According to Statistics Canada, the total value of investment in residential construction rose 3.3 percent to $31.9 billion in the third quarter compared with the same quarter a year earlier. This marked the seventh consecutive year-over-year quarterly growth.
Investment in apartment and apartment-condominium building construction (up 21.5 percent to $4.7 billion), acquisition costs related to new dwelling units built (up 7.4 percent to $3.6 billion), renovation spending (up 1.3 percent to $14.1 billion) and spending on converted dwelling units (up 76.9 percent to $385 million) accounted for most of the national advance.
Residential construction investment increased in five provinces in the third quarter. Ontario reported the largest gain, followed by British Columbia and Quebec.