What type of data is most reliable for cost estimates in Canada?

Historical cost data from Canadian sources is the most reliable for cost estimates in Canada because it reflects the local market conditions, materials, labor rates, and regulatory environment that directly influence construction costs within the country. This type of data captures the nuances of the Canadian construction industry, such as regional variations in pricing and availability of materials, which can differ significantly from other countries.

Using foreign historical data might not provide an accurate picture of costs due to the differences in currency value, economic conditions, and labor practices. Similarly, cost data from major construction sources may be too generalized, lacking the specificity needed for accurate estimates on projects that will take place in Canada. Lastly, data accumulated from random projects could lead to inconsistencies and inaccuracies in estimates due to various factors like project size, scope, and location, which may not be applicable across different scenarios. Thus, relying on well-documented, local historical cost data ensures that estimations are based on relevant and precise information, enhancing the reliability of cost forecasts.