Residential renovation prices have been up 0.6% in Q3 following a 0.7% rise within the earlier quarter, in line with the newest knowledge from Statistics Canada.

Roofing initiatives noticed the largest quarterly price improve in Q3 2024, adopted by home windows and doorways renovations, in line with the Residential Renovation Worth Index (RRPI).

Nonetheless, the general tempo of price progress slowed in comparison with earlier within the yr. This deceleration was attributed to enhancements within the availability of expert commerce employees and a discount in materials price pressures.

The information revealed some regional variations in renovation prices. Quebec noticed the largest bounce, with a 0.9% improve, adopted by Alberta at 0.7%. In the meantime, Newfoundland and Labrador had the smallest rise at simply 0.3%.

Montreal noticed the strongest progress amongst Canada’s 15 census metropolitan areas (CMAs), with prices rising 1.0% in Q3, largely pushed by important will increase in photo voltaic panel installations, wooden flooring, and furnaces. Ottawa additionally skilled an uptick, with prices rising 0.6%, led by will increase in carpeting, home windows, and wooden flooring.

Notably, Montreal and Ottawa have been the one CMAs the place residential renovation prices accelerated in Q3, whereas the remaining 13 CMAs reported a slowdown in value progress.

Dwelling fairness a key supply of funds for dwelling renovations

As renovation prices hold rising, Canadians proceed to rely closely on their dwelling fairness to fund these initiatives.

In keeping with 2023 statistics from Mortgage Professionals Canada, greater than seven in 10 Canadian owners have both already renovated their dwelling or plan to take action within the close to future. Of those that accessed their dwelling fairness, 34% used the funds for dwelling or apartment renovations.

The principle causes for renovations proceed to be upgrading properties for private choice (73%) and growing resale worth (40%). Different widespread motivations embrace preserving the house’s structural integrity (30%), finishing safety-related work (24%), including area for household (21%), and making a devoted workspace (11%).

Apparently, family earnings doesn’t appear to have a big influence on the choice to renovate, with owners throughout totally different earnings ranges equally motivated to enhance their properties.

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Final modified: January 11, 2025