- Category: Economic
- Published Tuesday, December 22, 2015
- CTV News
Investment in apartments and condominium building construction rose in October, offsetting a dip in spending on other types of homes, according to Statistics Canada.
Statistics Canada published the October data on Tuesday as part of its monthly housing investment report.
The value of investment in construction of all new residential buildings in Canada was up 4.3 per cent in October 2015, compared to October 2014, but the largest increase was seen in the construction of condominiums.
"The increase on the national level was mainly attributable to higher construction spending on apartment and apartment-condominium buildings, which offset declines in investment related to single-family and semi-detached dwelling construction," the report said.
StatsCan found that the amount of money invested in condo construction in October was up 27.6 per cent across Canada, to $1.8 billion. Investments were down on single- and double-family dwellings, and almost unchanged on rowhouses, the same data showed.
Condo investments were highest in Ontario, where the increase from October 2014 to October 2015 was 36.7 per cent. The cross-Canada percentage was also brought up British Columbia, where construction spending was up 30.2 per cent on condos.
The data said the increase in spending on apartment and apartment-condominium building was the sixth consecutive double-digit advance this year. Investment in apartment and condo buildings also increased by at least 10 per cent month-over-month in May, June, July, August and September.