Investment in home building in BC increased nearly 13.9 per cent year over year in November, and 10.1 per cent since last month, to $784 million, according to Statistics Canada figures released January 21.
Total spending on single-family home construction overtook apartment-condo building after months of being in second place, rising 3.5 per cent compared with November 2014 to $345 million, although this was a seasonal drop of 9.1 per cent month over month.
Condo-apartment construction in the province was very close behind detached homes in total investment. But the $344 million spent on multi-family housing in BC represented a much steeper pace of annual growth, at 30 per cent up over November 2014. The figure was a decline of 11.9 per cent compared with October.
Spending on townhouse and row home construction kept up its strong pace of growth, rising 16.5 per cent year over year to $74.3 million in November. This was a relatively minor 2.1 per cent fall from October 2015.
Continuing the trend of the last several months, the only new home type to see an annual decline in investment in November was duplex housing, spending on which fell 22 per cent year over year and 20 per cent month over month to $20.6 million.
Also as in recent months, the province’s total $784 million new home construction spend was once again the third highest dollar figure in the country, after Ontario and Alberta.
However, BC’s 13.9 per cent annual increase rose to become the second fastest growth rate in November, with only Ontario increasing its new home construction spend more quickly year over year.
Across the country, investment in new home building rose at a much more moderate pace than BC’s, with its total of $4.3 billion in November a rise of 2.2 per cent from the same month a year earlier and a drop of 9.2 per cent compared with October.
As with last month, the strongest growth in Canadian construction investment was seen in multi-family home buildings, which rose 27 per cent year over year. There was also increased spending on townhome construction, up a gentler three per cent.
Statistics Canada again reported notable year-over-year declines in nationwide spending single-family housing and duplex construction, with investment in these property types falling 9.6 per cent and 18 per cent respectively.
To see Statistics Canada’s interactive chart, click here.