OTTAWA - The total value of residential construction investment reached $19.8 billion in the first quarter of 2008, 7.5 per cent more than in the first quarter of 2007.
Most provinces registered increases and all three components of residential construction (new housing construction, renovations and acquisition costs) were up, as well.
Statistics Canada attributed the increase to a favourable job situation, growth in disposable income, flexible financing options and Western Canada's strong economy.
The New Housing Price Index increased six per cent in the first quarter over the same quarter last year.
New housing investment rose 8.8 per cent from a year earlier to $9.7 billion as investment in apartment and condominium construction led the way.
Spending on apartments increased 17.5 per cent to $2.6 billion while construction spending on single-family housing rose 3.7 per cent to $5.6 billion.
