Canadian Building Construction Price Indexes Increase in Q2
Building construction price indexes, second quarter 2023
Statistics Canada (StatCan) released on Monday (7-31-23) its Building Construction Price Index (BCPI) for residential and non-residential construction during 2023Q2. According to the BCPI, residential building construction costs increased 1.9% in Q2, following a 1.8% increase in Q1. Non-residential building construction increased 1.5% in Q2, following a 1.7% increase in Q1.
StatCan reported that construction costs for residential building in the 11-census metropolitan area (CMA) composite climbed 7.5% year-over-year in Q2, whereas non-residential building construction increased 7.0%. Year-over-year, residential construction costs were led by a 13.0% increase in Toronto, while Moncton led non-residential building growth with a 12.5% increase.
Contractors reported that key factors impacting the construction sector in Q2 were a shortage of skilled labor, cost of materials, and labor rates.
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