DCN ARCHIVES

March 4, 2005

Banner year reported by residential industry

Last year was an outstanding one for residential construction, with the total value of investment reaching $70.4 billion, Statistics Canada reports.

The figure for 2004 was 14.2 per cent higher than the previous record of $61.6 billion in 2003.

It was the sixth consecutive year that investment in residential construction has increased.

StatsCan says all three components of investment in residential construction — new housing, renovations and acquisition costs — recorded strong gains over 2003.

“The excellent performance in the housing sector in 2004 was due to low mortgage rates and their positive impact on affordability,” StatsCan says. “The strong employment situation, high consumer confidence and low apartment vacancy rates in a number of large centres, such as Montreal and Vancouver, also contributed to the growth in demand for new housing.

“Growth in the average value of new housing starts also fuelled the rise in the total value of investment in residential construction.”

StatsCan says investment in new housing construction reached $36 billion in 2004, up 14.6 per cent from 2003.

The growth was spurred by a strong demand for the construction of new single-family homes and by a sharp increase in investment in new apartment/condominium units.

Expenditures on renovations, the second major component, rose 13.6 per cent to $28 billion in 2004.

The high level of existing home resales in recent years was a key factor in the strong growth in renovations.

Meanwhile, acquisition costs increased by 14.7 per cent to $6.3 billion in 2004.

At the provincial level, all provinces and territories recorded increased investment in residential construction in 2004.

StatsCan says strong demand for new housing construction put Quebec in the lead in terms of the rise in dollars for all residential construction in 2004, with expenditures of $17.5 billion.

Ontario and British Columbia followed in terms of increased investments.

Print | Comment

MOST POPULAR STORIES
TODAY’S TOP CONSTRUCTION PROJECTS

These projects have been selected from 371 projects with a total value of $1,936,826,394 that Reed Construction Data Building Reports reported on Thursday.

GOVERNMENT OFFICE TOWER

$134,000,000 Toronto ON Prebid

CONDOMINIUM APARTMENT BLDGS, TOWNHOUSES, RETAIL

$128,250,000 North York ON Prebid

CONDOMINIUM APARTMENT BLDG, OFFICES, RETAIL

$100,000,000 Toronto ON Prebid

Daily Top 10

CURRENT STORIES
TODAY’S TOP JOBS

Experienced Site Superintendent
Ontario-Cobourg

Project Manager
Ontario-Oshawa

Estimator
Ontario-Toronto

Site/Field Coordinator
Ontario-Mississauga

Superintendent
Alberta-Red Deer

Operations Foreman
British Columbia-Vancouver

Earthworks Estimator
Ontario-King

Junior Construction Manager
Alberta-Fort McMurray

Estimator/Project Manager
Ontario-Gormley

Machinist
Alberta-Edmonton

More jobs 

myJobsite.ca

Your gateway to
the top careers
in construction
and design