Canada. Composite Price Index for Apartment Construction Down

The composite price index for apartment building construction decreased 1.6% in the third quarter compared with the previous quarter.

As was the case in the second quarter, the decline in the third quarter was mostly the result of increased competitive conditions as a result of a weaker building construction market, most notably in Western Canada.

Among the seven census metropolitan areas (CMAs) surveyed, Vancouver (-3.8%) recorded the largest quarterly decrease while Montréal (+0.7%) had the only increase.

Year over year, the composite price index for apartment building construction was down 9.6%. Of the CMAs surveyed, Vancouver (-18.5%) recorded the largest decrease, while Montréal (+1.5%) and Halifax (+0.1%) had the only increases.

Note: In the fourth quarter of 2008, the building model used to calculate the Apartment Building Construction Price Index was replaced with an updated model. Also, the base year was changed to 2002=100.

The apartment building construction price indexes provide an indication of new construction cost changes in six census metropolitan areas (CMAs) (Halifax, Montréal, Toronto, Calgary, Edmonton and Vancouver) and the Ontario part of the Ottawa–Gatineau CMA.

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