Investment in New Housing Up 8.9% in September YOY

Economy

 

Nov 24, 2017

Increases in new housing investment were reported in eight provinces, with the largest gains in Alberta (+$154.3 million), Ontario (+$126.5 million) and Quebec (+$102.4 million). At the national level, Ontario ($2.2 billion), accounted for 40.7% of total investment, followed by British Columbia (20.7%), Alberta and Quebec (both at 15.1%). Quebec and New Brunswick were the only provinces that posted a year-over-year investment increase for all building types.

Investment in new housing construction was driven mainly by a $268.6 million increase in spending on single-family homes compared with September 2016. Investment in this component rose in eight provinces, led by Alberta (+$132.4 million).

Apartment building investment rose $38.0 million (+2.1%) compared with September 2016. Spending on apartment buildings was up in six provinces, led by Quebec (+$74.9 million). On the other hand, Ontario (-$31.7 million) declined on a year-over-year basis for a seventh consecutive month.

Investment in row unit construction rose 21.4% compared with September 2016, to $587.7 million. Seven provinces reported increased investment in this category, led by Ontario (+$82.8 million). The $103.6 million increase in row units accounted for nearly one-quarter of the total gain in new housing construction spending, despite only representing about 10% of total investment for all types of building.

Source: Statistics Canada, www.statcan.gc.ca/daily-quotidien/171121/dq171121d-eng.htm

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