November 12th - 2010

MARKET WATCH: Canadian Housing activity hit $307 billion

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 in 2009, or more than one-fifth of Canada’s total gross domestic product, according to Canada Mortgage and Housing Corporation’s (CMHC) latest Canadian Housing Observer report.

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 in 2009, or more than one-fifth of Canada’s total gross domestic product, according to Canada Mortgage and Housing Corporation’s (CMHC) latest Canadian Housing Observer report. The report also states that renovation spending for alterations and improvements grew by 2.8 per cent, reaching about $40.3 billion in 2009; and from 2001 to 2006 the number of owner-occupied condominiums in Canada rose 37 per cent, three times faster than owner households overall. See the full report at www.cmhc.ca.

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Ontario Real Estate Association

Jean-Adrien Delicano

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