According to Statistics Canada, total investment in building construction decreased 3.2 percent from September to $14.1 billion in October. Both the residential (-4.2 percent to $9.7 billion) and non-residential (-0.8 percent to $4.4 billion) sectors declined.
The decline in residential investment was widespread in October. Investment in the single-unit category fell 4.8 percent to $5.1 billion, while the multi-unit category (which includes doubles, row homes, and apartments) declined 3.5 percent to $4.6 billion.
Although the month-to-month comparison showed a decline in residential investment, on a year-over-year basis investment in multi-unit dwellings rose 7.2 percent, while investment in single-unit dwellings fell 2.1 percent.
Investment in non-residential building construction edged down in October, as gains in the industrial sector (+0.2 percent to $0.9 billion) were offset by lower investment in the institutional (-2.0 percent to $1.1 billion) and commercial (-0.5 percent to $2.5 billion) sectors.
Overall, the past 12 months have seen a slight increase in non-residential investment (+1.2 percent to $4.4 billion), led by strength in the commercial (+$201 million) and industrial (+$120 million) sectors. In contrast, investment in the institutional sector was down by $269 million (-20.1 percent) compared with October 2017.