Investment in Residential Construction Drops

Residential investment has declined for the first time since April 2020, down 2.7 per cent in May, says Statistics Canada. Investments in single-family homes were down 2.7 per cent to $8.3 billion. Quebec and Ontario had the largest declines. With half of the provinces decreasing, multi-unit construction investments fell 2.6 per cent to $6.5 billion in May. However, non-residential investments increased 0.6 per cent to 4.7 billion, with investments in commercial construction up 0.8 per cent and institutional investments up 1.2 per cent.