Investment in the Residential Sector Declines in January 2024

April 8, 2024

Investment in building construction declined 0.9% to $19.7 billion in January. The residential sector declined 1.4% to $13.6 billion, while investment in the non-residential sector edged up 0.2% to $6.1 billion.

On a constant dollar basis (2017=100), investment in building construction fell 0.9% to $12.1 billion in January.

Investment in the residential sector declines

Investment in the Residential Sector Declines in January 2024

Investment in residential building construction declined by $194 million (-1.4%) to $13.6 billion in January. The monthly movement in January was led by a $228 million decline in Ontario (-4.1% to $5.4 billion), the largest contributor to the net monthly change. This decline was partially offset by increases in five provinces, led by Quebec (+$53 million to $2.5 billion).

Nationally, investment in detached single-family homes increased 2.1% to $6.7 billion in January, with eight provinces reporting gains for this component. Multi-unit family investment declined 4.5% to $6.9 billion in January, driven by declines in Ontario as the pace of new construction starts in the province slowed in January 2024 compared with earlier in 2023.

Non-residential sector edges higher

Investment in the non-residential sector edged up in January (+0.2%), increasing for the third consecutive month to reach a record high of $6.1 billion. Gains in institutional (+$32.3 million to $1.7 billion) and industrial (+$7.3 million to $1.3 billion) investments were largely offset by declines in commercial investment (-$26.2 million to $3.1 billion).

The decline in commercial investment for January represents the seventh consecutive monthly decline, with seven provinces contributing to the negative movement.

Go HERE for more information

Related Articles


Latest Articles

  • Declines in Ontario and Manitoba Construction Intentions Push Down the Non-Residential Sector

    Declines in Ontario and Manitoba Construction Intentions Push Down the Non-Residential Sector

    December 16, 2024 The total value of building permits issued in Canada decreased by $399.1 million (-3.1%) to $12.6 billion in October. This comes on the heels of a strong September, during which construction intentions rose by $1.3 billion to the second-highest level in the series. Despite the monthly decline in October, the total value of building permits… Read More…

  • Lighting Control Basics for Home Automation

    Lighting Control Basics for Home Automation

    By Matthew Biswas Do your eyes roll when you hear terms like Smart home technology?  Or are you a true believer?  As it turns out controlling electrical devices via low-voltage technology can be easier to implement and use than many of us thought. The Lutron Caseta system uses the internet and Radio Frequency to instantly… Read More…

  • Grounded in Ontario: The Future of Energy Storage Systems

    Grounded in Ontario: The Future of Energy Storage Systems

    December 16, 2024 Technical Advisor Trevor Tremblay explains why following best practices and relying on licensed professionals will ensure a smooth and secure transition when integrating this exciting new technology. Energy Storage Systems (ESS) are revolutionizing the way individuals and businesses manage energy, providing cost-saving opportunities, increased energy reliability, and a pathway toward sustainability. In… Read More…

  • 4 in 5 Canadians See Electrifying Public Transit as Key to Advancing Climate Action, Schneider Electric Survey Finds

    4 in 5 Canadians See Electrifying Public Transit as Key to Advancing Climate Action, Schneider Electric Survey Finds

    December 13, 2024 Schneider Electric has released new survey findings showing Canadians are increasingly concerned about the environmental impact of traditional public transit emissions. According to the survey, 83 per cent of Canadians recognize the need for electrified transit to support a sustainable future and are seeking actionable and innovative solutions to ease the nation’s… Read More…


Changing Scene