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(Image courtesy of Rider Levett Bucknall)
International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets, including Toronto and Calgary.
Data in the latest RLB quarterly cost report from those two Canadian cities indicated increases of slightly more than one per cent for the quarter, and roughly six per cent on an annual basis. This was relatively flat for Toronto, and a significant drop from the rate of price increases in Calgary. At the same time, the national average increase in construction costs in the United States was 1.11 per cent, similar to the previous two quarters.
“The construction industry’s resilience shines as we tackle market uncertainties with innovation, from stabilizing costs to embracing workforce development and technological integration,” stated Paul Brussow, president of RLB North America. “While challenges persist, including inflation, tariffs, and labor shortages, our focus remains on creating new solutions and opportunities that will drive growth and ensure our continued success.”
The report suggests that Alberta’s economy is set to grow as its population increases and as recent reductions in lending rates take hold. The news for Ontario is also positive as building permits rose to $5.9 billion at the end of Q3 2024, fuelled by large multi-unit residential projects in the GTA. The rate cuts are also expected to boost Toronto’s real estate market, and infrastructure spending in full swing.
The complete QCR report can be found here.