Canada’s housing sector continued to gas the economic system final yr, producing $143.4 billion in GDP and supporting greater than 1.2 million jobs, in response to new information from Statistics Canada.
That’s regardless of a slight drop in inflation-adjusted residential funding, as greater renovation prices and a slowdown in single-family building took a toll.
The StatCan information confirmed nominal funding in residential housing rose 2.5% to $237.7 billion in 2024. That helped push the variety of houses throughout the nation up by 1.6%, reaching 17.2 million models nationwide.
Condominium building drives progress
A lot of the beneficial properties got here from a surge in residence building, the place funding jumped 6.9%. That helped offset a decline in spending on single-detached houses and a slowdown in residence renovations.
Whereas nominal funding was up total, actual (inflation-adjusted) residential funding edged down 0.4% in 2024. Renovation spending dropped by 4.4% in actual phrases as renovation prices rose 4.2%, suggesting many householders might have held off on tasks as a consequence of rising costs.
The tempo of funding additionally various broadly by area. Practically each province and territory noticed housing funding rise in 2024, apart from Ontario and British Columbia, the place spending fell barely. Alberta and Quebec posted sturdy beneficial properties, pushed by rising residence building in main cities.
Housing stays a key supply of nationwide wealth
Canada’s housing inventory stays one of many largest parts of the nation’s nationwide wealth. The full worth of housing property reached $4.2 trillion in 2024, representing 25% of all nationwide wealth, in response to the report.
Ontario noticed the biggest enhance within the variety of dwellings final yr, including 99,000 new houses, adopted by Alberta (+51,000) and Quebec (+50,000). In every case, flats have been the principle supply of latest provide.
Regardless of the continued building, the report additionally reveals that Canada’s housing inventory is getting older.
The common “remaining helpful life” of houses—an estimate of how a lot life is left within the present inventory—declined to 58.9% in 2024. Meaning, on common, houses are simply over midway by way of their anticipated lifespan.
Single-detached houses noticed the biggest decline in remaining service life, whereas newer residence, row and semi-detached houses helped enhance this measure in some areas.
Visited 125 instances, 34 go to(s) in the present day
Dashboard financial information gdp residence building Housing Financial Account actual esate statcan statistics canada
Final modified: June 25, 2025