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?