Opta’s recent analysis reveals a jump in reconstruction costs by nearly 5% across Canada in 2020:
- Increases were more pronounced in the Western provinces due to CAT events and material shortages
- Lumber prices skyrocketed up to 600% in the summer months triggered by home renovations/DIY activity
- Number of authorized residential permits went up by 20%
- Nearly 1 in every 20 homes inspected by Opta Precise Services were undergoing significant renovations during 2020
How do these changes impact your portfolio?