Industry reports unearth Canadian renovation trends

The home improvement industry has become a key economic driver in the country over the last few years as more Canadians look to add value to their humble abodes.

A poll by CIBC in the spring found that 45 per cent of Albertans plan to renovate within the next 12 months. The average spend on a home renovation was expected to be $8,073. That’s nine per cent higher than a year ago, but off by 65 per cent from 2016, when homeowners said they were spending on average $23,000 to improve their homes.

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Lending conditions weigh on housing demand

May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.

Citywide sales activity in May totalled 1,726 units, 19 per cent below last year’s levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.

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Behind the numbers

A luxury market stats breakdown with CREB® chief economist Ann-Marie Lurie

CREB®Now: How do statistics for luxury homes fit into the overall housing market in Calgary?

Lurie: It’s usually the media that defines what the luxury market is. What I see as luxury is different from everyone else. To me, this reflects properties that have sold for over $1 million, and these properties account for roughly four per cent of all our sales activity

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