The apartment building construction composite price index for Vancouver CMA decreased 3.8% in the third quarter (compared with the second quarter); the largest decrease in Canada.
The apartment building construction price index provides an indication of new construction cost changes.
"As was the case in the second quarter, the decline in the third quarter was mostly the result of increased competitive conditions as a result of a weaker building construction market, most notably in Western Canada," said a November 20, 2009, report issued by Statistics Canada.
Vancouver also recorded the largest year over year decrease of 18.5%.
These price indexes are derived from Statistics Canada surveys of general and special trade-group contractors who report on the categories of costs (material, labour, equipment, taxes, overhead and profits) relevant to the detailed construction specifications included in the surveys.