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September 04, 2018RESIDENTIAL CONSTRUCTION INVESTMENT 2ND QUARTER 2018 During the second quarter of 2018, Statistics Canada estimates there was $756.6 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 6.7 per cent higher than Q2 2017. There has been positive year over year growth in Nova Scotia residential investment for the past thirteen quarters. Compared to Q2 2017, new dwelling activity increased 7.0 per cent with an increase in singles (+25.3%), doubles (+41.5%), and row (+99.6%) offsetting a decline in apartments (-19.6%). Total acquisition costs were up 39.8 per cent compared to Q2 2017 and renovation activity increased 4.8 per cent.
Comparing the first half of 2018 with the first half of 2017, residential investment has increased 5.5 per cent or $66.0 million to a total of $1.263 billion. Among new dwellings, increases in singles (+$29.2 million), doubles (+$1.0 million) and row (+$6.7 million) have offset a decline of $15 million in apartment-type construction. Total acquisition costs were up 20.7 per cent compared to the first half of 2017 while renovations, which accounts for 55.8 per cent of investment, have risen 4.4 per cent.
Residential construction investment rose 7.8 per cent in Canada comparing Q2 2018 with Q2 2017. Ontario and Quebec had the largest dollar increases while activity was lower in Newfoundland and Labrador, Saskatchewan and Alberta. All components were up except for single homes and mobile homes with the largest gains made in apartments (+26.7%) and renovations (+6.7%).
On a year-to-date basis, residential construction investment growth is fastest in Prince Edward Island (+24.9%), followed by Quebec (+14.7%) and British Columbia (+12.7%). Nationally, residential investment is up 7.6 per cent with Saskatchewan (-9.1%) being the only province reporting a decline.
Total construction (sum of residential and non-residential building investment) has increased 7.8 per cent in Canada and 7.7 per cent in Nova Scotia, comparing the first half of 2018 against the first half of 2017. Construction activity growth has been positive for Atlantic Canada, Central Canada and British Columbia but lower in the Prairie Provinces.
Statistics Canada. Table 34-10-0010-01 Residential construction investment (x 1,000)
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