Canada: renovation will stimulate residential investment in 2016

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canada_renovationCanadian owners remain renovation enthusiasts. Expenses made by households to expand or modify their housings and even to replace or install some equipment, progressed of 6% in year-on-year growth during the first semester of 2015 (3,5% after inflation correction). The amounts dedicated to renovation are on the right track to attain a record 53G$ this year, which challenges the expenses of the new constructions. The construction materials and garden equipments retailers’ sales remain strong, even though we witness shortness from wholesalers. We witness an increase in renovation expenses in all provinces except Alberta.
The persistent strength of renovation activities demonstrates a steady pace of housing sales and new constructions on a worldwide scale. This year, the sale of housing increased of almost 5% as compared to last year, whereas the housing starts are about to attain 2014’s total i.e. 190 000 units. A large proportion of renovation activities are performed by new buyers and sellers who are about to sell their properties.