Multi-Unit Component Weighs on Residential Investment in February 2026 Building Construction

May 21, 2026

The total value of investment in building construction decreased $503.2 million (-2.1%) to $23.0 billion in February, driven by a decline in the residential sector (-3.3%). Meanwhile, the non-residential sector edged up 0.7%, mitigating the decrease. Year over year, investment in building construction grew 1.8% in February.

On a constant dollar basis (2023=100), the total value of investment in building construction in February declined 2.3% from the previous month to $21.1 billion and was down 1.5% year over year.

Multi-unit component weighs on residential investment

In February, investment in residential building construction was down $552.3 million to $16.0 billion. The decline in the multi-unit component (-6.9%) was moderated by an increase in the single-family component (+1.1%).

Investment in multi-unit dwelling construction decreased $630.0 million to $8.5 billion in February. Ontario (-$422.7 million) led the decline, supported by six other provinces and two territories.

Meanwhile, investment in single-family home construction rose $77.7 million to $7.4 billion in February. Gains in Quebec (+$103.1 million), New Brunswick (+$48.2 million) and Manitoba (+$24.2 million) were partially offset by declines in Ontario (-$54.4 million) and Saskatchewan (-$45.8 million).

Increases across non-residential construction sector

In February, the value of investment in non-residential building construction edged up by $49.1 million to $7.0 billion. Growth was broad-based across the institutional (+0.9%), industrial (+0.7%) and commercial (+0.6%) components.

Investment in the institutional component rose $20.2 million to $2.2 billion in February. Alberta (+$9.9 million), Ontario (+$9.5 million) and British Columbia (+$8.6 million) were the primary contributors to the increase. These slight gains were moderated by declines across four provinces and two territories, led by Quebec (-$5.8 million).

Investment in the industrial component increased $9.0 million to $1.3 billion in February, marking the first monthly increase since January 2025. Alberta (+$4.7 million) led the growth in February 2026, with utility building construction contributing to the provincial growth. Broad gains across six other provinces and one territory also supported the overall increase.

Meanwhile, commercial construction investment was up $19.9 million to $3.6 billion in February, led by Alberta (+$15.7 million).

Source