Investment in New Housing Construction Rose 9.1% YOY in December
Mar 5, 2017
Total investment in new housing construction rose 9.1% year over year to $4.3 billion in December, reflecting higher investment in all dwelling types.
Over 80% of the national advance was attributable to higher spending on the construction of single-family dwellings, which rose 14.9% year over year to $2.3 billion. Investment in row house construction increased 9.9% to $383 million, while spending on apartment and apartment-condominium buildings went up 1.4% to $1.4 billion. Investment in semi-detached dwellings increased 3.6% to $187 million.
Provincially, Ontario and British Columbia recorded the largest year-over-year gains, followed by Quebec.
In Ontario, new residential construction investment rose 15.6% to $1.8 billion. All dwelling types saw higher spending, led by single-family dwellings, which rose 21.3% from the same month one year earlier.
In British Columbia, investment increased 30.7% year over year to $933 million, with all dwelling types registering higher spending. The advance was led by apartment and apartment-condominium buildings (+46.2%) and single-family homes (+19.8%).
In Quebec, investment rose 6.4% to $650 million. The gain was driven by single-family dwellings (+29.0%), but was moderated by lower spending on apartment and apartment-condominium buildings (-10.2%).
In contrast, Alberta registered the largest decrease in spending, down 21.0% to $575 million. Apartment and apartment-condominium buildings led the decline (-42.8%), followed by single-family homes (-9.4%) and row houses.
Source: Statistics Canada, www.statcan.gc.ca/daily-quotidien/170209/dq170209a-eng.htm.