May 25, 2009
By the Numbers
The cost of building apartments is dropping faster in Western Canada
Construction costs for apartment buildings are decreasing faster in Vancouver, Edmonton and Calgary than any other major city in Canada.
According to a Statistics Canada report released on May 20, construction costs for apartments in Canada decreased 4.7 per cent in the first quarter of 2009 to 138.2 (2002=100) from the previous quarter.
“The quarterly decrease was mostly the result of declines in construction material prices and competitive conditions, due to a weaker building construction market, most notably in Western Canada,” said the report.
The apartment building construction price indexes provide an indication of new construction cost changes in seven major metropolitan areas in Canada.
Among the seven census metropolitan areas (CMAs) surveyed, Vancouver recorded the largest quarterly decrease (-10.5 per cent), while Edmonton declined by 7.3 per cent and Calgary by 4.4 per cent.
Year-over-year, the composite price index for apartment building construction was down 2.3 per cent. Decreases were recorded in Vancouver (-11.6 per cent), Edmonton (-6.4 per cent) and Calgary (-0.1 per cent).
JOC News Service
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| TODAY’S TOP CONSTRUCTION PROJECTS |
These projects have been selected from 358 projects with a total value of $2,329,581,364 that Reed Construction Data Building Reports reported on yesterday.
$200,000,000 Edmonton AB Negotiated
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$60,000,000 Vancouver BC Prebid
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| ALEX’S ECONOMICS BLOG |
Reed Construction Data Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
- For Canada, the longer-term outlook is largely about commodities (September 2, 2010)
- Canada’s construction starts in a transition phase (August 27, 2010)
- U.S. initial jobless claims rise to half a million again (August 19, 2010)
- More
