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Canada  + Maritimes + Ontario + Pacific Canada + Quebec  + Apartments  | 
Apartments under construction.

Vancouver to Have Canada’s Highest Condo Construction Costs: Altus

Vancouver condominium and apartment construction projects will be the most expensive in Canada in 2024, says a new Altus Group report.

Altus estimates that, among major markets, Vancouver will have the highest codominium and apartment construction costs for buildings up to 39 storeys. The costs will range from $350 per square foot to $440 psf.

Montreal condo and apartment construction projects in that size range will cost the least: $290 psf to $310 psf.

Meanwhile, the Greater Toronto Area will be the most expensive market in which to build class A office buildings (five to 30 storeys), at $310 psf to $455 psf. Vancouver will rank second ($335 psf to $420 psf.) Halifax will have the least expensive class A office construction costs ($210 psf to $300 psf.)

For enclosed malls at the top of the price range, the GTA will rank first at $480 psf, and Vancouver will place second at $415 psf. Halifax enclosed malls will cost the least to build ($220 psf to $310 psf.)

Vancouver will also have the highest maximum warehouse cost ($195 psf), followed by Toronto ($180 psf) and Ottawa/Gatineau, Que., where the price will peak at $175 psf.

(Editor’s Note: This story covers certain office, multi-residential, retail and industrial building types, classes and sizes available in all Canadian major markets. The Altus report includes estimated-cost data on numerous other asset types, classes and sizes.)


Inside The Story

Altus Group

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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