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Fred Lum/the Globe and Mail
Construction costs in Canada are expected to soar in 2021, with Toronto leading the way thanks in part to booming prices for the materials and labour that go into high-rise buildings.
The 2021 forecast by real estate data and consultancy company Altus Group expects overall construction costs in the Greater Toronto Area to rise by 5 per cent, though the final increase could fall in a range of 3 per cent to 6 per cent. No other major city is expected to face rises as rapid, though Vancouver could see a 2 per cent to 4 per cent increase to its already high construction costs.
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It’s got story elements most of us would only expect to see in the movies: Union bosses and construction magnates arguing over who can do what work and threats that people better join the union soon or else.
This Hollywood-style story may seem removed from your everyday life, but these very things are happening and driving up the cost of new homes in the GTA’s already overheated housing market.
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A considerable labour shortage has been looming over the industry for the past few years
Canada must find a way to bring in more immigrants who are interested in working in construction. Otherwise, our homebuilding industry could find itself in dire straits.
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The sector could run short of skilled trades workers if the numbers aren’t increased, resulting in a possible delay of much-needed housing builds.
We’re already under-producing on housing, especially in the Greater Toronto Area, but the present situation will only make matters worse.
One Ontario initiative to standardize and streamline the development application approval process hits critical mass
One Ontario initiative to standardize and streamline the development application approval process hits critical mass
TORONTO, Feb. 01, 2021 One Ontario, a collaborative research and development initiative, is ready to move forward on a program that will standardize and streamline the development application approval process. One Ontario was spearheaded in June 2020 by AECO Innovation Lab (AECO); since then, they have formed a coalition of key stakeholders with the goal of unifying data exchange to achieve efficiency and transparency throughout the development approvals process, and enable data aggregation for reporting and measurement in support of continuous improvement.
TORONTO - Ontario's new COVID-19 emergency measures don't prevent construction from continuing on many developments, including condos. Residential Construct