Last year was outstanding for investment in housing, Statistics Canada said today.

StatsCan said the total value in housing investment, which includes new construction, renovations and the cost to acquire housing, reached $70.4 billion in 2004.

That was 14.2% higher than the previous $61.6 billion record set in 2003 and was up for the sixth straight year.

The agency says low mortgage rates, a strong labour market, high consumer confidence and low apartment vacancy rates contributed to the strong picture.

Investment in new-house construction reached $36 billion, up 14.6% from 2003.

“Expenditures on renovations, the second major component, rose 13.6% to $28 billion,” the agency said.

Acquisition costs rose 14.7% to $6.3 billion.