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June 01, 2018RESIDENTIAL CONSTRUCTION INVESTMENT 1ST QUARTER 2018 During the first quarter of 2018, Statistics Canada estimates there was $515.6 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 26.3 per cent lower than the fourth quarter of 2017, and 5.6 per cent higher than Q1 2017. This is the second consecutive declining quarter for the province. Note: First quarter growth is usually low for Nova Scotia. Compared to Q1 2017, new dwelling activity increased 3.6 per cent with an increase in singles (3.4%) and apartments (+5.4%). Total acquisition costs were up 16.5 per cent compared to Q1 2017. Renovation activity, the largest component of residential investment increased 4.7 per cent.
Comparing the total for Q1 2018 with Q4 2017, Nova Scotia residential investment decreased 26.3 per cent , reflecting declines in doubles (-$1.2 million), apartments (-$4.9 million), renovations (-$183.2 million), and mobiles ($-6.7 million), cottages (-$0.2 million) and conversion costs (-$0.2 million). Increases were seen in singles (+$9.2 million), Row houses (+$1.8 million). Total acquisition costs were up $1.8 million (+3.8%).
Residential construction investment rose 8.0 per cent in Canada comparing Q1 2018 with Q1 2017. The largest percentage growth occurred in Prince Edward Island and New Brunswick. Investment was higher in every component, except mobiles, in Canada led by cottages (+117.3%). Residential investment was lower in Saskatchewan (-2.7%).
Total construction (sum of residential and non-residential building investment) has increased 8.2 per cent in Canada and 8.5 per cent in Nova Scotia, comparing the first quarter of 2018 against the first quarter of 2017. New Brunswick, Newfoundland and Labrador, and PEI led the country in percentage growth compared to the first quarter a year ago. Saskatchewan and Alberta both saw declines in total construction activity.
Statistics Canada, CANSIM table 026-0013 (residential) and 026-0016 (non-residential)
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