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Investments In Residential Construction Fell 0.4% In June

In another sign that Canada’s housing market is cooling, investments in residential construction
declined in June for the first time in nine months, according to Statistics Canada.

The federal agency reports that residential construction investment fell 0.4% to $15.5 billion in
June, with the biggest decline observed in Quebec.

However, an increase in Canada’s non-residential construction sector helped push overall
construction investment up 0.3% to $20.8 billion during the month of June.

Non-residential construction investment grew 2.4% to $5.3 billion in June, with commercial
construction gaining 2.7% to $3 billion.

Within the residential segment, investments in single-family homes rose 0.7% to $8.6 billion,
outpacing multi-unit construction.

Statistics Canada said the total value of investments made in building construction rose 3.3% to
$62.3 billion in the second quarter, the third consecutive quarterly increase.