Canada’s housing sector continued to fuel the economy last year, generating $143.4 billion in GDP and supporting more than 1.2 million jobs, according to new data from Statistics Canada.

That’s despite a slight drop in inflation-adjusted residential investment, as higher renovation costs and a slowdown in single-family construction took a toll.

The StatCan data showed nominal investment in residential housing rose 2.5% to $237.7 billion in 2024. That helped push the number of homes across the country up by 1.6%, reaching 17.2 million units nationwide.

Apartment construction drives growth

Most of the gains came from a surge in apartment construction, where investment jumped 6.9%. That helped offset a decline in spending on single-detached homes and a slowdown in home renovations.

While nominal investment was up overall, real (inflation-adjusted) residential investment edged down 0.4% in 2024. Renovation spending dropped by 4.4% in real terms as renovation costs rose 4.2%, suggesting many homeowners may have held off on projects due to rising prices.

The pace of investment also varied widely by region. Nearly every province and territory saw housing investment rise in 2024, except for Ontario and British Columbia, where spending fell slightly. Alberta and Quebec posted strong gains, driven by rising apartment construction in major cities.

Housing remains a key source of national wealth

Canada’s housing stock remains one of the largest components of the country’s national wealth. The total value of housing assets reached $4.2 trillion in 2024, representing 25% of all national wealth, according to the report.

Ontario saw the largest increase in the number of dwellings last year, adding 99,000 new homes, followed by Alberta (+51,000) and Quebec (+50,000). In each case, apartments were the main source of new supply.

Despite the continued construction, the report also shows that Canada’s housing stock is getting older.

The average “remaining useful life” of homes—an estimate of how much life is left in the current stock—declined to 58.9% in 2024. That means, on average, homes are just over halfway through their expected lifespan.

Single-detached homes saw the largest decline in remaining service life, while newer apartment, row and semi-detached homes helped improve this measure in some areas.

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Last modified: June 25, 2025