Investment in new residential building construction increased 3.9 per cent year over year to $3.7 billion in January, according to Statistics Canada Monday.
Nationally, the increase was driven by higher spending on apartment and apartment-condominium buildings (+19.9 per cent) and row houses (+7.6 per cent) in January. Conversely, investment in single-family dwellings fell 4.0 per cent from January 2015, and spending on semi-detached buildings decreased 16.4 per cent.
Increases in new housing construction investment were recorded in Ontario, British Columbia and Quebec.
Spending in Ontario increased 23.4 per cent year over year to $1.5 billion in January. This gain was attributable to higher spending on single-family dwellings, apartment and apartment-condominium buildings, and row houses. Construction spending for semi-detached buildings posted a decline.
Construction Investment, Canada
British Columbia became the second largest provincial contributor of investment in new housing construction in January, as spending rose 14.3 per cent compared with the same month a year earlier to $695 million, said Statistics Canada Monday. This increase was mainly driven by investment in apartment and apartment-condominium buildings. Investment in single-family dwellings and row houses also contributed to the advance, while spending on semi-detached buildings declined.
In Quebec, investment in new housing construction totalled $512 million in January, up 1.1 per cent compared with January 2015. This gain was the result of increased spending on apartment and apartment-condominium buildings, which more than offset lower investment in single-family buildings, semi-detached dwellings and row houses.
Investment in new housing construction declined in the remaining provinces in January compared with January 2015, with Alberta, Saskatchewan and Manitoba registering the largest decreases. In Alberta, spending decreased in all dwelling types except apartment and apartment-condomini- um buildings, which rose 22.5 per cent to $195 million.