Investment on apartment construction up in 2019
StatsCan says residential construction increased in 2019
Gerv Tacadena
Canadian Real Estate Wealth
The investment in residential construction increased last year, with a stronger focus on apartments and row homes, according to the latest figures from Statistics Canada (StatsCan).
Over the year, the value of investment toward residential construction went up by 2.3% to $123.9bn, mainly attributed to the 11.8% growth in the multi-unit segment to $62.6bn.
On the other hand, investment for single units declined for the second year in a row, down by 5.9% to $61.3bn.
Ontario, British Columbia, and Quebec helped multi-unit investments surpass single-unit construction on an annual basis for the first time.
Investment in apartments and row houses increased by 12.7% to $50.2m and 9.8% to $8.2bn, respectively. On the other hand, investment in single homes declined by 6.5% to $57.5bn. StatsCan said these trends reflected “a national shift toward the intensification of urban areas.”
The total value of investments in building construction, including the non-residential segment, grew by 3.4% to $181.8bn over the year, with six provinces reporting gains.
Prince Edward Island registered the highest growth rate, with investments in the province inflating by 50.9% to $851.7m, brought about by significant gains in the residential sector.
Quebec and British Columbia also witnessed strong increases in building investments, striking respective growths of 10.7% to $38.6bn and 10.3% to $32.6bn.
In terms of investment value, Ontario took the lion’s share at $71.7bn, which was 1.8% higher than last year.
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