Investment in residential construction hits new record in third quarter
A new report says residential construction investment hit a new record in the third quarter, reaching $24.3 billion.
That’s nine per cent more than the same quarter in 2006.
Statistics Canada says there were increases in new housing (up 10.1%), renovations (8.4%) and acquisition costs (5.7%).
Spending for new residential construction climbed to $12.4 billion, a 10.1% increase over the third quarter of 2006.
Single-family home investment made the most significant contribution to the growth, increasing 10.9% to $7.9 billion.
Apartment and condominium construction increased 6.2% to $2.6 billion, while investment in double and row housing also rose significantly, gaining 18.4% and 16.2% respectively.
The agency says the rising levels of investments for new housing were largely brought about by significant cost increases over the third quarter of 2006.
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