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February 04, 2025BUILDING CONSTRUCTION PRICE INDEX, Q4 2024 Halifax's residential building construction prices increased by 3.7% from Q4 2023 to Q4 2024. Across Canada, residential building construction costs were up by 3.7% as well. Among the 15 major urban centres reported, Victoria, Calgary and Regina reported the fastest rise in building construction prices. Moncton reported the slowest rise in residential building construction costs.
In the last quarter of data, Halifax's year-over-year construction costs growth continued to slow for most categories of residential structure. Building construction costs growth was similar for all categories: high-rise apartment buildings (+3.5%), single-detached dwellings (+3.7%), townhouses (+3.9%) and low-rise apartment buildings (+4.1%).
Non-residential building cost inflation is generally slower than residential building cost inflation. Overall non-residential building costs were up 1.9% in Halifax from Q4 2023 to Q4 2024, this was the second slowest growth in non-residential construction costs among major cities (ahead of St. John's). Across the 15 major Census Metropolitan Areas, overall non-residential building construction costs grew 3.8%. Saskatoon, Regina and London reported the fastest year-over-year growth in non-residential building construction costs.
In Halifax, the pace of building cost inflation slowed for most categories of non-residential structure: schools (+2.2%), warehouses (+2.0%), factories (+1.8%), shopping centres (+1.7%) and office buildings (+1.5%). There was no change in construction inflation for bus depot/repair facilities (+1.2%).
Among components of building costs, residential construction inflation is up most for: concrete, earthworks, structural steel framing and wood/plastics/composites. Only finishes reported lower costs (demolitions reported no year-over-year change in costs)
Non-residential building construction costs grew most rapidly among general requirements. There were no reductions in any non-residential building cost components, though conveying equipment reported no cost growth.
Statistics Canada Notes on the Building Construction Price Index: The building construction price indexes are quarterly series that measure the change over time in the prices that contractors charge to construct a range of commercial, institutional, industrial and residential buildings in 15 census metropolitan areas: St. John's, Halifax, Moncton, Québec City, Montréal, Ottawa–Gatineau (Ontario part), Toronto, London, Winnipeg, Regina, Saskatoon, Calgary, Edmonton, Vancouver and Victoria.
These buildings include six non-residential structures: an office building, a warehouse, a shopping centre, a factory, a school, and a bus depot with maintenance and repair facilities. In addition, indexes are produced for five residential structures: a bungalow, a two-storey house, a townhouse, a high-rise apartment building (five storeys or more) and a low-rise apartment building (fewer than five storeys).
The contractor's price reflects the value of all materials, labour, equipment, overhead and profit to construct a new building. It excludes value-added taxes and any costs for land, land assembly, building design, land development and real estate fees.
With each release, data for the previous quarter may have been revised. The index is not seasonally adjusted.
Source: Statistics Canada. Table 18-10-0289-01 Building construction price indexes, by type of building and division
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