New Housing Investment Rose 6.4% in July

Oct 3, 2017

Investment in new housing construction totalled $4.9 billion in July, up 6.4% compared to July 2016. Eight provinces posted increases of investment in new housing construction, led by Alberta and Quebec.Investment in new housing construction totalled $4.9 billion in July, up 6.4% compared to July 2016. Eight provinces posted increases of investment in new housing construction, led by Alberta and Quebec.Nationally, investment was up for all dwelling types on a year-over-year basis. The $149.0 million increase of investment in single-family dwellings was the largest contributor, representing just over half (51.3%) of the national increase in July.The $128.5 million increase in spending in Alberta accounted for 44.2% of the national increase in new housing construction expenses. This gain stemmed mostly from higher spending on single house constructions in the province, which rose by $115.1 million compared to July 2016.

Quebec recorded the second largest gain in new housing construction investment driven by a $65.5 million increase in investment in new apartment building construction. Partially offsetting this increase was a $17.5 million year-over-year decline in the investment in single house construction. According to the latest census data, Quebec has the highest ratio of one-person households, which may be a contributing factor to that province’s high level of investment in new apartments.Manitoba and Prince Edward Island were the only provinces which posted increases to investment across all types of dwellings. Newfoundland and Labrador posted a decline of $5.9 million (-20.8%), while Saskatchewan posted a decline of $5.8 million (-5.6%) in new housing construction investment.Source: Statistics Canada, www.statcan.gc.ca/daily-quotidien/170921/dq170921d-eng.htm