Total investment in building construction fell to $22.2 billion in March, down 0.9 per cent from February.
The decline was driven by a sharp drop in the residential sector, which fell 1.8 per cent to $15.3 billion. Multi-unit housing construction was the main contributor to the decrease, while single-family home investment saw a slight increase.
Despite the monthly drop, investment in building construction was 5.4 per cent higher compared with March 2024.
Investment in multi-unit housing dropped 3.8 per cent in March to $8.0 billion. Ontario and Quebec posted the largest declines, down $130.8 million and $111.6 million, respectively. In contrast, New Brunswick recorded a $17.2 million increase, the largest monthly gain in the country.
Spending on single-family homes rose by 0.5 per cent to $7.3 billion. Quebec increased by $131.6 million, followed by Manitoba at $38.2 million. However, the gains were offset by declines in Ontario and Alberta.
Non-residential construction continued its upward trend, rising 1.3 per cent to $6.8 billion in March. It marks the eighth straight month of growth in the sector.
Institutional construction rose 2.4 per cent to $2.0 billion, with gains in seven provinces and two territories. Saskatchewan and British Columbia posted the largest increases.
Commercial construction was up 1.0 per cent to $3.3 billion, led by British Columbia and Ontario. Quebec posted a decline of $11.1 million, slightly offsetting national growth.
The industrial component edged up 0.3 per cent to $1.5 billion. Alberta and Quebec reported gains, while most other provinces and territories saw declines.
In the first quarter of 2025, total investment in building construction reached $66.6 billion, a 3.3 per cent increase from the previous quarter. Compared with the first quarter of 2024, investment was up 6.5 per cent.
Residential investment for the quarter rose 3.5 per cent to $46.3 billion. Multi-unit construction increased 6.5 per cent, while single-family investment remained flat.
Non-residential investment grew 2.8 per cent to $20.3 billion. Institutional spending saw the biggest increase at 5.6 per cent, followed by industrial at 3.7 per cent and commercial at 0.8 per cent.
When adjusted for inflation, investment in building construction fell 0.8 per cent in March to $13.2 billion. Year over year, constant dollar investment was up 2.4 per cent.