Business News
$57.3 billion invested in new housing construction in 2017

February 23, 2018 — Across Canada, investment in new housing construction totalled $57.3 billion in 2017, up 8.9% or $4.7 billion compared with 2016, reports Statistics Canada.  

Growth in spending in apartment building construction represented 16.4% of the total investment gains in 2017. Single home construction ($2.7 billion) led to the total annual increase, followed by row home construction, which posted the second largest year-over-year total increase (+$839.7 million).

Nova Scotia led the Atlantic Provinces in spending on new housing construction ($836 million), with $117.7 million more investment compared to 2016. This rise was led by spending on apartment building construction, which was up $84.6 million. Newfoundland and Labrador was the only province in the region to report a drop in total investment, down $62.7 million compared with 2016.

In Quebec, investment totalled $8.7 billion in 2017, up $970.2 million from 2016. The increase was led by spending on apartment building construction, up $636.5 million in 2017, a fourth consecutive annual gain.

Meanwhile, investment in new housing construction in Ontario rose by $1.8 billion to $23.3 billion in 2017, pushed by spending on single home construction, up $1.1 billion compared with 2016.

Finally, in Western Canada, B.C., Alberta and Manitoba posted year-over-year increases compared to 2016.

The rise in British Columbia (+$789.8 million) was driven by investment in apartment building construction, up $481.3 million compared to 2016.

In Alberta, the increase (+$579.2 million) was the result of spending on single home construction, up $870.9 million, which offset lower spending on apartment building construction (-$374.5 million).

For Manitoba, spending on singles house construction contributed nearly two-thirds to the total investment in new housing. However, Saskatchewan reported a year-over-year decline.

Investment in new housing construction, by province and territory