Investment in Building Construction, November 2025
February 4, 2026
The total value of investment in building construction increased 9.7% to $24.5 billion in November. This increase partly stems from October’s rise of 14.9% in the total value of building permits, reflecting a lag in converting permit issuance into on-site construction investment. The residential sector rose 13.3% in November, and the non-residential sector was up 1.4%. Year over year, investment in building construction grew 16.6% in November.
On a constant dollar basis (2023=100), the total value of investment in building construction rose 9.6% from the previous month to $22.7 billion in November and was up 13.0% year over year.
Chart 1
Investment in building construction, seasonally adjusted
Multi-unit construction leads residential investment growth
Investment in residential building construction rose $2.1 billion to $17.6 billion in November. This increase was primarily attributed to the multi-unit component (+20.1%), followed by the single-family component (+5.0%).
In November, multi-unit investment increased $1.7 billion to $10.2 billion. The growth in multi-unit investment was driven by Ontario (+$1.4 billion), followed by Quebec (+$233.9 million) and Alberta (+$108.2 million). Overall, seven provinces and three territories contributed to this increase.
In Ontario, major projects in the Toronto census metropolitan area significantly contributed to the increase in multi-unit investment, where reported investment intentions in the Building Permits Survey totalled $2.8 billion from August to October.
Investment in single-family home construction rose $351.6 million to $7.4 billion in November. Ontario (+$125.7 million) and British Columbia (+$110.8 million) led the increase, supported by broad gains across six other provinces and the three territories.
Infographic 1
Investment in residential building construction, November 2025
Chart 2
Investment in residential building construction, seasonally adjusted
Industrial component mitigates growth in non-residential sector
In November, the value of non-residential investment in building construction increased by $93.0 million to $6.9 billion. Increases in the commercial (+2.7%) and institutional (+0.4%) components were moderated by a decline in the industrial component (-0.5%).
Investment in the commercial component rose $91.4 million to $3.5 billion in November. The increase was primarily driven by Ontario (+$43.9 million) and Alberta (+$18.9 million), with gains recorded in six other provinces as well as in two territories.
Meanwhile, investment in institutional construction increased $8.5 million to $2.1 billion in November. Gains in British Columbia (+$14.8 million) and Alberta (+$10.5 million) were tempered by a decrease in Ontario (-$17.2 million).
Investment in the industrial component declined $7.0 million to $1.3 billion in November, marking the 10th consecutive monthly decrease. Declines were recorded in seven provinces and two territories, with the largest decline seen in Ontario (-$6.4 million).
Infographic 2
Investment in non-residential building construction, November 2025
