Toronto has experienced a notable surge in construction costs, ranking it second globally for the highest increase in building expenses. This trend, particularly evident between 2020 and 2023, saw costs soar dramatically, impacting both residential and commercial sectors. The city’s residential building construction costs alone witnessed a significant jump, with a notable 3.8% increase. This escalation is reflective of broader market trends and challenges facing the construction industry, including material and labor costs. Such increases have implications for the overall housing market and urban development in Toronto, signaling a need for strategic planning and adaptation in the face of rising expenses in the construction sector.

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