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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Crews respond to house fire in Langford Monday night

Fire near Glen Lake Road and Haslam Avenue

Battling bullying covers a lot of ground, says Safe Schools manager for Sooke School District

Jamie Adair’s background is tailor-made for the work he does with the… Continue reading

‘Not the monster everyone thinks’: Sister of human-trafficking suspect speaks out

Trish Kelly’s brother was one of four Vancouver Island residents arrested last month in Saskatchewan

UPDATED: Indigenous youth occupy B.C. Legislature steps amidst court injunction

Police negotiating with people gathered in support of some of the Wet’suwet’en hereditary chiefs

Upgrades for Colwood’s Brook Creek Dam pouring in

Improvements to mitigate risks for residents

VIDEO: B.C.’s seventh coronavirus patient at home in Fraser Health region

Canada in ‘containment’ as COVID-19 spreads in other countries

B.C. takes over another Retirement Concepts senior care home

Summerland facility latest to have administrator appointed

RCMP pull office from Wet’suwet’en territory, but hereditary chiefs still want patrols to end

Chief says temporary closure of field office not enough as Coastal GasLink pipeline dispute drags on

Prescription opioids getting B.C. addicts off ‘poisoned’ street drugs

Minister Judy Darcy says Abbotsford pilot project working

Teck CEO says Frontier withdrawal a result of tensions over climate, reconciliation

Don Lindsay speaks at mining conference, a day after announcing suspension of oilsands project

Okanagan man swims across Columbia River to evade Trail police

RCMP Cpl. Devon Reid says the incident began the evening of Thursday, Feb. 20

‘Hilariously bad’: RCMP looking for couple with forged, paper Alberta licence plate

Mounties said the car crashed when it lost a wheel but the duo ran away as police arrived

Most Read