Vancouver Market Conditions Report - Q2 2024

We want to thank all our trade partners for participating in our Turner Vancouver Market Conditions survey.?Your valuable input helps us understand the current market conditions for the second quarter of 2024.?It also provides insight into what we can anticipate over the next 3 months with respect to our labour needs, material costs and market demand.?

In addition to the information provided in our Market Conditions Report, below is a summary of the data and comments we have received from our trade partners.

Labour Costs

In Q2, Labour rates for 14% of the respondents have increased significantly (3% or greater) same as the previous quarter at 14%, and 34% of the respondents have stayed flat (0%) compared to 19% from the previous quarter.?

Material Costs

Material costs for 4% of the respondents have increased significantly (3% or greater) compared to 21% from the previous quarter. We have 39% of the respondents indicating Flat material costs in Q2 compared to the previous Q1 with 21% of the respondents.? ?

Workload / Backlog

When our trade partners were asked how their workload was in Q2 compared with the previous quarter, 40% of the respondents indicated more workload, an 18% increase in this category compared to Q1. 46% of the respondents indicated the same workload compared to the previous quarter.

Workload for the next 6 months for our trade partners is extremely busy for 26% of the respondents, up 2% from Q1 2024.?14% of our trade partners indicated needing work for the next 6 months compared to 16% from the previous quarter.

Approximately 57% of trades, up 8% from Q1 2024, have indicated they are busy with work coming to them and bidding the work they choose. 6% of the trades have responded they are turning away work, compared to 0% who responded to this category in the previous quarter.

Approximately 17% of our trade partners feel we are in a saturated market, down 2% from the previous quarter. And 77% believe the overall market is steady, up 1% from Q1.