OREM, Utah, February 8, 2012 — A rise in the average cost of building and installation labour rates led to an overall increase in Canadian reconstruction costs in 2011, according to a new report from Xactware.
Released today, Xactware’s 2011 Property Report for Canada shows that the national average for the cost to rebuild grew 1.51 per cent last year. Among the provinces, Alberta and Saskatchewan posted the highest average increases at 3.3 and 2.49 per cent, respectively. Only Ontario reported a decrease in average reconstruction costs.
At the beginning of each year, Xactware issues a report summarizing major claims and construction trends in the Canadian property industry. Information contained in the reports is compiled by Xactware’s in-house team of pricing experts, which has more than 500 years of combined construction and restoration experience.
During 2011, the pricing team conducted more than 4,500 material and equipment surveys and about 5,900 labour and installation surveys to ensure a high degree of reliability in reported values for the Canadian market. The pricing team analyzed more than 240,000 data points from repair and rebuild estimates to compile the information contained in Xactware’s 2011 Property Report for Canada.
In addition to details about reconstruction trends, the property report contains these findings:
“Reconstruction cost trends and claims activity last year perfectly illustrates the changing nature of the Canadian property industry,” said Mike Fulton, Xactware’s AVP of Pricing Data Services. “The 2011 Property Report is a great resource that can give anyone a better understanding of last year that will serve them throughout 2012.”
Visit the Xactware Online Store to order a copy of the 2011 Property Report for Canada today.
Xactware Solutions (Xactware) is a Verisk Analytics (Nasdaq:VRSK) company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or www.xactware.com.