Canadian real estate is amongst the most expensive in the world, but it’s not due to materials or labor. RLB, a global consultancy for builders, released its annual North American construction guide for 2022. Major cities in Canada topped the list when it came to building cost growth. It’s not unexpected when Toronto is the least affordable city in North America. Unexpectedly, Toronto is amongst the cheapest major markets to build a home. 

Canadian cities have some of the fastest rising building costs in North America. Toronto’s annual growth (13.25%) and Calgary (10.28%) take the first and second spot on the list, respectively. RLB attributed this to the quantity and size of construction happening in Canada.

On one hand, Canada’s massive infrastructure binge will boost GDP higher. On the other, the government is now competing for the same resources as home builders. Competing with the private sector appears to be a common theme these days.

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