Modular construction is making a notable impact on the Canadian construction industry. IBISWorld reported the market size of the prefabricated home manufacturing industry in Canada has grown 6.7% per year on average from 2017 to 2022 and $2.4B in total revenue was generated in 2022. Modular construction in Canada is successfully reducing at least 20% of construction costs and shortening construction times by up to 40%, which resulted for approximately 6.14% of the total square footage for new construction in 2022.
The first 14-storey modular groundbreaking project in East King Edward Avenue, Vancouver has proven the innovation is the key factor in slowing the housing crisis. The $50 million project is part of a joint agreement between the City of Vancouver, BC Housing, and the Canada Mortgage and Housing Corporation (CMHC) to deliver a minimum of 300 permanent supportive homes on five city-owned sites. Another game changer was initiated in the Northern Ontario town which plans to build 300 modular homes per year with a new built factory. Considering the government’s support and the significant growth of the industry, modular housing is poised to maintain its prominent role in the Canadian housing market.
The Modular Construction & Prefabrication Symposium by Trueventus is aimed to create a premier destination for professionals to stay at the forefront of innovation in the construction industry and be a part of shaping the future of construction. Learning directly from the modular experts how to apply effective streamline workflows, improve productivity, generate stronger profit margins, and take advantage of the excellent networking opportunities throughout the symposium.