Ontario’s Multi-Unit Component Drags Down Residential Sector in November 2024 Building Construction Investment
February 2, 2025
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 sector in November
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 in November
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.
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