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Maritimes  + Alberta & Prairies + Canada  + Apartments  | 
Apartments under construction.

Atlantic Markets Post Highest Building Cost Increases

Maritimes markets experienced the largest commercial and residential construction cost increases in Canada in the third quarter, according to a new federal government report.

Moncton, N.B., tied Saskatoon for top spot in the non-residential construction sector as their costs increased 1.7%, followed by the much larger market of Vancouver at 1.2%, Statistics Canada reported. All three centres were above the national average increase of 0.9%, which marked the lowest hike since the fourth quarter of 2020.

Office construction had the largest increase, 1.1%, among commercial asset classes nationally, followed by bus depots, shopping centres and warehouses, which each rose 1%.

In the residential sector, St. John’s, NL posted the largest construction-cost increase, 2.2%, while Halifax ranked second at 1.8%. Those Maritimes hikes contrasted with a national slowdown in residential construction-cost growth.

The 1% national increase was the lowest climb since the first quarter of 2020. Apartment building construction increased the most in the residential sector, rising 1.7%.

Results were based on a study of 11 metropolitan markets across the country. The commercial building-cost survey included bus depots with maintenance and repair facilities. Evaluated residential properties included high-rise and low-rise apartments.


Inside The Story

Statistics CanadaHalifax Regional Municipality

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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