Investment in building construction in Canada decreased by 0.5% (or $97 million) to $21.4 billion in November 2024, following a 1.1% decline in October. Year-over-year, investment increased by 2.7%, according to Statistics Canada. This decline was primarily driven by the residential sector, which dropped 1.1% (or $168 million) to $14.8 billion, while the non-residential sector grew 1.1% (or $72 million) to reach a record-high $6.6 billion.

Residential investment faced significant reductions in Ontario, which recorded a $228 million decrease. Investment in multi-unit dwellings fell by 4.8% (or $374 million) to $7.5 billion, with Ontario contributing $318 million of the decline. Conversely, single-family home construction investment rose by 2.9% (or $206 million) to $7.3 billion, led by a $90 million increase in Ontario.

In contrast, the non-residential sector experienced its fourth consecutive monthly increase, reaching $6.6 billion in November. The industrial component rose by 2.2% (or $31 million) to $1.4 billion, while commercial construction edged up 0.4% (or $13 million) to $3.3 billion, with gains in Ontario compensating for declines in Alberta and British Columbia. Institutional construction investment increased by 1.5% (or $28 million) to $1.9 billion, with gains recorded in most provinces.