BUILDING COSTS FOR HOUSING AT AN ALL TIME HIGH!

Thursday Jul 06th, 2023

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Pressure on home prices,  is worsening by way of building costs, thus causing higher higher prices!

Residential construction prices have  risen 51% since the first quarter of 2020, outpacing the 13% gain for the consumer price index, Royal Bank of Canada economists said in a report published Wednesday.

“The cost of building a home in Canada — or any structure for that matter — has never been higher,” the economists said in the report, citing “dramatic jumps” in concrete and structural steel prices since the start of the pandemic along with soaring lumber prices in 2021 and early 2022.

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