Scotiabank report shows renovation spending fast growing

A report from Scotiabank shows more and more Canadians are taking the renovations route when it comes to their homes.

The report, Canada's Housing Market — Transitioning to Slower Growth shows renovation spending is a fast growing segment, which is impacted by rising home prices, tight resale market conditions, attractive financing and g o v e r n m e n t
tax credits.

Despite the potential of higher costs, Canadians are more likely to choose renovations that include greener options than not when updating their homes, according to a recent Scotiabank poll.

The Scotiabank Home Renovations Poll reports two-thirds of Canadian homeowners are more likely to chose green home renovations over nongreen renovation options, making their homes more energy efficient and environmentally friendly. Albertans considered green renovations 65 per cent of the time.

While global housing activity in early 2013 has been mixed, Canada's housing demand remains healthy said a Global Real Estate Trends report released by Scotiabank.

The report found in the majority of world markets housing conditions are "fairly steady" and average home prices relatively flat. However in countries like Asia and Latin America as well as the United States, home prices are again accelerating supported by a stronger domestic economy. In other countries, namely struggling nations of southern Europe, price declines are continuing.