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December 04, 2017RESIDENTIAL CONSTRUCTION INVESTMENT 3RD QUARTER 2017 During the third quarter of 2017, Statistics Canada estimates there was $719.2 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 8.0 per cent higher than in the third quarter of 2016 and follows growth of 10.5 per cent and 14.9 per cent in the two previous quarters. Compared to Q3 2016, new dwelling activity increased 20.6 per cent with growth in singles (+5.2%) and apartments (+54.0%). Total acquisition costs were up 15.3 per cent compared to Q3 2016. Renovation activity, the largest component of residential investment increased 3.4 per cent.
Comparing the first three quarters of 2017 with the first three quarters of 2016, Nova Scotia residential investment increased 10.6 per cent or $183.0 million. Singles grew 15.6 per cent (+$44.6 million), apartments were up 37.9% (+$71.3 million), doubles were up 21.4% (+$6.1 million) while row style housing was down 19.3% (-$3.3 million). Increases also occurred with acquisition costs (+20.1%), renovations (+3.2%), conversions (+40.6%) and mobiles (+26.6%).
Residential construction investment rose 9.1 per cent in Canada comparing Q3 2017 with Q3 2016. The largest percentage growth occurred in Prince Edward Island and Manitoba. Investment was higher in every component in Canada led by renovations (+8.1%) and single family dwellings (+11.0%). Spending on renovations was up in every province for the first time since Q2 2006.
On a year-to-date basis (2017 Q1-Q3 vs. 2016 Q1-Q3), residential construction increased 8.3 per cent in Canada. Increases in Prince Edward Island (+29.6%), Manitoba (+15.3%), Nova Scotia (+10.6%) and Ontario (+10.5%) were faster than the other provinces, except Newfoundland and Labrador (-7.2%) which declined compared to last year.
Total construction (sum of residential and non-residential building investment) has increased 6.3 per cent in Canada and 6.1 per cent in Nova Scotia comparing first three quarters of 2017 with first three quarters of 2016. Prince Edward Island (+27.5%) and Manitoba (+15.5%) have seen the fastest growth. Two provinces: Newfoundland and Labrador (-11.6%) and Saskatchewan (-4.3%) have seen declines in building activity.
Statistics Canada, CANSIM table 026-0013
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