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 response to new knowledge from Statistics Canada.
That’s regardless of a slight drop in inflation-adjusted residential funding, as larger 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 properties throughout the nation up by 1.6%, reaching 17.2 million models nationwide.
Condominium development drives progress
Many of the positive aspects got here from a surge in condo development, the place funding jumped 6.9%. That helped offset a decline in spending on single-detached properties and a slowdown in residence 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 could have held off on initiatives attributable to rising costs.
The tempo of funding additionally different broadly by area. Almost each province and territory noticed housing funding rise in 2024, aside from Ontario and British Columbia, the place spending fell barely. Alberta and Quebec posted sturdy positive aspects, pushed by rising condo 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 belongings 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 properties, adopted by Alberta (+51,000) and Quebec (+50,000). In every case, residences have been the primary supply of recent provide.
Regardless of the continued development, the report additionally reveals that Canada’s housing inventory is getting older.
The common “remaining helpful life” of properties—an estimate of how a lot life is left within the present inventory—declined to 58.9% in 2024. Meaning, on common, properties are simply over midway via their anticipated lifespan.
Single-detached properties noticed the biggest decline in remaining service life, whereas newer condo, row and semi-detached properties helped enhance this measure in some areas.
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Final modified: June 25, 2025
