According to CMHC, construction is one fifth of Canadian economy.
The value of housing activity related to new home construction, as well as the rental, sale and renovation of existing homes in Canada reached $307 billion 2009, or more than one-fifth of Canada’s total gross domestic product, reports the 2010 Canadian Housing Observer.
“The Canadian Housing Observer provides a comprehensive review of the critical role housing plays in the Canadian economy,” said Karen Kinsley, President of CMHC. “The Observer details the far-reaching impact of housing in generating economic activity and employment across sectors, and highlights how housing finance continues to be a cornerstone of Canada’s financial system.”
Other key findings in the 2010 Observer include:
- the relative resiliency of Canada’s housing finance system derives from several factors, including prudent financial industry practice, government involvement and regulatory oversight, and consumer behaviour;
- renovation spending for alterations and improvements grew by 2.8 per cent, reaching about $40.3 billion in 2009;
- from 2001 to 2006, the number of owner-occupied condominiums in Canada rose 37 per cent, three times faster than owner households overall
- nationally, the incidence of urban core housing need continued to improve, decreasing from 13.9 per cent in 2002 to 12.4 per cent in 2007.
Combining a wide-ranging annual review of the state of Canada’s housing and a substantial collection of online data resources, the Canadian Housing Observer is intended to help improve understanding of housing trends and conditions and of key factors driving Canadian housing markets!
This flagship publication now in its eighth year was released today by Canada Mortgage and Housing Corporation (CMHC). New this year are online interactive figures (including maps, charts and tables) that enable users to access data in more graphic, visually engaging ways.
The full release dated September 30, 2010 is here [...]
If you’d like to find out about real estate in the Tri-cities of Coquitlam, Port Coquitlam, Port Moody, or your local area contact John Grasty: 778-878-0778, or email: firstname.lastname@example.org