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New Home Construction Investment in BC Up 13.3%: StatCan

By Joannah Connolly May 21, 2015

BC residential construction investment was up 13.3 per cent year over year to nearly $643 million in March, according to Statistics Canada data released May 21.

The province’s growth was only enough to give it the sixth highest investment increase in Canada, after Yukon, Northwest Territories, Prince Edward Island, Alberta and Nova Scotia, which all registered higher growth in new housing investment.

However, as a national average, the growth in new housing investment was up a more modest 4.4 per cent year over year, due to significant declines in some provinces and territories. March’s $3.5 billion investment also represented the nation’s sixth consecutive month-over-month decline.

Across Canada, row houses were the biggest driver of growth, rising 7.7 per cent compared with last March, while single-family homes increased by just 1.5 per cent.

In BC, it was again duplexes that saw the biggest annual increase in investment, up 29 per cent compared with March 2014, followed by row homes, which rose 18.8 per cent year over year.

Single-family home construction investment in the province was up 18.4 per cent, and the growth in condo investment picked up to rise 4.2 per cent year over year after a sluggish February.

BC’s figures were also up 2.4 per cent month over month overall, and increased for three out of five property types, led by row homes. Surprisingly, having been the star of the show in the monthly figures for the past few months, investment in duplex construction fell 1.7 per cent since February.

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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