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<\/a>Photo:\u00a0Alex Lyubar<\/a> \/ Adobe Stock<\/em><\/p>\nThe cost to build a home in Canada increased at levels not recorded since the second quarter of 2021, a trend that could be supported by higher fuel and labour costs.<\/p>\n
According to new data released by<\/a> Statistics Canada, residential building construction costs grew 5.6 per cent quarter-over-quarter in Q1-2022, the highest increase on record since Q2-2021. Between the 11 census metropolitan areas (CMAs) covered in the Statistics Canada report, residential building expenses rose 22.6 per cent yearly in Q1-2022. This surpasses the 21.9 per cent high reported in Q4-2021.<\/p>\n\n Calgary, Edmonton and Toronto experienced the highest yearly price growth rates, where construction costs leaped between 31.4 per cent and 26.5 per cent over the course of a year.<\/p>\n The vast majority of the 11 CMAs recorded larger quarterly increases than the previous two business quarters. Building a residential home in Calgary rose the most in Q1-2022, where expenses jumped 6.9 per cent quarterly. Edmonton and Toronto followed closely behind as costs accelerated 6.8 per cent each between Q4-2021 and Q1-2022.<\/p>\n Statistics Canada stated that although the costs to construct a single-detached house in Toronto grew the most during Q1-2022, the expense to build townhouses climbed the most of all the buildings in scope for the survey in both Calgary and Edmonton.<\/p>\n<\/a>Chart:\u00a0Building construction price indexes, quarterly change<\/a>, Statistics Canada\u00a0<\/em><\/p>\n