November Investment in New Housing Construction up 4.1% YOY
January 31, 2017
Investment in new residential construction totalled $4.5 billion in November, up 4.1% from November 2015. For the second consecutive month, the increase at the national level reflected higher investment in all types of dwelling.
Spending on single-family dwellings, up 4.5% from the same month a year earlier, accounted for over half of the advance and totalled $2.3 billion in November. Gains were also reported in investment on row houses (+11.6% to $455 million), apartment and apartment-condominium buildings (+1.5% to $1.6 billion) and semi-detached dwellings (+6.0% to $190 million).
Provincially, increases were recorded in British Columbia (+30.9%), Ontario (+12.5%) and Manitoba (+2.7%). The seven other provinces, led by Alberta (-24.6%), recorded a year-over-year decrease in November.
In British Columbia, investment in new housing construction was up 30.9% to $1.0 billion. All dwelling types saw higher spending, led by apartment and apartment-condominium buildings (+50.9%) and single-family dwellings (+14.7%).
Ontario recorded higher spending on all dwelling types in November, up 12.5% to $1.9 billion. The increase was largely the result of higher investment in single-family dwellings.
In Alberta, total residential construction spending fell 24.6% year over year to $627 million in November. The decline stemmed mainly from lower investment in apartment and apartment-condominium buildings, and in single-family dwellings.
Source: Statistics Canada, www.statcan.gc.ca/daily-quotidien/170120/dq170120d-eng.htm.
