Canada Housing Construction Sector Develops Faster in August, Driven by Multi-units Projects

Published Date : Sep 10, 2015

The housing construction sector in Canada developed faster in August, especially in Ontario and other multi-unit projects. With a 19.5% growth, the Chinese housing construction industry is set to grow rapidly in coming few months. According to the Canada Housing Corporation and Mortgage, the yearly growth pace of the housing construction sector increased to 216,924 units, including 142,927 units in multi-unit projects in the urban areas. In July, the yearly growth pace of the housing construction sector accounted to 193,253 units, including 119,478 units in multi-unit projects. 

Last year, in August, 140 housing units were developed by the construction builders in the Waterloo Region. This year, in the same month, the builders managed to start 307 housing units. Increased townhouse and apartment constructions accounted for a remarkable increase in the overall construction industry in Canada. However, there was a downfall in some areas, as the builders could develop only 65 single-detached homes in August this year, compared to 117 units in August, last year. To recover the loss, foundations for around 102 apartment units were developed, and 136 townhouse units were built in August, this year. 

Nationally, the construction builders in Canada developed 58,385 single-detached housing units this year, a growth by 1.4% compared to last year’s developments. According to the housing corporation of Canada, the pace of urban housing units saw a downfall in many regions. Prince Edward Island observed a growth in the number of housing units from 255 units in July 2014 to 423 units in July 2015. In areas of Calgary, there was a growth of construction of different types of houses in August as compared to July. 

According to Bob Dugan, the corporation chief economics, there has been a growth in housing construction projects due to strong cooperative activities in Toronto. A report released by Statistics Canada on Wednesday stated that there was a growth in building permits for residential developments by 8.7%, $5.0 billion in July, followed by a 16.7% increase in last month.