• Over $20 billion more was spent on residential renovations in 2015 than on new dwellings, with renovations accounting for 58% of total residential construction spending.
  • In 2015, residential renovation spending in Canada (defined as the sum of residential alterations, improvements, conversions and repairs) broke the $70 billion barrier, up 1% over 2014 in real terms.
  • Looking ahead, stronger growth in renovation spending is expected for 2016 and 2017, although it will be tempered by a still sluggish economy and elevated debt loads.