Investment in New Housing Rose 7.2% in June YOY
August 31, 2017
Investment in new housing construction rose 7.2% from June 2016 to $4.7 billion in June. The increase resulted mostly from higher investment in single family dwellings (+$257.9 million).
All but one province saw an increase in new housing investment. The largest increase was in Quebec (+$82.6 million), followed by Alberta (+$72.5 million) and British Columbia (+$57.4 million). Newfoundland and Labrador posted a decrease of $7.4 million (-26.2%) compared to June 2016.
Quebec’s $82.6 million year-over-year increase was mostly a result of investments in apartments, accounting for 53% of the total gain in this province.
Alberta posted an increase of $96.3 million of investment in single homes compared to June 2016, offsetting the decrease of $32.3 million of investment in apartments.
In British Columbia, investment in new housing construction surpassed the $1 billion mark for the second month in 2017, up 6.0% year over year. This increase was the result of higher investment in all dwelling types, except for double homes.
Other provincial highlights
Prince Edward Island had the largest year-over-year percentage increase in new housing investment (+76.6% or +$6.4 million). The growth was mostly attributed to a 127.5% increase of investment in single homes. The province also saw a year-over-year decrease of 24.7% in apartments compared to June 2016.
Quebec and Manitoba were the only two provinces posting increases among all dwelling types.
Lower investment in apartments
In Canada, new housing investment increased year over year for all dwelling types except apartments, which posted a decline of $12.3 million (-0.8%), mostly explained by lower investment in Ontario and Alberta.
Source: Statistics Canada, http://www.statcan.gc.ca/daily-quotidien/170822/dq170822b-eng.htm
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