Trending
A red, white, and black flag with a white background.

Investment on apartment construction up in 2019

Silhouettes of construction workers on a construction site.

The investment in residential construction increased last year, with a stronger focus on apartments and row homes, according to the latest figures from Statistics Canada (StatsCan).

Over the year, the value of investment toward residential construction went up by 2.3% to $123.9bn, mainly attributed to the 11.8% growth in the multi-unit segment to $62.6bn.

On the other hand, investment for single units declined for the second year in a row, down by 5.9% to $61.3bn.

Ontario, British Columbia, and Quebec helped multi-unit investments surpass single-unit construction on an annual basis for the first time.

Investment in apartments and row houses increased by 12.7% to $50.2m and 9.8% to $8.2bn, respectively. On the other hand, investment in single homes declined by 6.5% to $57.5bn. StatsCan said these trends reflected “a national shift toward the intensification of urban areas.”

The total value of investments in building construction, including the non-residential segment, grew by 3.4% to $181.8bn over the year, with six provinces reporting gains.

Prince Edward Island registered the highest growth rate, with investments in the province inflating by 50.9% to $851.7m, brought about by significant gains in the residential sector.

Quebec and British Columbia also witnessed strong increases in building investments, striking respective growths of 10.7% to $38.6bn and 10.3% to $32.6bn.

In terms of investment value, Ontario took the lion’s share at $71.7bn, which was 1.8% higher than last year.

About the Author

Post a Comment

Related Articles

The Canada Mortgage and Housing Corporation (CMHC) has announced the reopening of the Housing Accelerator Fund (HAF) application window for previous applicants who were not...

When looking at the housing supply and affordability crisis that is presently plaguing Canada, an idiom coined by popular cartoon handyman Bob the Builder quickly...

Most Trending News

The Canada Mortgage and Housing Corporation (CMHC) has announced the reopening of the Housing Accelerator Fund (HAF) application window for previous applicants who were not...

When looking at the housing supply and affordability crisis that is presently plaguing Canada, an idiom coined by popular cartoon handyman Bob the Builder quickly...

A June 2024 Edge Realty Analytics report has highlighted some notable shifts in Canadian building permit and construction trends. In a surprising turn of events,...