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Real Estate Trends

BC’s New Home Construction Spend Rises 16.2% to $712m: StatCan

By Joannah Connolly Jul 21, 2015

Investment in new home construction in BC in May was up 16.2 per cent year over year – the country’s second-highest growth after Yukon, according to Statistics Canada data released July 21.

The province’s $712 million new home construction spend was also the third-highest total in the country, after Ontario and Alberta.

Bucking the trend of the past few months, apartment-condo construction led the investment growth in BC, rising 21.7 compared with May 2014 to a total of $286.7 million. This was followed by duplexes, investment in which was up 16.5 per cent year over year to $29.8 million.

BC’s single-family home investment in May totalled $329.3 million, the highest overall figure but growing slower than condos and duplexes, up 12.7 per cent compared with last year. Townhome construction investment in BC rose 11.8 per cent year over year to $66 million.

Across Canada, the increases were much more modest. Spending on new home construction nationwide totalled $3.9 billion in May, up 2 per cent from the same month a year earlier.

Statistics Canada reported that the increase came mostly from higher investment in apartment and condominium building construction, up 12.8 per cent to $1.3 billion, as well as higher spending on row house construction, up 8.6 per cent to $412 million.

Single-family home and duplex construction both saw year-over-year declines in construction investment nationwide, falling 4.7 and 4.9 per cent respectively.

To see Statistics Canada’s interactive chart, click here.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.
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