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Canadian residential construction investment totaled C$28.2 billion (US$20.8 billion) in the first quarter, up 7.6 percent from the same quarter in 2016. Higher investment in single-family dwellings (+13.7 percent) accounted for nearly 40 percent of the change at the national level. Renovation work (+5.5 percent) and acquisition costs related to new dwellings (+13.4 percent) also largely contributed to the gain.
At the provincial level, increases were recorded in eight provinces, with Ontario accounting for 56.8 percent of the total national increase. Quebec also posted a significant increase to C$544.4 million (US$402.8 million). In contrast, Saskatchewan was down C$85 million (US$62.9 million) and Newfoundland and Labrador down C$17.1 million (US$12.6 million).
Alberta recorded its first quarterly year-over-year gain of 2.9 percent to C$4.1 billion (US$3 billion) in residential construction investments since the second quarter of 2015. This advance was largely attributable to a $362.5 million (US$268.2 million) increase in renovation spending stemming partly from the reconstruction of residences that were destroyed by the 2016 Fort McMurray wildfire.
In Ontario, a gain of 10.4 percent to C$12 billion (US$8.9 billion) originated mainly from higher investment in single-family homes.
In Quebec, growth of 12.9 percent to C$4.8 billion (US$3.5 billion) was mainly attributable to a $370.9 million increase in renovation work.