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(June web) AD-Grow-Faster-970x90-Q2

May 9, 2023

Residential building costs highest in Toronto

Residential building construction costs increased 1.8% in the first quarter over the prior-year period, led by Toronto, ON, (17.7%) and following 1.1% growth in the previous quarter, says Statistics Canada. Non-residential building construction costs rose 1.7% in the first quarter, following a 1.6% increase in the previous quarter. Year over year, construction costs for residential buildings in the 11 census metropolitan area (CMA) composite rose 11.1% in the first quarter, whereas non-residential building construction costs rose 9.6%. Moncton, NB, (14.2%) led the cost growth for non-residential buildings. Residential building construction costs rose the most for conveying equipment and masonry (both up 4%), and equipment (3.9%). Wood, plastics, and composites was the only division in residential construction to record a decrease in costs (0.2%), which can be attributed to the continued decline in lumber prices. Skilled labour shortages and the availability and cost of materials were reported by contractors as key issues across the construction sector. 

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