BC New Home Construction Investment Up 11%: StatCan

new homesBC spent $683 million on new housing construction in August 2014, an 11.3 per cent rise compared with August 2013, according to Statistics Canada data released October 22.

The increase follows the province's trend of recent months of far outstripping the national year-over-year increase, which in August was a rise of 1.1 per cent to $4.24 billion.

BC’s was the third biggest annual rise of all provinces and territories, with Nunavut posting a 33.7 per cent increase in new home construction investment (having posted a separate entry from Northwest Territories for the first time) and Alberta boosting investment 12.9 per cent.

BC’s increased investment was driven by another strong rise in townhome construction, which posted a 30.9 per cent increase. Investment in single-family home construction rose 11.8 per cent, whereas condos rose 8.4 per cent year over year and duplexes rose just 0.8 per cent.

The modest 1.1 per cent rise in new home construction across Canada masks even wilder variations when broken down by property type. Nationwide, townhome investment rose 18.3 per cent, duplexes rose 5.2 per cent, condo investment increased 2.4 per cent and single-family home construction investment fell 2.6 per cent.

To see the interactive table, with statistics broken down by province, housing type and dates, click here.

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