Following a tumultuous year for Canadian 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.
Download our newest publication to learn about the biggest impacts to construction costs in Canada and how they will impact appraisal values this year.
All property owners should obtain regular insurance appraisals in order to protect their biggest asset. An insurance appraisal ensures your property, whether that is your home or your business, is insured to the full replacement cost value in the event of a total loss.
Without one, owners could be left at significant risk of underinsurance or liable for losses suffered by others.
Now more than a year into the global COVID-19 pandemic, we have enough data to estimate reconstruction cost changes for 2021 and beyond.
The results are not what you expect during a global pandemic: Normac’s research shows that all regions of Canada can expect residential construction cost increases that outpace those of recent years or standard inflation.