Recently Business News Network (BNN) in Canada talking about the effects of the Home and Garden TV Show (http://www.bnn.ca/News/2014/7/2/HGTV-effect-causes-record-home-renovations-.aspx), mentioned that the renovation industry raked in $63.4 billion in 2013 alone – a number that represents around 3.7 percent of Canada’s total GDP.
Lower interest rates and rising home values have allowed homeowners to tap into more equity for big upgrades.
Essentially, homeowners pulled money out of their homes (Percentage of Home Equity landed to owners by Financial Institutions), only to put it right back in.
Renovations costs are expected to grow fastest in Alberta in 2014 and 2015, with a five percent projected increase in spending for each year, according to the report.
The good news for firms in the renovation sector is that we don't foresee an end to the expansion trend in the near term.
According to the World Bank (http://www.worldbank.org/en/country/canada), the GDP (Gross Domestic Product) of Canada in 2013 was $1,825 Trillion USD and the population 35.16 Million.
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