With over 50 years in the industry, our team here at Vipco Industries has been witness to the evolution of modular construction in Canada. With faster timelines and better budget control, it’s not surprising that modular builds continue to increase in popularity. But what does that actually mean?
Here are seven fast facts that show the numbers driving the growth of modular across the country:
- The market size of the Prefabricated Home Manufacturing industry in Canada increased 5.8% in 2022. (IBISWorld, 2022)
- The market size, measured by revenue, of the Prefabricated Home Manufacturing industry in Canada was $2.4bn in 2022. (IBISWorld, 2022)
- The market size of the Prefabricated Home Manufacturing industry in Canada has grown 6.7% per year on average between 2017 and 2022. (IBISWorld, 2022)
- Modular construction accounted for approximately 6.14 percent of the total square footage for new construction in 2022. (Modular Building Institute, 2023)
- Modular construction in Canada can create significant efficiencies in construction time and costs, reducing at least 20% of construction costs and shortening construction times by up to 40% (Modular Building Institute, 2023)
- The construction time for a modular home is typically faster than a traditionally built home, as modular construction projects can be completed 30% to 50% sooner than traditional construction. (Modular.org, 2023)
- Permanent modular construction market share has nearly tripled since 2015, accounting for 6.03% of all new construction starts. (Modular Building Institute, 2023)
Overall, these stats demonstrate that modular housing is a growing industry in Canada, and offers a more cost-effective and efficient way to build homes. With government support and the industry’s projected growth, modular housing is likely to continue to be a significant player in the Canadian housing market – and we are excited to be a part of it, helping our partners in design, architecture, and construction build more homes for more Canadians.