The total value of investment in residential construction rose 3.3 per cent to $31.9 billion in the third quarter compared with the same quarter a year earlier, said Statistics Canada Thursday. This marked the seventh consecutive year-over-year quarterly growth.
Investment in apartment and apartment-condominium building construction (up 21.5 per cent to $4.7 billion), acquisition costs related to new dwelling units built (up 7.4 per cent to $3.6 billion), renovation spending (up 1.3 per cent to $14.1 billion) and spending on converted dwelling units (up 76.9 per cent to $385 million) accounted for most of the national advance.
Residential construction investment increased in five provinces in the third quarter. Ontario reported the largest gain, followed by British Columbia and Quebec
