According to Statistics Canada, contractors' prices for the construction of new apartment buildings rose 0.8 percent in the third quarter compared with the previous quarter. Nationally, prices have been increasing since the fourth quarter of 2015.
Prices for new apartment building projects rose in all seven census metropolitan areas (CMA) surveyed. Contractors working in Vancouver and Ottawa reported the largest increases (both up 1.2 percent). The increases were attributed to higher demand for skilled labor in the architectural and structural trades, as well as rising costs for materials—particularly lumber.
Over the four quarters ending in September 2017, contractors' prices for new apartment building construction rose by 4.0 percent, with Vancouver (+6.9 percent) leading the increase.