According to Statistics Canada, nationally, investment in building construction in October was largely steady, up 0.2 percent to $20.9 billion, with Ontario accounting for nearly all the gains. The residential sector edged down 0.1 percent to $15.4 billion, while the non-residential sector increased 0.9 percent to $5.5 billion.
Investment in residential building construction was down slightly by 0.1 percent to $15.4 billion in October. Quebec caused most of this fall, as they continued to decline in this component after peaking in May.
Single family home investment decreased 2.3 percent to $8.2 billion in October, with nine provinces reporting declines. This was the largest monthly decrease for single family construction since July 2021. On a constant dollar basis, this was the eighth consecutive monthly drop after its historic peak in February 2022.
Multi-unit construction investment increased 2.5 percent to $7.2 billion, with Ontario (+8.6 percent) accounting for most of the growth. This was the province's largest recorded monthly increase since June 2020.
Investment in non-residential construction was up 0.9 percent to $5.5 billion in October, with Ontario (+1.2 percent) leading the gains in each component.
Industrial construction investment rose 1.3 percent to $1.1 billion for the month and was up 24.4 percent year over year. This was the 11th consecutive monthly increase in this component.
Commercial construction investment increased 1.3 percent to $3.1 billion in October. Overall, seven provinces reported gains and three reported declines. Kelowna and Vancouver each had a new retail project that contributed to the gains in British Columbia.
Institutional construction investment edged down 0.3 percent to $1.4 billion. Manitoba (-21.0 percent) caused most of the decline, reversing the significant gains the province saw in the last two months.