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2023 Canadian Construction Cost Trends

The impacts of tight labour markets, rising inflation, and interest rates on Canadian construction costs.

About This Publication

Following a turbulent year for construction costs, 2023 will provide some reprieve for property owners with cost increases beginning to flatten. Having said that, it’s important to keep expectations in check: costs won’t be decreasing, but increases will be less severe than what we witnessed in 2022.

What’s Inside

  • Cost increase predictions for 2023
  • Tight labour markets, high cost of materials, and restricted supply chain consequences
  • The effects of inflation and interest rate hikes on the housing market
  • Considerations to make when selecting an insurance appraiser