OTTAWA, Ontario -- Statistics Canada reported that national investment in new housing construction reached $44.6 billion USD in 2017, up 8.9 compared with 2016. This marked the largest annual increase since 2012, when investment in apartment building construction accounted for 54.9 percent of the total increase in new housing construction.
In comparison, growth in spending in apartment building construction represented 16.4 percent of the total investment gains in 2017. Single home construction led the total annual increase, followed by row home construction, which posted the second largest year-over-year total increase.
Nova Scotia led the Atlantic provinces in spending on new housing construction with 16.4 percent more investment compared with 2016. This rise was led by spending in apartment building construction, which was up 33.2 percent. Newfoundland and Labrador was the lone province in the region to report a drop in total investment, down 16.9 percent compared with 2016.
In Quebec, investment in new housing construction was up 12.6 percent compared with 2016. The increase was led by spending on apartment building construction, up 16.5 percent in 2017, a fourth consecutive annual gain.
Investment in new housing construction in Ontario rose in 2017, driven by spending on single home construction, up 9.1 percent compared with 2016.
In Western Canada, British Columbia, Alberta and Manitoba posted year-over-year increases compared with 2016. The rise in British Columbia was driven by investment in apartment building construction. In Alberta, the increase was the result of spending on single home construction, which offset lower spending on apartment building construction. For Manitoba, spending on singles house construction contributed nearly two-thirds to the total investment in new housing in the province. Saskatchewan reported a year-over-year decline.
In December, new housing construction investment totalled $3.6 billion USD in December, up 10.0 percent compared with December 2016. Investment in new housing construction rose in eight provinces, led by Quebec, Alberta and British Columbia. See http://www.statcan.gc.ca/daily-quotidien/180221/dq180221b-eng.htm?CMP=mstatcan.
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