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February 01, 2024BUILDING CONSTRUCTION PRICE INDEX, Q4 2023 Halifax's residential building construction prices increased by 9.0% from Q4 2022 to Q4 2023 - this was the second fastest growth in residential construction costs among major cities (after Toronto). Building costs for single-detached units, townhouses and low rise apartments were all up by over 10% in Halifax, the fastest growth among major cities for each of these categories of building. Only for high-rise apartments were year-over-year cost increases (5.8%) below the national average (8.7%).
Across Canada, residential building construction costs were up by 6.0% with the fastest growth in Toronto. Edmonton was the only city to report a year-over-year decline in residential construction prices.
Halifax's residential building cost inflation peaked at 19.1% from Q1 2021 to Q1 2022. Halifax residential building construction cost growth slowed over the next four quarters, but have been accelerating since the beginning of 2023 (exception: high rise apartment buildings, where price growth has stabilized).
Non-residential building cost inflation is generally slower than residential building cost inflation. Overall non-residential building costs were up 4.5% in Halifax from Q4 2022 to Q4 2023. The pace of building cost inflation was slower for shopping centres (+3.6%), schools (+4.1%), and office buildings (+3.9%). There was faster growth for warehouse structures (+5.4%), factory buildings (+6.2%), and bus depot and repair centers (+4.6%).
Across the 11 major Census Metropolitan Areas, overall non-residential building construction costs grew at a faster pace than in Halifax. Moncton, Ottawa, Toronto, Saskatoon and Vancouver reported the fastest year-over-year growth in non-residential building construction. St. John's reported the slowest pace of growth.
As with residential building costs, Halifax's non-residential building construction cost growth peaked in Q1 2022 and subsequently decelerated. Unlike residential building construction costs (apart from high rise apartments), non-residential building construction costs continued to slow through 2023.
Among components of building costs, residential construction inflation is up most (>10%) for: structural steel framing, wood/plastics/composites, masonry, thermal/moisture protection as well as general requirements.
Non-residential building construction costs grew most rapidly among general requirements, demolitions, metal fabrications and masonry.
Statistics Canada Notes on the Building Construction Price Index: The building construction price indexes are quarterly series that measure the change over time in the prices that contractors charge to construct a range of commercial, institutional, industrial and residential buildings in 11 census metropolitan areas: St. John's, Halifax, Moncton, Montréal, Ottawa–Gatineau (Ontario part), Toronto, Winnipeg, Saskatoon, Calgary, Edmonton, and Vancouver.
These buildings include six non-residential structures: an office building, a warehouse, a shopping centre, a factory, a school, and a bus depot with maintenance and repair facilities. In addition, indexes are produced for five residential structures: a bungalow, a two-storey house, a townhouse, a high-rise apartment building (five storeys or more) and a low-rise apartment building (fewer than five storeys).
The contractor's price reflects the value of all materials, labour, equipment, overhead and profit to construct a new building. It excludes value-added taxes and any costs for land, land assembly, building design, land development and real estate fees.
With each release, data for the previous quarter may have been revised. The index is not seasonally adjusted.
Statistics Canada. Table 18-10-0276-01 Building construction price indexes, by type of building and division
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