Nova Scotia renos worth way more than home building
August 26, 2017
Home renovations in Nova Scotia, particularly in the Halifax area, are worth far more than expenditures on new homes, according to a Canada Mortgage and Housing Corp. (CMHC) study released in June.
A significant share of dollars spent on renovations will continue to make up the dominant share of Nova Scotia’s residential activity, the study concluded.
In terms of economic magnitude, investment in the renovation market amounted to $260 million in the first quarter of last year, the study found, while investment in new residential dwellings amounted to $160 million over the same period.
In the past five years, CMHC notes, total residential spending represented an average of 6 per cent of Nova Scotia’s annual gross domestic product.
“These statistics speak to the importance of the construction sector in Nova Scotia, and a lot can be said about the indirect investment and job creation occurring because of construction activity,” said Halifax-based Guillaume Neault, principal, market analysis for CMHC.
“Renovation spending represents the majority of housing related investment [in Nova Scotia]. Over the last ten years, most households have spent about $20,000 to upgrade their homes. A small, but growing number of households have invested $160,000 to $260,000 to make significant improvements to their homes,” Neault said.