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Renovations
_SUrpass new

NEWS photo Neil Lucente

construction

report finds

IN 1991, renovation spend-
ing totalled $16.7 billion,
amounting to nearly half of
total spending on residential
construction, according to
the Canada Mortgage and
Housing Corp. (CMHC)
new National Renovation
Markets publication. :
The new annual publication is sa ay;
expected to become an important : December 25 Monday, “December 21,

planning resource within the con-

struction industry, compiling Ca- . : December 27 Tuesday, December 22,

nadian renovation information : % a « .

from a wide range of sources arid - ‘Wit Thursday, December 24, noon
analysing the extent of activity 9 des. Frida _ January 1 Monday, December 28, 2:00 p.m:

and Kecent market trends. :
‘Information on homeowner : } Md
renovation spending. is important fs January 3 Tuesday, December 29, 2:00 p.m.
to the industry as two-thirds of all £ . Thursday, December 31, noon
expenditures is spent on contract ; : ;
work,’ explained Gilles Proulx, i ~
CMHC’s chief economist. ‘Right
now, the renovation industry is
just as big as new construction
and its value should iscrease fur-
ther in the future.
“Contrary to previous reces-
sions, renovation spending has not
been unaffected,’? concluded Pro-
uix. ‘*However, renovation spend- .
ing ‘declined only slightly com- : ; .
pared to a large drop in construc- ‘ 4
tion of new homes, Pad recent in- va December 23
dicators show it is recovering in ( ‘December 25

1992." i
_ The regional Pattern of renova- b: E Petember 27 Thursday,
tion spending has moved in Ny mes
iandem with the general economy, § 5 em Tuesday,
contracting in Ontario and Quebec = ; s
while maintaining steady growth
in B.C. and Alberta.
This publication reviews recent
trends in renovation spending,
presents a profile of who spends
the most on renovations,
broken down by age, value of the
dwelling, etc, and provides a
provincial breakdown of renova-
tion activity.