With every level of government implementing policies designed to slow the housing market, new construction is slowing down. From January through May of this year, more than $930 million was invested in all types of new construction, renovations, conversions and smaller permitted projects such as swimming pools and garages. It’s a slight drop in Greater Victoria, from the $977 million recorded through the same period in 2018.
Investment in residential construction dropped to $733 million through the first five months of 2019 compared with $770 million at that point last year. Investment in non-residential construction slipped down to $198 million from $207 million.
Reference: https://www.timescolonist.com/real-estate/greater-victoria-construction-pace-slows-1.23893278
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