Weather, labour among the factors driving construction costs: RBC
BNN Bloomberg
A new report from RBC found Canada’s residential construction price index has risen 51 per cent from pre-pandemic prices, as the cost of materials, weather events and a labour shortage in the industry are hurting Canada’s chances of meeting its housing goals.
A new report from RBC found Canada’s residential construction price index has risen 51 per cent from pre-pandemic prices, as the cost of materials, weather events and a labour shortage in the industry are hurting Canada’s chances of meeting its housing goals.
The report found that prices of key materials, such as steel and concrete, have climbed more than 50 per cent since the start of the pandemic as extreme weather events and factory shutdowns limit supply and drive prices.
Costs aren’t only climbing just for materials either. The report found municipal development fees have climbed as much as 30 per cent annually in some parts of the country.
