Investment in building construction, July 2026

The total value of investment in building construction increased $270.9 million (+1.2%) to $23.6 billion in July.

Our take: A modest 1.2% month-over-month bump signals construction remains sluggish—nowhere near the 3–4% growth needed to close Canada's housing supply gap, so competition for shovel-ready deals stays fierce and acquisition prices stay sticky despite rising cap rates.

In your underwriting: Stalled new supply growth justifies holding flat or tightening vacancy assumptions and rent growth forecasts, but doesn't materially shift cap rate or DSCR targets since financing and investor returns remain the binding constraint, not supply availability.

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