Three projects have advanced into active procurement, and three others have advanced to partnership stages. The total value of contracts currently in construction is approximately $45 billion.

The Canada Real Estate Market Outlook report predicts challenges such as tougher financing conditions and a potential economic slowdown will weigh on investment.

Construction of the new building was completed earlier this year. The building consolidates most of Toronto's Ontario Court of Justice criminal court operations, and was designed and built by EllisDon Infrastructure.

On Tuesday, Statistics Canada said real gross domestic product was unchanged in the fourth quarter of 2022 after five consecutive quarters of growth.

The latest provincial outlook from The Conference Board of Canada predicts the country will see very little improvement in the economy this year, with at least one quarter of negative economic growth expected.