Mirroring recent months, BC residential construction investment was up 10.4 per cent year over year to more than $622 million in February, according to Statistics Canada data released April 21.
The province’s growth was second only to Alberta’s, which saw a 13.4 per cent increase in new housing construction investment, totalling $902 million in February.
Nationwide, the growth in new housing investment slowed to 2.4 per cent year over year, with February’s $3.48 billion investment a month-over-month decline compared with January.
Across Canada it was again duplexes that drove the annual growth, rising 11.2 per cent, while single-family homes increased by just 0.5 per cent.
In BC it was also duplexes that saw the biggest increase in investment, up 27.8 per cent compared with February 2014. This was followed by row homes, which rose 16.8 per cent year over year.
Single-family home construction investment in the province was up 14.9 per cent, whereas the growth in condo investment slowed to 1.7 per cent year over year.
BC’s figures were also up 2.9 per cent month over month overall, and increased for all property types, recovering from January’s winter lull. Again, duplexes were the star of the show in the monthly figures, with investment in their construction rising 9 per cent since January.
To see Statistics Canada’s interactive chart, click here.
