data Statistics Canada released April 23rd<\/a>.<\/p>\nThe Statistics Canada report says $15.3 billion was invested in building construction in February, up 3.8 percent compared to January. The national statistical agency says increased residential investment, which was up 5.4 percent to $11 billion, was largely responsible for the gains.<\/p>\n
Drilling further down into the numbers, Statistics Canada highlights another investment driver. \u201cThe gain in residential investment was primarily due to renovation work, up $1.1 billion from the previous year,\u201d the StatsCan report reads.<\/p>\n
Thiagamoorthy underscores a changing tide in Canadian residential investment in terms of what types of homes are being invested in.<\/p>\n
“Notably, investment in multis extended its upward trend to surpass investment in singles, reflecting a major shift,\u201d she writes.<\/p>\n
As cities have increased in density, multi-family homes \u2014 a majority of which are condos \u2014 have come to make up an increasing share of the new-construction market.<\/p>\n
In the first quarter of this year, contractors broke ground for 37,283 homes, according to figures from the Canada Mortgage and Housing Corporation<\/a>. Of those dwellings, 29,104 were multi-family units versus just 8,179 single-family homes.<\/p>\n\u201cThe increase in total residential investment for February was driven by strength in multi-unit dwellings (+8.4% to $5.5 billion), while investment in single family homes rose more modestly (+2.6% to $5.5 billion),\u201d StatsCan says in its report.<\/p>\n
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