StatsCan: Construction investment edges down
Residential work was the main cause for the dip, particularly in Ontario.

Key Takeaways:
- Overall, Canada’s construction investment decreased by 0.5% in November 2024, but the non-residential sector reached a record high, offsetting the decline in residential investment.
- Ontario’s multi-unit dwelling investments drove the residential sector’s decline, contributing significantly to the $168.1 million drop in overall residential construction.
- Quebec experienced growth in residential building investments, while Ontario’s performance in both residential and commercial sectors played a major role in shaping national trends.
The Whole Story:
Canada’s construction investment showed signs of fluctuation in November 2024, with mixed results across various sectors. While some areas of the industry saw growth, others experienced setbacks, reflecting broader trends in the market. The latest report from Statistics Canada reveals key shifts in both residential and non-residential construction, highlighting regional variations and emerging patterns in investment.
Overall, investment in building construction edged down 0.5% (-$96.6 million) to $21.4 billion in November, following a 1.1% decrease in October. Year over year, investment in building construction grew 2.7% in November.
The monthly decline in investment in building construction in November was driven by the residential sector (-$168.1 million to $14.8 billion) but was partially offset by a gain in the non-residential sector (+$71.5 million to $6.6 billion).
On a constant dollar basis (2017=100), investment in building construction decreased 0.5% compared with the previous month to $12.8 billion in November, but it was up 0.1% year over year.
Ontario’s multi-unit component drags down residential
Investment in residential building construction declined 1.1% (-$168.1 million) to $14.8 billion in November, with decreases occurring in four provinces and three territories, led by Ontario (-$227.8 million). Quebec (+$84.1 million) led the gains recorded in the remaining provinces in November.
Investment in multi-unit dwelling construction was down 4.8% (-$374.4 million) to $7.5 billion in November, largely attributable to Ontario (-$317.9 million). Declines were also recorded in five other provinces and two territories.
Single family home construction investment rose 2.9% (+$206.4 million) to $7.3 billion in November. Monthly increases were observed in eight provinces, with Ontario (+$90.0 million) leading the national gains.

Non-residential construction investment reaches record high
Investment in non-residential building construction increased 1.1% (+$71.5 million) to a record-high $6.6 billion in November. This marked the fourth consecutive monthly increase.
The industrial component increased 2.2% (+$30.7 million) to $1.4 billion in November.
Commercial construction investment edged up 0.4% (+$12.8 million) to $3.3 billion in November. The gain in Ontario (+$25.0 million) offset decreases in Alberta (-$4.4 million) and British Columbia (-$9.5 million).
In November, institutional construction investment rose 1.5% (+$27.9 million) to $1.9 billion, with six provinces and the three territories recording increases. Quebec (-$1.7 million) led the decline in the remaining provinces.