The report found that prices of key materials, such as steel and concrete, have climbed more than 50 per cent since the start of the pandemic as extreme weather events and factory shutdowns limit supply and drive prices.
Costs aren’t only climbing just for materials either. The report found municipal development fees have climbed as much as 30 per cent annually in some parts of the country. Canada’s labour shortage is also to blame, the report stated, as imbalances in the job market have driven wages, which grew 9.4 per cent in the construction industry for 2022, almost double other industries.new housing projects declined 23 per cent in May, with a 45-per-cent decline in Vancouver and a 35-per-cent decline in Montreal.and further tightening the housing crunch.
Additionally, Canada’s population grew by more than one million in 2022, the first time it eclipsed the annual mark. Increased construction has been a focal point in Canada’s plan to address housing affordability. Last year, the CMHC found Canada needed 5.8 million new homes by 2030 to make housing affordable for all Canadians.with the goal of creating 100,000 new homes in each of the next five years, while provincial plans have more ambitious goals.
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