Building construction investment values dropped by 2.2%, or $491.4 million, in May, with losses reported across almost all sectors.

Overall investment levels were reported at $21.8 billion.

Investment in the residential sector fell 3.0%, while the non-residential sector edged down 0.4%.

Investment in residential building construction dropped by $462.6 million to $15.0 billion. Losses were recorded in the construction of both multi-unit dwellings (-3.4%) and single-family homes (-2.5%).

Investment in multi-unit construction dropped by $295.2 million to $8.5 billion. The monthly decline was largely attributed to Ontario (-$166.4 million) and Quebec (-$159.0 million). Meanwhile, Alberta (+$50.4 million) saw notable gains, followed by Saskatchewan (+$20.2 million).

Single-family home investment decreased by $167.4 million to $6.6 billion. Ontario (-$80.4 million) accounted for nearly half of the decrease, followed by six other provinces and three territories.

Meanwhile, the value of non-residential investment in building construction edged down by $28.8 million to $6.8 billion. Declines in the industrial (-1.3%) and commercial (-0.5%) components were mitigated by a gain in the institutional component (+0.2%).

Investment in the industrial component decreased by $18.0 million to $1.4 billion in May. The fall was largely due to declines in Quebec (-$10.9 million) and Ontario (-$7.1 million). Nova Scotia (+$2.3 million) led the increases recorded in five provinces and one territory.

Investment in the commercial component declined by $15.9 million to $3.3 billion in May. Decreases were recorded in eight provinces and two territories, led by Ontario (-$8.8 million).

Meanwhile, investment in the institutional component edged up by $5.1 million to $2.1 billion in May. Gains in Alberta (+$8.5 million) and six other provinces were partially offset by a decline in Quebec (-$13.9 million).