Hey this is an interesting little article from our friends in USA, taking notice on how Canada held up well during the US credit and housing crises. Here it is:
While the US Census Bureau no longer gathers statistics specifically focused on home renovations, up in chilly Canada yearly stats are published on what's happening in the world of remodelling, compiled by the Canadian Mortgage and Housing Corporation (CMHC).
Usually, what's happening in America is happening in Canada -economically speaking. Usually, but not always; it seems like Canada is charting its own future these days. Unlike American builders and renovators, which have taken a hit since the economic slowdown and credit crisis began, Canadian contractors are doing well.
In 2007, Canadians spent close to $19.7 billion on home renovations -about 37% of households across 10 major cities from Vancouver to St. John N.L according to the recently released CMHC Renovation and Home Purchase Report. An estimated 1.5 million households completed some form of reno in 2007, and while this number is down slightly from 2006, when 39% of all households renovated, things are not exactly cooling off.
Homeowners across Canada spend an average of $12,800 on renovations in 2007, an increase of more than $1,000 compared to 2006. The highest average amount spent was in Calgary, at $15,600, and increase of $3,000 over 2006. The lowest average for 2007 was Winnipeg, at $7,900, a decline of more than $2,000 from 2006.
Statistics Canada divides home reno into 2 catagories:
improvement/alteration, which refers to work done to increase the enjoyment or value of the home, such as a deck or addition; and repair/maintenance, a renovation undertaken to keep the home in working order. According to the CMHC report, 59% of households renovated for improvement, 48 for repair or maintenance, 7% to add more space and 5% to make their home more energy efficient.
More stats: 31% of renovating households remodelled a room, followed by painting/wallpapering and flooring/carpeting, at about 27%. In Ottawa and Edmonton, 20% of all reno projects in 2007 involved some type of major landscaping or exterior addition, including patios, swimming pools and outdoor kitchens.
http://homerenovationguide.com/real-estate