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Aug 22, 2023

Statistics Canada report: Residential construction investment decline continues

Investment in residential construction saw a persistent decline for the fourth consecutive month, dropping by 4.5% to $12.1 billion in June, according to Statistics Canada's latest report. Non-residential construction also experienced a minor dip of 0.2% to reach $5.9 billion. Overall, the investment in building construction exhibited a decrease of 3.1%, totaling $18.0 billion for the month of June. 

 

In the residential sector, Ontario was primarily responsible for the decline, with a decrease of 5.8% to $5.1 billion. Notably, single-family home construction witnessed a decline of 5.7%, settling at $6.2 billion in June. This decline was observed across eight provinces. Multi-unit construction followed the trend, experiencing an eighth consecutive month of decrease, falling by 3.1% to $5.9 billion in June, its lowest recorded level since September 2021.

 

During the second quarter, investment in single-family homes experienced a decrease of 10.5%, settling at $19.7 billion, its most significant decline since Q2 2020. Multi-unit construction also faced a third consecutive quarterly decline, decreasing by 5.7% to $18.2 billion in Q2 2023.

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