New residential construction in British Columbia dropped in June with new investment dropping 7.5 per cent compared to the previous month (Wolf Depner/News Staff)

New construction, housing prices down British Columbia

New housing prices dropped 0.4 per cent in Victoria in June 2019

Residential construction in British Columbia declined in June,with new investment dropping 7.5 per cent compared to the previous month. Residential construction dropped 1.8 per cent across Canada.

Among Canada’s three largest provinces by population, British Columbia recorded the largest drop in construction investment. Quebec recorded an increase of 0.2 per cent, while Ontario remained unchanged.

RELATED: Residential construction activity slows across Greater Victoria

Looking at specific categories of housing, investments in new single homes dropped more than 16 per cent, with semi-detached homes down 15 per cent. Investments in what Stats Canada calls row homes as well as condo and rental apartments rose by 18.2 per cent and 7.6 per cent respectively.

Non-residential construction, meanwhile, picked up in June, with British Columbia recording an increase of 3.7 per cent, ahead of the national rate of one per cent and leading the country.

Among non-residential categories, investment in commercial construction rose 11.3 per cent, while investments in industrial construction rose 5.7. Institutional construction dropped five per cent.

Overall, total building construction decreased 0.9 per cent in June to $15.1 billion, the first decline in eight months.

June’s slow down in construction also appears in the value of building permits issued in June 2019, dropping 3.7 per cent.

New houses entering the market are also fetching less, as the new housing price index for June dropped by 0.1 per cent across Canada. Prices have been flat or falling since last August. Calgary recorded the largest drop with one per cent, followed by St. John’s (down by 0.5 per cent) and Victoria (down by 0.4 per cent).


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Ucluelet and Tofino mayors call for “calmness” and “empathy” as highway closure cuts communities off from supplies

Ministry of transportation expects to open road for “essential travel only” from noon-8 p.m. Friday.

Saanich man killed in Alberta shooting

Victim is 30-year-old Greater Victoria man, say police

Vancouver Island officials calling for higher speeding fines

Central Saanich motion could end up before UBMC delegates in Victoria later this fall

Province rejects two ride hailing operators in Greater Victoria

Two smaller companies rejected in CRD; Uber and Lyft approved in Vancouver

UPDATED: Tofino-Ucluelet highway will be open for “essential travel only” on Friday

Vehicles will be screened at the Tofino/Ucluelet junction and at Sproat Lake.

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Occupancy rates remain above capacity in Greater Victoria hospitals

Region’s hospitals have more patients than acute care beds

Shipyard upgrade on Port Alberni’s waterfront means MV Frances Barkley retrofit happens at home

Canadian Maritime Engineering expands equipment to accept larger vessels

Province announces more childcare spaces created in Nanaimo

Government says 20 new spaces will bring provincially funded spaces to 120 since 2018

Number of EI recipients up 8.1 per cent in Greater Victoria, but unemployment remains low

Greater Victoria recorded the lowest unemployment in December 2019

Snow storm maxes out Courtenay’s assets

Crews and equipment operated at full capacity for 48 hours straight

High-rise hotel proposed for downtown Victoria location

A 15-storey hotel could be coming to the Fort and Blanshard streets area

Was Bigfoot just spotted on a Washington State webcam?

Sherman Pass is rougly 70 kilometres south of Grand Forks, B.C.

Most Read