The renovation boom in Canada: the best is yet to come
Residential renovations and repairs have more than doubled, dollar-wise, since the late 1990s. And the boom is continuing, fuelled by an ageing population.
By Alec Caldwell
The total spending associated with residential renovations and repairs has more than doubled since the late 1990s to nearly $64 billion in 2013, or nearly four per cent of Canada’s GDP, according to a recent report from Altus Group, a Toronto-based property consulting firm.
60 per cent of Canadians cited “increasing value” as the key motivation to renovate.
Depending on the house, fixes can be anywhere from cosmetic updates to complete gut jobs. Homeowners spend, on average, $21,000 more on their homes in the year following the purchase of a house, according to data from the Canada Mortgage and Housing Corp.
I believe that even more growth in the home renovations market is yet to come as Canada’s baby boomers begin to reach age 65. Most of them will want to stay in their own homes as long as possible – and they will adapt those homes as necessary.
The seniors share of the 2013 renovations market in Canada was already worth $8-billion.
The baby boomer market for renovations is massive. According to a 2011 Census, 9.6 million persons, or 29% of Canadians, are baby boomers. By 2031, all baby boomers will have reached 65. For home renovation companies, over the next 18 years this is a huge growth area and those geared up for it should capture their share of this huge market.
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