New Housing Construction Spending Up 8.7% YOY in January

Economy

Apr 2, 2017

Total spending on new housing construction increased 8.7% year over year to $4.0 billion in January. Six provinces posted increases, led by Ontario and British Columbia. Nationally, investment increased for every dwelling type.

January was the fourth consecutive month with all dwelling types showing a year-over-year rise.

Nationally, the increase resulted mostly from greater spending on single-family homes, followed distantly by apartment and apartment-condominium buildings, row houses and semi-detached homes.

Investment in single-family homes was up 12.1% to $2.1 billion. Seven provinces posted gains, led by Ontario, with British Columbia and Quebec coming a distant second and third. The increase was moderated by lower investment in Alberta, Newfoundland and Labrador, and New Brunswick.

Spending on apartment and apartment-condominium buildings was up 4.6% to $1.4 billion. Gains in British Columbia, Ontario and New Brunswick more than offset declines in seven provinces, led by Alberta.

Investment in row house construction rose 8.7% to $388 million, with Ontario contributing most to the gain. Spending on semi-detached dwellings increased 3.8% to $175 million, largely attributable to gains in Quebec, Alberta and Nova Scotia.

Ontario and British Columbia lead YOY increases, while Alberta posts greatest decline

Provincially, Ontario reported the largest year-over-year increase in investment, up 18.5% to $1.8 billion. The rise was led by single-family homes, up 21.4% to $983 million, followed by apartment and apartment-condominium buildings, up 13.9% to $524 million. Spending on row houses also increased, up 22.3% to $219 million. Conversely, investment in construction of semi-detached homes fell in Ontario, down 1.6% to $45 million, the first year-over-year decline since April 2016.

In British Columbia, investment increased 23.8% to $866 million. The gain was led by greater spending on construction of apartment and apartment-condominium buildings, up 43.4% to $413 million. Higher spending on single-family home and row house construction also contributed to the increase.

Alberta registered the greatest decline in investment, with spending falling 19.0% to $560 million. The decrease resulted mostly from lower investment in the construction of apartment and apartment-condominium buildings, down 41.9% to $113 million.

Source: Statistics Canada, http://www.statcan.gc.ca/daily-quotidien/170321/dq170321c-eng.htm.

 

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