Investment in building construction, November 2025
Released: 2026-01-21
$24.5 billion
November 2025
9.7% 
(monthly change)
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
For more information on construction, please visit the Construction statistics portal.
For more information on housing, please visit the Housing statistics portal.
Note to readers
This content was created with the assistance of a generative artificial intelligence (AI) tool and refined and verified by Statistics Canada experts. To learn more about how the agency uses AI responsibly, please visit the Trust Centre.
Table 34-10-0286 has been archived on the Statistics Canada website and will no longer be updated but may still be viewed. The successor table is 34-10-0293, and the information from January 2017 onwards that was in table 34-10-0286 is still available in the new table, except for the constant dollar series, which has been rebased to 2017=100. Constant dollar data for January and February 2017 represent an average between the old base year (2012=100) and the new base year (2023=100) and should be used with caution. The 2017 data series will be backcasted and the figures will be revised with the release of our annual revision.
Data are subject to revisions based on late responses, delayed construction start dates for large projects, methodological changes, classification updates, price index updates for constant dollar series, benchmarking and adjustments to ad hoc macroeconomic events. Unadjusted data have been revised back to January 2023. Seasonally adjusted data have been revised back to January 2017.
Data presented in this release are seasonally adjusted with current dollar values unless otherwise stated. Using seasonally adjusted data allows month-to-month and quarter-to-quarter comparisons by removing the effects of seasonal variations. For information on seasonal adjustment, see Seasonally adjusted data—Frequently asked questions.
Monthly estimates for constant dollars are calculated using quarterly deflators from the Building Construction Price Index (18-10-0276-01). The monthly indexes used for the deflation process were part of a methodology review to increase the quality of the constant dollar and seasonally adjusted series. The indexes previously displayed a step pattern because of less frequent collection.
Detailed data on investment activity by type of building and type of work are now available in the unadjusted current dollar series.
The trade and services subcomponent includes buildings such as retail and wholesale outlets, retail complexes and motor vehicle show rooms. More detailed information can be found on the Integrated Metadatabase at Types of Building Structure - 2.2.1 - Trade and services.
Next release
Data on investment in building construction for December 2025 will be released on February 18, 2026.
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