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Apartment & Condominium Construction in Canada - Market Research Report (2015-2030)

Matthew Pigott Matthew Pigott New York, United States Last Updated: August 2025 NAICS 23611bCA

Revenue

$62.3bn

2025

$62.3bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

5,282

Businesses

1,938

Wages

$XXX.Xm

Apartment & Condominium Construction in Canada industry analysis

Investment into residential housing construction has benefitted apartment and condominium construction activity in Canada in recent years. Immigration into Canada spurred record population growth during the period, deepening the housing crisis. In major urban centres, demand for housing units has exceeded the supply for years, inciting investment in retrofits and multistory apartment dwellings. Apartment contractors have been vital in filling the gaps in housing, with a low-interest environment and chronically low vacancy rates enticing investors at the beginning of the current period.

Trends and Insights

  • While there have been some cuts, high interest rates during the current period inhibited new apartment construction. Elevated borrowing costs made developers cautious, causing a slowdown in new builds even as housing demand has remained high.
  • Apartment contractors that specialize in high-rise buildings have benefitted from population growth in Canada’s urban centres. However, future growth is uncertain. Prolonged high interest rates during the current period, as well as tariffs introduced in 2025, have inflated construction costs.
  • Metropolitan areas are better suited for apartment contractors than rural areas. Dense populations, zoning regulations, lack of space and detached homes' high cost in metro centres translate to higher demand for apartments and condos. Apartment construction grew by double digits in 2024 in three of Canada’s six largest cities: Calgary, Edmonton and Montreal.
  • Competition for lucrative contracts during the bidding process depends on multiple factors. Clients pick apartment and condominium contractors based on their proposal, track record, cost competitiveness and supplier relationships.
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Industry Statistics and Trends

Market size and recent performance (2015-2030)

Industry revenue has grown at a CAGR of 4.2 % over the past five years, to reach an estimated $62.3bn in 2025.

Trends and Insights

Long-term housing trends have resulted in continued investment in apartment construction

  • A prolonged shortage of housing units has led to chronically low vacancy rates, supporting the construction of new apartments and condos. Shortages are most prominent in Canada's major metro centres, where demand for apartment living far exceeds the supply.
  • Additional trends and insights available with purchase
Apartment & Condominium Construction in Canada
Revenue (2015-2030)
IBISWorld Logo Source: IBISWorld

Industry outlook (2025-2030)

Market size is projected to grow over the next five years.

Trends and Insights

Economic uncertainty will weigh on this industry

  • Lingering economic uncertainty will create a challenging landscape for apartment and condominium construction companies. Worries about inflation, investor sentiment and building restrictions cause developers to be more cautious about starting new apartment or condo construction, as does the state of interest rates in Canada.

Biggest companies in the Apartment & Condominium Construction in Canada

Company
Market Share (%)
2025
Revenue
2025
Profit
2025
Profit Margin (%)
2025

There are no companies that hold a market share exceeding 5% in the Apartment & Condominium Construction in Canada industry.

Products & Services Segmentation

Apartment & Condominium Construction in Canada
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Duplexes, Low-rise apartment buildings and High-rise apartment buildings. Duplexes is the largest segment of the Apartment & Condominium Construction in Canada.

Trends and Insights

Condominium construction is more lucrative, but has slowed in 2025

  • Apartment and condominium construction companies earn the most revenue from building condominiums, or condos. This is partially due to the property ownership structure of condominiums, whereby each specific dwelling within a multiunit building or complex is individually owned.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

This industry constructs new multifamily residential housing units, including low- and high-rise apartments, townhouses, duplexes, condominiums and medium- to high-density units (i.e. units not separated by a ground-to-roof wall). All of the complexes may be constructed for sale as condominiums or cooperatives or for rent as apartments. This industry does not include renovation construction, speculative builders or contractors that build on their own account for sale.

What's included in this industry?

Products and services covered in the Apartment & Condominium Construction industry in Canada include Low-rise apartment buildings, High-rise apartment buildings, Condominiums (attached and detached units) and Duplexes.

Companies

Companies covered in the Apartment & Condominium Construction industry in Canada include .

Purchase this report to view all major companies in this industry.

Related Terms

Related terms covered in the Apartment & Condominium Construction industry in Canada include housing starts, developer and real estate investment trust (reit).

Industry Code

NAICS 2007

NAICS 236110 - Apartment & Condominium Construction in Canada

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

While there have been some cuts, high interest rates during the current period inhibited new apartment construction. Elevated borrowing costs made developers cautious, causin...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2015-2024) and forecast (2025-2030)
  • Employees, including historical (2015-2024) and forecast (2025-2030)
  • Businesses, including historical (2015-2024) and forecast (2025-2030)
  • Profit, including historical (2015-2025)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Apartment contractors that specialize in high-rise buildings have benefitted from population growth in Canada’s urban centres. However, future growth is uncertain. Prolonged ...

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2025
  • Product innovation level

Charts

  • Products & services segmentation in 2025
  • Major market segmentation in 2025

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Metropolitan areas are better suited for apartment contractors than rural areas. Dense populations, zoning regulations, lack of space and detached homes' high cost in metro c...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each province
  • Share of population compared to establishments in each region in 2025

Tables

  • Number and share of establishments in each province in 2025
  • Number and share of revenue each province accounts for in 2025
  • Number and share of wages each province accounts for in 2025
  • Number and share of employees in each province in 2025

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Competition for lucrative contracts during the bidding process depends on multiple factors. Clients pick apartment and condominium contractors based on their proposal, track ...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2020-2025
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

There are no companies that hold a market share exceeding 5% in the Apartment & Condominium Construction in Canada industry.

Analyst insights

No single apartment contractor has a major market share in this industry. While some midsized contractors have a substantial presence in a specific region or metro area, no c...

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

No single regulatory body oversees apartment and condo construction companies. Still, construction companies must navigate federal and provincial regulations regarding everyt...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2015-2030) 
  • Assistance historical data and forecast (2015-2030) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Estimated profit is up from 2024 and expected to remain steady in the coming years, despite volatile material prices. Stringently managing higher input costs is critical for ...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
  • Investment vs. share of economy

Data tables

  • Liquidity Ratios (2018-2023)
  • Coverage Ratios (2018-2023)
  • Leverage Ratios  (2018-2023)
  • Operating Ratios (2018-2023)
  • Assets (2018-2023)
  • Liabilities (2018-2023)
  • Cash Flow & Debt Service Ratios (2015-2030)
  • Revenue per Employee (2015-2030)
  • Revenue per Enterprise (2015-2030)
  • Employees per Establishment (2015-2030)
  • Employees per Enterprise (2015-2030)
  • Average Wage (2015-2030)
  • Wages/Revenue (2015-2030)
  • Establishments per Enterprise (2015-2030)
  • IVA/Revenue (2015-2030)
  • Imports/Demand (2015-2030)
  • Exports/Revenue (2015-2030)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2015-2030)
  • IVA (2015-2030)
  • Establishments (2015-2030)
  • Enterprises (2015-2030)
  • Employment (2015-2030)
  • Exports (2015-2030)
  • Imports (2015-2030)
  • Wages (2015-2030)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Apartment & Condominium Construction industry in Canada in 2025?

The market size of the Apartment & Condominium Construction industry in Canada is $62.3bn in 2025.

How many businesses are there in the Apartment & Condominium Construction industry in Canada in 2025?

There are 1,938 businesses in the Apartment & Condominium Construction industry in Canada, which has grown at a CAGR of 1.9 % between 2020 and 2025.

How may import tariffs affect the Apartment & Condominium Construction industry in Canada?

The Apartment & Condominium Construction industry in Canada is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.

How may export tariffs affect the Apartment & Condominium Construction industry in Canada?

The Apartment & Condominium Construction industry in Canada is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.

Has the Apartment & Condominium Construction industry in Canada grown or declined over the past 5 years?

The market size of the Apartment & Condominium Construction industry in Canada has been growing at a CAGR of 4.2 % between 2020 and 2025.

What is the forecast growth of the Apartment & Condominium Construction industry in Canada over the next 5 years?

Over the next five years, the Apartment & Condominium Construction industry in Canada is expected to grow.

What does the Apartment & Condominium Construction industry in Canada include?

Low-rise apartment buildings and High-rise apartment buildings are part of the Apartment & Condominium Construction industry in Canada.

How competitive is the Apartment & Condominium Construction industry in Canada?

The level of competition is high and steady in the Apartment & Condominium Construction industry in Canada.

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in Canada include:

  • Statistics Canada
  • Industry Canada
  • Canadian Business Patterns

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center.

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