous few years. The Bank of Canada rate showed an enormous swing: from a low of 0.25 per cent in January 2022 to five per cent in July 2023. It has since gone down and was sitting at 3.25 by the end of 2024.Article content“Overall, builders across all the regions saw a slower housing market compared to the previous few years.”Article content
19 homes were built in Halifax for every 100 new arrivals in the last four years: StatCan
