A drop in residential building activity led to an overall decline building construction investment in October

Investment in the residential sector decreased by $312.3 million to $14.9 billion, while investment in the non-residential sector rose by $69.0 million to $6.5 billion. Combined, investment dropped by $243.3 million, or 1.1% for the month.

Year over year, investment in building construction grew 3.4% in October.

Ontario's multi-unit component drags down residential sector in October

Investment in residential building construction declined by 2.1% for the month.

Six provinces and territories reported decreases, led by Ontario (-$315.8 million), British Columbia (-$67.7 million) and Nova Scotia (-$42.6 million). Quebec (+$76.5 million) recorded the largest monthly gain.

Investment in multi-unit construction was down 5.1% to $7.8 billion in October, following the record high of $8.2 billion reached in the previous month. The monthly decline in October was driven by Ontario (-$434.9 million), marking its first decrease after four consecutive monthly gains.

Single family home investment rose 1.6% to $7.1 billion in October.

Meanwhile, investment in non-residential construction increased 1.1% for the month. 

The industrial component increased 1.9% (+$25.9 million) to $1.4 billion, with Ontario (+$15.0 million) and Manitoba (+$14.6 million) leading the way.

Commercial construction investment edged up 0.3% (+$11.1 million) to $3.2 billion in October. Gains in Ontario (+$26.2 million) were tempered by declines recorded in seven provinces and two territories.

Finally, institutional construction investment rose 1.8% (+$32.0 million) to $1.9 billion, with eight provinces and three territories posting increases. Only Quebec (-$5.2 million) and New Brunswick (-$0.7 million) recorded decreases in institutional construction investment in the month.