Halifax residential construction costs up 8.4% in 3rd quarter compared to last year
Labour shortages a factor contributing to higher prices, industry members say
New data from Statistics Canada shows residential construction costs went up 8.4 per cent in Halifax for the three months of July to September compared to the same quarter last year.
Halifax had the second highest year-over-year increase after Toronto out of 11 cities surveyed — although construction cost increases have mostly been slowing in Halifax and other cities over the last year or two.
Still, Colin Peters, the vice-president of Nova Scotia operations for Avondale Construction Limited, said he doesn’t see costs coming down any time soon, especially considering the demand from a growing population.
“We’ve been seeing trends of costs going very high compared to where they were a few years back,” said Peters, whose company builds multi-unit apartment and condo buildings among other kinds of projects. …[Continue Reading]