New housing investment still highest in Alberta

THINK OUTSIDE THE BOX:  Despite the current economic backdrop, many of Alberta’s housing indicators such as housing starts, building permits and investment in new housing continue to suggest that homebuilders remain optimistic about the housing market here in Alberta.

Unlike Alberta’s job market, it appears as though our housing sector remains in good shape. The largest year-over-year advancement in new housing construction again occurred in our province in February. Total investment in new residential building construction rose to $902 million, 13 per cent higher than last year’s levels.

Investment increased in all housing types, but higher density dwellings remained most popular. Investment in apartment housing (+32 per cent) and row-type housing (+31 per cent) continued to lead the charge in new housing investment.

Alberta also beat out both British Columbia and Ontario again for the largest yearly increase in investment. B.C. saw residential spending levels rise by 10.4 per cent while Ontario experienced 1.7 per cent growth. Quebec showed the largest annual decline (11 per cent). On average, investment rose in all dwelling types across the nation in February. Double dwellings led the increase followed by row housing construction.

Despite the current economic backdrop, many of Alberta’s housing indicators such as housing starts, building permits and investment in new housing continue to suggest that homebuilders remain optimistic about the housing market here in Alberta.

 

Nick Ford • Economist     April 24, 2015

 

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