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).


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