Renovation industry growing twice as fast new homes industry, Scotiabank says
it's a fascinating report, detailing $47-billion in Canadian renovation spending annually. There's lots of work out there.
By Steve Payne
Scotiabank’s recent report on Canadian homebuilding and renovation contains the usual “waffle” talk from economists.
But in general (how’s that for my own waffle word?) the report says that the housing market (real estate, homebuilding, renovations) will slow because of rising mortgage rates and high home prices.
However, the report contains some intriguing statistics. For example, did you know that between 2010 and 2012, the renovation industry grew TWICE as fast as the new homes industry? And that renovations are now a $47-billion market in Canada?
I’m in a cynical mood today (that makes a change). No wonder governments keep wanting to introduce more regulations, inspections, taxes, paperwork, bureaucracy and rules into the renovation sector. Governments, broke as always, need some more of that $47-billion to flow their way.
Read a less cynical version of the Scotiabank Economics report on the housing industry in the Toronto Star‘s excellent summary here.