National Post
Mar 3, 2001
The total value of investment in the housing sector wa $42.7-billion in 2000, up 3.9% from 1999, Statistics Canada said yesterday.
This strong performance was the result of increases in all three components of residential investment: new housing, renovations and acquisition costs.
High levels of full-time employment, sustained growth in disposable income, continued consumer confidence and higher prices for new housing had positive effects on residential investment in 2000.
The biggest contributor was renovations, which rose 5.9% over 1999. The total value of renovations wa $18.2-billion.
New housing grew 2.4% to $20.8-billion. This increase stemmed primarily from higher expenditures for single houses (up 7.9% to $13.6-billion) and apartments (up 14.6% to $3.1-billion). In single houses, the gain came from an advance in average value, while the growth for apartments arose from increases in both the number of units and the value of the units.