Canadian residential construction investment totaled C$28.5 billion (US$22.9 billion) in the fourth quarter, up 6.8 percent from the same quarter in 2013. Renovation spending accounted for most of the increase at the national level, rising 10.3 percent to C$12.9 billion (US$10.4billion).
Increases in investment in single-family dwellings, 5.1 percent to C$6.8 billion (US$5.5 billion), row houses, 13.6 percent to C$1.2 billion (US$1 billion), and apartments, 3.5 percent to C$3.8billion (US$3.1 billion), also contributed to this growth.
Total residential investment was up in eight provinces, led by Ontario, followed by Quebec, Alberta and British Columbia. Ontario's advance, 7.3 percent to C$10.7 billion (US$8.6 billion), resulted mainly from increased investment in renovations and, to a lesser extent, single-family dwellings. The increase in Quebec, 6.7 percent to C$5.2 billion (US$4.2 billion), also resulted from higher renovation spending, although apartments and row houses also contributed. Alberta's gain, 6.8 percent to C$4.6 billion (US$3.7 billion), was a result of higher investment in both single-family dwellings and apartments, while most of British Columbia's gain, 6.7 percent to C$4.5 billion (US$3.6 billion), came from single-family dwellings and renovations.