ICYMI: Residential construction costs in Calgary jumped 14 per cent in 2022 yyc
Advertisement 4The index points to a skilled-labour shortage and the cost of materials — in particular fuel, concrete , steel and equipment were noted as the biggest drivers of the increase since the third quarter.
Bill Black, executive director for the Calgary Construction Association, said this upward pressure on labour costs is only going to increase along with the demand for new housing starts, which hit a record of 17,306 in 2022. He estimates the worker shortage for Calgary alone at 3,000 to 4,000 workers.
The cost of materials and labour is leading to longer construction timelines — CREB put the time to build a multi-unit project at 20 months while the average detached house was at eight months in its 2023 forecast. This creates a lag in addressing a larger housing shortage in the city.Article content
To address this, the construction industry is calling for better supports to funnel more people into post-secondary training in the trades.Photo by Darren MakowichukAccording to the Canadian Mortgage and Housing Corp. there has been a large shift in the type of housing being built in the city, with about 45 per cent of housing starts being in multi-unit housing, many of them purpose built for rentals. The cost of construction on apartment buildings has increased 13.
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