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.