Although both residential and non-residential building construction costs saw an increase last quarter, the rate of growth has “notably slowed” both on a quarterly basis and compared to the past year and a half. StatCan_eng RealEstate
The data showed that residential building construction costs rose 2.5% and non-residential building construction costs rose 2.1% in the third quarter of this year. Comparatively, those same growth rates clocked in at 5.3% and 4.0% respectively in the quarter prior.
Residential construction costs increased most notably in Toronto — growing 4.2% in Q3 — and growth was recorded across all property types, with costs for building low-rise apartments being the highest. Vancouver and St. John’s were next in line, with residential construction costs growing 1.9% and 1.7% respectively.
Across the board, high-rise apartment building construction costs grew 3.0%, led by Toronto at 3.9%, Vancouver at 2.0%, and Calgary at 2.0%. Again, Toronto saw the most non-residential building construction cost growth, at 2.6%, followed closely by St. John’s at 2.3%. St. John’s was the only CMA included in StatCan’s survey to see higher construction costs in Q3 than in Q2. Saskatoon saw the smallest quarterly price increase at 1.0%, followed by Halifax at 1.3%, and Calgary at 1.4%.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Dairy Commission approves milk price increase for 2022 amid rising costsMilk prices in Canada are expected to go up again in the new year. The Canadian Dairy Commission said Tuesday it has approved an increase in farm gate milk prices of about 2.2 per cent, or just under two cents per litre, effective Feb. 1, 2023. The Crown corporation, which oversees Canada's dairy supply management system, said the increase is based on the rising cost of production. It comes after the commission approved two price hikes in 2022: A 2.5 per cent increase, or roughly two cents per l
Read more »
Rays of Light in Outlook Provided by GDP & Construction Material Costs - constructconnect.com - Daily Commercial NewsAfter a gloomy patch in late summer and early fall, dominated by discussion of inflation and recession, the economic and construction news is beginning to lighten a bit. The first ray of sunshine has come in the 2022 third quarter ‘advance estimate’ GDP r
Read more »
Royal Legion in Langford says upgrade plans hampered by high costs, construction delaysFirst built in 1964, the Langford Legion was due for seismic upgrades and to have asbestos removed, but some plans have been scaled back.
Read more »
Celebrity Halloween Costumes 2022: Why Is Dressing Up So Important?From full-body transformations to real-life haunted houses, celebrities like to turn Halloween into a major spectacle. What's up with that?
Read more »
Halloween 2022: The Best Celebrity CostumesThe ghoul and goblin season is finally upon us and our favourite stars are getting into the spooky spirit. Take a look at which celebs are celebrating Halloween this year.
Read more »