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Q2 sees a rise in Canadian construction price indices
Posted on August 16, 2024 |
Residential building construction costs grew by 0.8% in Q2, following a 1.0% increase in Q1.
Nonresidential construction costs rose by 1.1% in Q2, after also rising by 1.0% in Q1.
The pace of cost growth for residential construction slowed in Q2, while nonresidential construction costs picked up slightly.
Compared to the previous year, residential building costs in the 11-census metropolitan area composite increased by 4.2% in Q2, while nonresidential costs rose by 4.3%.
Skilled labor shortages led to higher labor rates, affecting construction costs in Q2.
Rising interest rates also contributed to increased construction costs during the quarter.
Changes to building codes added further pressure on construction costs in Q2.