National overview
Residential building construction costs increased 0.8% in the second quarter, following a 1.0% increase in the previous quarter. Non-residential building construction costs rose 1.1% in the second quarter, following a 1.0% increase in the previous quarter.
The growth in residential building construction costs continued to abate in the second quarter, while non-residential building constructions costs accelerated slightly.
Year over year, construction costs for residential buildings in the 11-census metropolitan area (CMA) composite rose 4.2% in the second quarter, while non-residential building construction costs saw an increase of 4.3%. Calgary (+7.3%) led year-over-year growth in construction costs for residential buildings, while Saskatoon (+7.0%) led that for non-residential buildings.
Skilled labour shortages and the resulting increases in labour rates, interest rate pressure and building code updates were all reported as key factors impacting the construction sector in the second quarter.
Contact information
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