News Details

Reconstruction Costs Reach New Heights

01 June 2021

Opta’s recent analysis reveals a jump in reconstruction costs by nearly 6.4% across Canada from May 2020 to May 2021:

  • Increases were more evident in the Western provinces, as usual, but Newfoundland and Nova Scotia show more pronounced increases than usual this quarter.
  • Lumber supplies and costs continue to break records and budgets; overall, YOY lumber prices have increased by 120% - 140%, with a further increase of up to 35% expected this year
  • The number of residential building permits has increased by 15.9% month to month
  • Nearly 1 in every 20 homes inspected by Opta Precise Services have significant renovations underway and include a Course of Construction (COC) Supplement

What’s the impact on your portfolio?