Mr. Colin Doran reports

ALTUS GROUP RELEASES ITS 2024 CANADIAN COST GUIDE

Altus Group Ltd. has released its 2024 Canadian cost guide, an annual assessment of real estate development and infrastructure construction hard costs across all asset classes in major Canadian cities.

For decades, Altus Group's cost guide has been relied on by the industry to help ensure accuracy and predictability of construction costs and to assess project risks. Drawing on an in-house database representing more than 5,700 development projects and over 1.4 billion square feet collectively valued at over $440-billion, the guide provides ranges on hard costs covering all aspects of real estate development and infrastructure projects, including a detailed breakdown by asset class and city, and on a dollar-per-square-foot or -unit metric.

"Despite elevated interest rates and inflationary pressures, Altus Group's 2024 cost guide indicates that escalation in construction costs has stabilized," said Colin Doran, head of development advisory, Americas, at Altus Group. "It appears that the scales are tilting toward moderation of construction costs over the next six to 12 months; however, this equilibrium may be relatively short lived as rapid population growth and a large backlog of projects will inevitably spur more development activity in key Canadian cities. Actively staying on top of construction costs is imperative to balancing project risks and returns."

About Altus Group Ltd.

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. It delivers intelligence as a service to its global client base through a connected platform of industry-leading technology, advanced analytics and advisory services. Trusted by the largest CRE leaders, Altus's capabilities help commercial real estate investors, developers, proprietors, lenders and advisers manage risks and improve performance returns throughout the asset and fund life cycle. Altus Group is a global company headquartered in Toronto with approximately 3,000 employees across North America, EMEA (Europe, Middle East, Africa) and Asia Pacific.