Canada’s housing sector continued to gasoline the economic system final 12 months, producing $143.4 billion in GDP and supporting greater than 1.2 million jobs, in accordance with new knowledge 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 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 items nationwide.
Condominium development drives progress
Many of the beneficial properties got here from a surge in house 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 owners might have held off on tasks because of rising costs.
The tempo of funding additionally diverse extensively by area. Almost 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 house development in main cities.
Housing stays a key supply of nationwide wealth
Canada’s housing inventory stays one of many largest elements of the nation’s nationwide wealth. The full worth of housing belongings reached $4.2 trillion in 2024, representing 25% of all nationwide wealth, in accordance with the report.
Ontario noticed the most important enhance within the variety of dwellings final 12 months, including 99,000 new houses, adopted by Alberta (+51,000) and Quebec (+50,000). In every case, residences had been the principle supply of recent provide.
Regardless of the continued development, the report additionally reveals 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 by way of their anticipated lifespan.
Single-detached houses noticed the most important decline in remaining service life, whereas newer house, row and semi-detached houses helped enhance this measure in some areas.
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Final modified: June 25, 2025
