Canadian investment in new housing construction increased 3.9 percent to C$3.7 billion (US$2.8 billion) in January compared with the same month in 2015, according to Statistics Canada.
The increase was mainly due to higher spending on apartment and apartment-condominium buildings (+19.9 percent) and row houses (+7.6 percent) in January. Conversely, investment in single-family dwellings fell 4 percent from January 2015, and spending on semi-detached buildings decreased 16.4 percent.
At the provincial level, increases in new housing construction investment were recorded in Ontario, British Columbia and Quebec.
Spending in Ontario increased 23.4 percent year over year to C$1.5 billion (US$1.1 billion) in January. This gain was attributable to higher spending on single-family dwellings, apartment and apartment-condominium buildings, and row houses. Construction spending for semi-detached buildings posted a decline.
British Columbia became the second largest provincial contributor of investment in new housing construction in January, as spending rose 14.3 percent compared with the same month a year earlier to C$531.9 million (US$407.2 million). This increase was mainly driven by investment in apartment and apartment-condominium buildings. Investment in single-family dwellings and row houses also contributed to the advance, while spending on semi-detached buildings declined.
In Quebec, investment in new housing construction totaled C$512 million (US$391.9 million) in January, up 1.1 percent compared with January 2015. This gain was the result of increased spending on apartment and apartment-condominium buildings, which more than offset lower investment in single-family buildings, semi-detached dwellings and row houses.
Investment in new housing construction declined in the remaining provinces in January compared with January 2015, with Alberta, Saskatchewan and Manitoba registering the largest decreases. In Alberta, spending decreased in all dwelling types except apartment and apartment-condominium buildings, which rose 22.5 percent to C$149.2 million (US$114.2 million).
