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News » Canada » Investment in new housing grows » published 25 Aug 2017

Investment in new housing grows

Investment in new housing construction rose to CA$4.7bn in June, up 7.2% on the same month in 2016.

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Statistics Canada said that the increase was mostly attributable to higher investment in single-family dwellings, which grew by CA$257.9m.

Overall, new housing investment increased year over year for all dwelling types except apartments, which posted a decline of CA$12.3m (-0.8%), mostly explained by lower investment in Ontario and Alberta.

All but one province saw an increase in new housing investment in June 2017. The largest increase was in Quebec (+CA$82.6m), followed by Alberta (+CA$72.5m) and British Columbia (+CA$57.4m). Newfoundland and Labrador posted a decrease of CA$7.4m (-26.2%) compared to June 2016.

Quebec's CA$82.6m year-over-year increase was mostly a result of investments in apartments, accounting for 53% of the total gain in this province.

Alberta posted an increase of CA$96.3m of investment in single homes compared to June 2016, offsetting the decrease of CA$32.3m of investment in apartments.

In British Columbia, investment in new housing construction surpassed the CA$1bn mark for the second month in 2017, up 6.0% year over year. This increase was the result of higher investment in all dwelling types, except for double homes.

Prince Edward Island had the largest year-over-year percentage increase in new housing investment (+76.6% or +CA$6.4m). The growth was mostly attributed to a 127.5% increase of investment in single homes. The province also saw a year-over-year decrease of 24.7% in apartments compared to June 2016.

Quebec and Manitoba were the only two provinces posting increases among all dwelling types.



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This article was published on 25 Aug 2017 (last updated on 25 Aug 2017).

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