Understanding Insurance to Value

Canadians have seen unprecedented challenges over the past two years – from COVID-19 and its evolving complications to increased catastrophic weather events – causing supply chain issues and decreased economic activity.

As a result, building materials and labour costs have increased at an astonishing rate. Statistics Canada’s data as of October 2021 shows an average composite increase in nonresidential construction costs of 8.3% (based on eleven census metropolitan areas across the country) in the last year.

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