Canadian residential construction investment totaled C$31.4 billion (US$23.4 billion) in the fourth quarter, up 5.6 percent from the same quarter in 2015, according to Statistics Canada. The improvement reflected increased spending on every component except cottages.
Residential construction investment increased year over year in seven provinces in the fourth quarter, led by British Columbia, Ontario and Quebec.
In British Columbia, total spending rose 24.2 percent from the same quarter a year earlier to C$5.7 billion (US$4.3 billion) in the fourth quarter, with higher investment in every component except cottages. The gain was led by increased spending in apartments and apartment-condominium buildings, followed by renovations and single-family home construction.
The gain in Ontario, +5 percent to C$13 billion (US$9.7 billion), was largely the result of increased investment in single-family homes and, to a lesser extent, acquisition costs. The advance was moderated by lower spending on renovations.
The advance in Quebec, +9.3 percent to C$5.5 billion (US$4.1 billion), was led by higher spending on renovations, followed by single-family home construction.
Alberta, -14.2 percent to C$4 billion (US$3 billion), posted the largest decline, mainly attributable to lower investment in apartment and apartment-condominium buildings, single-family dwellings and, to a lesser extent, acquisition costs and row houses.
Overall for the year, residential construction investment totaled C$121 billion (US$90.3 billion), up 3.6 percent over 2015. This marked the seventh consecutive annual increase. Higher investment in apartment and apartment-condominium buildings, +10.4 percent to C$18.4 billion (US$13.7 billion), and single-family dwellings, +6.2 percent to C$27.2 billion (US$20.3 billion), largely contributed to the advance.
In 2016, Ontario registered the highest year-over-year increase, +9.9 percent to C$49.2 billion (US$36.7 billion) –, followed by British Columbia, +19.6 percent to C$21 billion (US$15.7 billion), and Quebec, +3.7 percent to C$22.6 billion (US$16.9 billion) –. In contrast, the three Prairie provinces saw lower construction spending, with investment in Alberta notably declining by 20.2 percent to C$15.9 billion (US$11.9 billion).
