Home prices have further to fall before they find a bottom: Desjardins senior director
Statistics Canada says investment in residential construction declined for the first time in nine months in June, as gains in the non-residential sector helped push overall construction investment up 0.3 per cent to $20.8 billion.
The agency says residential construction investment fell 0.4 per cent to $15.5 billion in June, with Quebec being the biggest drag.
Within the residential segment, investment in single-family homes continued to show strength, rising 0.7 per cent to $8.6 billion, having outpaced multi-unit construction since the COVID-19 pandemic downturn.
Non-residential construction investment rebounded in June, increasing 2.4 per cent to $5.3 billion for the month, with commercial construction advancing 2.7 per cent to $3.0 billion, driven by Ontario.
Investment in commercial construction had fallen in May, the first time in 13 months, as a result of an Ontario construction workers strike.
Statistics Canada says the total value of investment in building construction rose 3.3 per cent to $62.3 billion in the second quarter, the third consecutive quarterly increase.