Pressures have been mounting on home insurance premiums as residential building construction costs soar by 66% since 2019
As overall inflation eases in Canada, new data from Statistics Canada shows that the key factors influencing the cost of home insurance remain elevated. Most notably, Statistics Canada’s October Consumer Price Index (CPI) report found that residential building construction costs have soared by 66% over the last five years, vastly outpacing the 19% general inflation rate over that same period.
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