Investment in overall building construction fell in May, marking the third straight month of decline and the first time investment has dropped below $20B since January 2022. StatCan_eng | realestate realestatenews construction housing
Written ByInvestment in building construction declined across Canada in May as funding for residential projects fizzled in the face of high interest rates., investment in overall building construction fell 1.2% to $19.9B in May, marking the third straight month of decline and the first time investment has dropped below $20B since January 2022.
On a seasonally adjusted basis, investment in single family home construction dropped 2.9% to $7.4B, while investment in multi-unit construction dipped 0.3% to $6.7B. Year over year, investment in new single family home construction was down 27.1% on a national level, investment in semi-detached homes dropped 31.3%, and row home construction fell 3.2%.
Five provinces, including British Columbia posted monthly declines, while eight, including Ontario saw investment increase.
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