Canadian Residential and Nonresidential Building Construction Costs Increased in Q1
Building construction price indexes, first quarter 2024
On Thursday, Statistics Canada (StatCan) reported that residential building construction costs increased 0.8% in Q1, following a 1.1% increase in 2024Q4. Nonresidential building construction costs also increased 0.8% in Q1, following a similar 0.8% increase in the previous quarter.
This marks the slowest quarterly growth in residential building construction costs since 2020Q2 and the slowest quarterly growth in nonresidential construction costs since 2020Q4.
Year-over-year, StatCan reported that construction costs for residential buildings rose 5.2% in Q1 in the 11-census metropolitan area (CMA) composite, while nonresidential building construction costs saw a slightly more modest increase of 4.6%.
Halifax led the year-over-year growth in construction costs for residential buildings with an 8.1% increase, while Moncton led the growth for nonresidential buildings with a 7.9% increase.
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