Construction investment across Canada increased modestly in 2024, with both the residential and non-residential sectors showing growth, according to a new report from BuildForce Canada.

The residential sector, which had been in decline since its peak in 2021 due to rising interest rates and affordability issues, saw a return to growth last year. While investment in new housing continued to contract, the rise in residential renovations offset these losses.

The non-residential sector, on the other hand, has seen consistent growth since 2021, with another increase recorded in 2024. This was driven by activity in industrial, commercial and institutional (ICI) buildings, particularly in healthcare and education projects. However, investment in engineering construction saw a slight dip as major projects approached completion.

BuildForce Canada released its 2025–2034 Construction and Maintenance Looking Forward national forecast, showing that after remaining largely unchanged in 2025, investment in the residential sector is projected to chart a steady series of increases from 2026 to 2034. Activity is driven initially by strong demand for new-housing construction as interest rate pressures ease, and pent-up demand brings consumers back to the market. Although later years see new-housing construction growth slow, investment growth is projected to be driven by strong levels of activity in residential renovations.