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March 02, 2017RESIDENTIAL CONSTRUCTION INVESTMENT 4TH QUARTER 2016 Statistics Canada has released data on residential construction investment for Q4 2016 along with revisions to the first three quarters of 2016. Nova Scotia residential investment over Q1 through Q3 was revised up 9.3 per cent with higher levels of renovations.
During the fourth quarter of 2016, Statistics Canada estimates there was $721.7 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 17.5 per cent higher than in the fourth quarter of 2015. Compared to Q4 2015, new dwelling activity was down 4.0 per cent as a decline in apartments (-32.3%) offset an increase in singles (+21.7%). Total acquisition costs were up 84.7 per cent compared to Q4 2015. Renovation activity was up 22.7 per cent compared to a year ago at $435.3 million. Renovation and total residential investment levels are the highest quarter on record (note: data is not adjusted for seasonality or inflation).
Comparing the year 2016 with 2015, residential investment is up 2.6 per cent in Nova Scotia, totaling $2.34 billion. New dwelling construction is down 1.6 per cent or $11.9 million as apartment activity declined 19.2 per cent in 2016. Singles were up 12.2 per cent. Renovation activity is up 2.5 per cent or $33.4 million in 2016. Total acquisition costs were up 12.5 per cent.
Renovations are the largest share (59.0 per cent) of construction investment at $1.38 billion in 2016. Singles ($407.4 million) make up 17.4 per cent of activity and apartments accounted for 10.9 per cent or $254.8 million.
Residential construction investment rose 5.6 per cent in Canada comparing Q4 2016 with Q4 2015. The largest percentage growth occurring in Prince Edward Island and British Columbia and the largest dollar gains coming from British Columbia, Ontario and Quebec. Higher investments in single-family dwellings accounted for nearly half of the increase.
For 2016, residential investment was up 3.6 per cent, the seventh consecutive annual increase. Increases occurred for both apartment-condominium buildings (+10.4%) and single-family dwellings (+6.2%). Ontario, British Columbia and Quebec account the largest dollar increases. Declines occurred in the Prairie provinces and Newfoundland and Labrador.
Statistics Canada, CANSIM table 026-0013
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