Vancouver Market Conditions Report - Q4 2023

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 fourth quarter of 2023.? 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 Q4, Labour rates for 25% of the respondents have increased significantly (3% or greater) compared to 32% from the previous quarter, and 21% of the respondents have stayed flat (0%) compared to 19% from the previous quarter.?

Material Costs

Material costs for 21% of the respondents have increased significantly (3% or greater) compared to 13% from the previous quarter. We have 50% of the respondents indicating Down and Flat material costs compared to the previous Q3 with 39% of the respondents for these two categories.? ?

Workload / Backlog

When our trade partners were asked how their workload in Q4 compared with the previous quarter, 37.5% of the respondents indicated more workload, a 10% increase in this category compared to Q3. 52% 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 31% of the respondents, up 4% from Q3 2023.?8% of our trade partners indicated needing work for the next 6 months, which was a similar response to the previous quarter.

Approximately 13% of trades, up 8% from Q3 2023, have indicated being incredibly busy and turning away work to only focus on negotiated work.

Approximately 10% of our trade partners feel we are in a saturated market, down 10% from the previous quarter. And 85% believe the overall market is steady, up 12% from the Q3.