International standards in construction project monitoring have been adopted by seven leading firms in Canada.
Infrastructure Ontario, AW Hooker, BTY Group, Hanscomb, Turner & Townsend, Arcadis and CBRE are all relying on standards set in place by an international coalition to address the critical issue of comparability, the first step in creating a seamless, global, pyramidal hierarchy of construction cost classification.
The International Construction Measurement Standards were developed by a coalition of 46 professional bodies to regulate how projects are monitored and reported on. Clients and governments are already demanding cost estimates and financial reports that are in line with ICMS.
“ICMS allows us to benchmark our costing in a way that is transparent for our clients,” said Alan Hand, Senior Partner at AW Hooker. “I’ve found in my work in Ontario and other provinces, there are slight variations in reporting from one region of Canada to another. ICMS ensures we’re all reporting consistently and in the same way.”
RICS will be rolling out a series of in-person seminars over the coming months to guide users in the implementation of the standards. The first sessions will be held in Calgary and Vancouver in October.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: