Building Costs Per Square Foot in Canada – Altus Group Statistics

Building Costs Per Square Foot in Canada – Altus Group Statistics

Building Costs in Vancouver, Calgary, Edmonton, Winnipeg,  Toronto,  Ottawa, Montreal, Halifax and St Johns

House for Sale $1,699,000 3 bedroom 4 baths 22 Aztec Crt Richmond Hill Ontario Canada L45

House for Sale $1,699,000 3 bedroom 4 baths 22 Aztec Crt Richmond Hill Ontario Canada L45

This cost report looks at the square-foot rates for construction of residential, commercial, retail and industrial facilities in Canada. Altus Group is a Canadian consulting company specializing in the real estate and construction industry. They have more than 160 quantity surveyors providing project management, financial advice, cost estimating, property/estate valuation and management services for more than 50,000 clients around the world. The company has headquarters in Canada and about 2,200 employees spread over three continents in North America, Asia Pacific and Europe. Altus Group is a member of RICS (Royal Institute of Chartered Surveyors) and they collect periodic data and statistics in the Canadian real estate and construction industry. This market data keeps clients up-to-date with trends in the market and it’s useful for financial planning, cost appraisal and cost management.

Current building costs are obtained from an updated database compiled by in-house quantity surveyors at Altus Group as well as market intelligence gathered from consultations with members of the construction industry. The consulting firm has interfaced with a total of 3,930 projects in 2020, of which 1,815 are residential construction projects and 1,765 are commercial projects. The rest (350) are infrastructure projects. About 1,300 interviews and surveys were conducted with members of the construction industry in Canada to extract some valuable data and trends. In addition to the Annual Construction Costs Guide, Altus Group also provides subscribers with a Quarterly Cost Escalation Report which is crucial for projects in the post-tender administration stage.

The square-foot cost rates below are suitable for estimating purposes in the preliminary stage of a project where basic methods i.e. the superficial area method is used.  This method is used when floor plans are available, so the total gross floor area (GFA) is measured and multiplied by the rate.

Building Costs Per Square Foot in the Private Sector – Canada

Vancouver Building Costs 2021

Building Costs Per Square Foot in Vancouver 2021, Canada

Building Costs Per Square Foot in Vancouver 2021, Canada

Condos and Apartments

Up to 6 storeys (hybrid construction) – $220 to $330/ft²

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