CMHC photo

Ontario continues to have the highest level of residential construction investment across the country after Statistics Canada data released Monday showed close to $6.9 billion was spent in province during the first quarter of this year.

The level of investment, which includes new housing construction, renovations and acquisition costs, was up four per cent in Ontario from the $6.6 billion posted a year earlier.

Nationally, new housing investment, particularly in apartments and condominiums, pushed up Canadian residential construction investment 7.5 per cent to $20.8 billion.

Although the absolute investment numbers in Ontario dwarf every other province and territory, both British Columbia and Alberta posted larger absolute gains to respectively reach $4 billion and $3.5 billion.

Statistics Canada credited the West's favourable job situation, growth in disposable income, flexible financing options and the strength of the economy for continuing to support the demand for housing.

On the other side, Quebec, Prince Edward Island and all three territories recorded declines in the value of residential construction investment.