Building construction price index, Q1 2024

The following information was released on May 2, 2024. Relevant portions have been highlighted below, and for full details from this dataset, please click here.

Residential construction
  • Halifax’s residential building construction prices increased by 8.1% from Q1 2023 to Q1 2024 – this was the fastest growth in residential construction costs among major cities.
  • In the last quarter of data, Halifax’s year-over-year construction costs declined.
  • Among components of building costs, residential construction inflation is up most (>10%) for: wood/plastics/composites, masonry, earthworks and thermal/moisture protection as well as general requirements.
Non-residential construction
  • Non-residential building costs were up 3.5% in Halifax from Q1 2023 to Q1 2024.
  • Halifax’s non-residential building construction cost growth peaked in Q1 2022 and subsequently decelerated.
  • Non-residential building construction costs continued to slow throughout 2023.
  • Non-residential building construction costs grew most rapidly among general requirements, concrete and wood/plastics/composites.