Canadian New Housing Construction Investment Up 4.3% in October

Apartment and apartment-condominium buildings led the increase, rising 27.6 percent.

Canadian investment in new housing construction increased 4.3 percent to C$4.7 billion (US$3.4 billion) in October compared with the same month in 2014, according to Statistics Canada.

The increase was mainly due to higher construction spending on apartment and apartment-condominium buildings, which rose 27.6 percent year-over-year to C$1.8 billion (US$1.3 billion). Spending in row house construction increased 2.1 percent to C$438 million (US$314.3 million).

In contrast, single-family dwelling construction declined for the fifth consecutive month year-over-year, down 6.9 percent to C$2.2 billion (US$1.6 billion) in October. Spending on double house construction continued a downward trend that started earlier in the spring, declining 15.1 percent from the same month a year earlier to C$220 million (US$157.8 million)  in October.

Investment in new housing construction increased in five provinces, led by Ontario, followed by British Columbia and Nova Scotia.

In Ontario, construction spending rose 20.8 percent year-over-year to C$1.9 billion (US$1.4 billion) in October. The increase came mainly from higher investment in the construction of apartment and apartment-condominium buildings, which rose 36.7 percent to C$628 million (US$450.6 million), and single-family dwellings, which advanced 18.4 percent to C$953 million (US$683.7 million).

In British Columbia, investment grew 16.7 percent to C$872 million (US$625.6 million) in October compared with the same month in 2014. The gain resulted from higher construction spending on apartment and apartment-condominium buildings, which rose 30.2 percent to C$391 million (US$280.5 million), and single-family houses, which rose 8.8 percent to C$380 million (US$272.6 million).

In Nova Scotia, construction spending in new residential buildings grew 23.3 percent year over year to C$77 million (US$55.2 million) in October. Increased investment in apartment and apartment-condominium building construction was responsible for the advance, as spending on single-family dwellings and row housing declined.

Alberta, which is still the second largest contributor to investment estimates in new housing construction, posted the largest decrease year over year in October, falling 14.3 percent to C$911 million (US$653.6 million). Saskatchewan and Manitoba followed, with the second and third biggest declines.

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