This infographic from Statistics Canada shows Investment in residential construction as recorded in November 2018. Overall, British Columbia bucked a national trend towards less construction. (Statistics Canada).

Building investments rose $81M in B.C. while falling across Canada

Construction market softened across Canada in November: Statistics Canada

British Columbia helped moderate a decline in building construction.

B.C. builders increased their investment by $81 million in November 2018, as the building construction market softened across Canada, according to Statistics Canada. Both the residential (-2.2 per cent to $9.4 billion) and non-residential (-1.6 per cent to $4.3 billion) sectors declined as total investments decreased two per cent from October to $13.7 billion.

Alberta, Ontario and Quebec recorded the largest declines with respective drops of $152, $72 and $56 million.

Looking at specific categories, residential construction dropped more significantly than non-residential construction, with investments in both single-unit and multi-unit buildings declining in November 2018.

Year-to-year, single residential construction dropped just over 20 per cent. The residential construction data mirrors the larger national picture. With the exception of British Columbia and some of the smaller jurisdictions, six provinces including Ontario, Quebec and Alberta saw fewer residential construction.

This broad decline has unfolded against policy measures designed to curb speculation and limit entry into the housing market. The global economic picture has also darkened.

RELATED: World economy forecast to slow in 2019 amid trade tensions

RELATED: Head of Greater Victoria builders warns of changing construction climate

The good times might also be ending in British Columbia, whose real estate market is heading towards a more balanced market thanks to reduced purchasing power and slowing population growth.

Pointing to the Crystal Ball Housing Forecast, Casey Edge, executive director of Victoria Residential Builders Association, warned of a changing climate for builders.

“With peak land costs, declining sales, challenging and costly permit processes, and rising [government] fees, we are in a very risky environment for [speculative] home building,” he said.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

420 celebrations turn over new leaf at B.C. legislature

Cannabis is legal for the first time in the 21-year existence of the 420 event in Victoria

VIDEO: ‘Stewie the Starfish’ mascot revealed at Premier League kickoff party

Pacific FC kickoff party scores in Victoria Inner Harbour

Big Brothers Big Sisters’ Bowl for Kids’ Sake returns to Langford

Annual fundraising event held from April 26 to 28

Report calls on Saanich to expand multicultural programming at recreation facilities

Report also notes that Saanich could do more for sexual minorities.

WATCH: Movie star and PACE alum Calum Worthy talks musical theatre and his career

“American Vandal” and “Austin and Ally” actor has been returning to the program for over 20 years

POLL: How often does your family use BC Ferries?

Navigating the lineups for BC Ferries is a way of life for… Continue reading

Crime Stoppers most wanted for Greater Victoria for the week of April 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Waste not: Kootenay brewery leftovers feed the local food chain

Spent grains from the Trail Beer Refinery are donated to local farmers and growers, none go to waste

Deck collapses in Langley during celebration, 35 people injured

Emergency responders rushed to the Langley home

B.C. mom wages battle to get back four kids taken from her in Egypt

Sara Lessing of Mission has help from Abbotsford law firm

VIDEO: Fire guts Peachland home

Crews are still on scene pumping water onto the blaze in the Okanagan neighbourhood

$6K raised in one day’s time for family of woman gunned down in Penticton

GoFundMe launched for family of Darlene Knippelberg, to pay for funeral costs and other expenses

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Most Read