What is the story about?
What's Happening?
Mass timber construction, despite its technical feasibility, is facing bottlenecks in insurance premiums and building code adoption. Insurers are cautious due to limited data, resulting in higher premiums compared to concrete projects. Building codes are inconsistent across provinces, causing delays and additional costs for projects. The industry aims to normalize mass timber to achieve parity with conventional materials, leveraging data and prescriptive standards.
Why It's Important?
The challenges faced by mass timber construction highlight the need for industry-wide changes to facilitate its adoption. Addressing insurance and code bottlenecks is crucial for scaling mass timber, which offers benefits in speed and carbon performance. Successful integration could significantly impact housing supply, economic growth, and climate goals, benefiting developers, insurers, and regulators.
What's Next?
Efforts to normalize mass timber include creating a national data trust to improve risk assessment and advocating for consistent code adoption across provinces. These measures aim to reduce perceived risks and streamline approvals, potentially leading to wider adoption and lower premiums. The industry's progress will depend on collaboration among stakeholders and overcoming regulatory hurdles.
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