Canada’s renovation industry is now larger than the construction of new homes in 2013, reaching $63.4 billion, based on a report published by the Canadian real estate consultants Altus Group.
According to Altus, the boom in home renovation is being driven by what is called the ‘HGTV Effect’. Since the launch of a TV station in 1997 oriented towards home renovation, spending has been rising every year since 1999. This trend has not even been affected by the recession that hit Canada in 2008. In 2013, the renovation industry accounted for 2.7% of the total Canadian Gross domestic product. This trend is continuing and Altus forecasts that it will reach 3.0% in 2014.
During the past five years, renovation was about $4,600 per household, an increase from $2,500 during the pre-recession 1994-1998 period. Hydronic Radiant Heating systems are part of that growth as home owners increasingly move towards installing these systems to benefit for the added comfort and operation savings.