Canada’s housing sector continued to gasoline the financial system final yr, producing $143.4 billion in GDP and supporting greater than 1.2 million jobs, in keeping with new knowledge from Statistics Canada.
That’s regardless of a slight drop in inflation-adjusted residential funding, as increased renovation prices and a slowdown in single-family development took a toll.
The StatCan knowledge 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 development drives progress
Many of the good points got here from a surge in residence development, the place funding jumped 6.9%. That helped offset a decline in spending on single-detached houses and a slowdown in dwelling renovations.
Whereas nominal funding was up general, 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 initiatives attributable to rising costs.
The tempo of funding additionally diversified 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 robust good points, pushed by rising residence development 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 keeping with the report.
Ontario noticed the biggest improve 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 had been the principle supply of recent provide.
Regardless of the continued development, the report additionally exhibits that Canada’s housing inventory is getting older.
The typical “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 via 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.
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Final modified: June 25, 2025
