CETANA PROOF - Flipbook - Page 19
FORWARD
STATE OF
THE MARKET
THE NEW KID
ON THE BLOCK
THE PROJECT
OVERCOMING
CHALLENGES
CONCLUSION
HOUSING AND
MUNICIPAL ELECTION
19
Hard Market for Developers:
Developers are facing market conditions that make it
challenging to keep up with demand. A shortage of workers
in the construction industry means there were some 82,000
unfilled positions across the country at the end of June 2022,
according to Statistics Canada. In addition to a general labour
shortage is a skills shortage. There is a growing demand for
workers with expertise in new technologies and sustainability
practices. As the construction industry evolves to become
more sustainable, there is a need for workers who can design
and implement innovative solutions, such as green roofs,
renewable energy systems, and smart building technologies.
Added to the labour and skills shortage is the price increase
of labour, equipment and building materials such as lumber,
rebar, reinforced steel, cement and concrete, brought on by
the pandemic. Inflated costs and the labour shortage have
forced developers to think twice about moving forward or
delaying existing projects, or taking on new ones, while financing
becomes more difficult as the central bank raises interest rates.
