The Canadian construction and development industry encountered major obstacles in 2022, including supply chain disruptions, cost increases, and higher interest rates. Despite these challenges, positive factors such as strong demand from high immigration, growing targets, and ongoing projects provide encouraging signs. Additionally, the outlook for construction cost stability is improving. However, it is crucial to draw lessons from past experiences and maintain up-to-date budgets and pro formas to mitigate risk during uncertain times. Understanding construction costs is essential for navigating potential difficulties. This data is based on 5,096 projects covering 1,246 million square feet valued at $358 billion.
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