Altus Group releases its 2025 Canadian Cost Guide

For decades, industry professionals have relied on Altus Group’s Cost Guide to enhance the accuracy and predictability of construction cost estimates and evaluate project risks. Leveraging Altus’ insights from over 6,200 development projects spanning over 1.5 billion square feet with a collective value exceeding C$521 billion, the Cost Guide covers hard costs of real estate development and infrastructure projects, delivering detailed insights by asset class, city, and on a per-square-foot or per-unit basis. Construction costs are influenced by both global and local economic conditions, market trends and advancements in building materials, practices and methods. The Cost Guide takes these factors into account to provide a resource for initial budgeting or as a benchmark for estimating costs across various regions and building types.

“The 2025 Canadian Cost Guide shows that cost increases have been leveling off over the past year and are now more in line with general inflation,” said Colin Doran, Head of Development Advisory, Americas at Altus Group. “The big question is whether that stability will hold. With shifting trade policies, upcoming building code changes, and labour negotiations on the horizon, developers are facing a new wave of complexity—and that’s on top of already high construction costs. Staying agile and tapping into real-time data will be key to navigating what’s ahead.”

“The threat of new tariffs could throw a wrench into the 2025 cost outlook,” added Peter Norman, Vice President and Economic Strategist at Altus Group. “Even if the immediate impact is muted, it’s still a wild card. It really depends on what goods are affected, how long tariffs stick around, and whether there’s any retaliation—all of which could drive costs even higher.”

A copy of Altus Group’s 2025 Canadian Cost Guide can be downloaded here. To read an article with commentary on the 2025 Cost Guide from our experts, click here.

The Cost Guide is for informational purposes only; readers are advised to consult with a qualified professional for advice on specific projects.