It is estimated by Altus Group Economic Consulting that a total of $46,400 in ancillary expenditures is generated by the average housing transaction in Canada over a period of three years from the date of purchase. The number is based on figures from Stats Canada.
The analysis done reflects the importance of interior and exterior renovation work done by home buyers. Canada-wide, owners of recently purchased homes spent $15,000 on renovations during the first three years after purchase. In addition, there are significant expenditures for furniture and appliances and general household purchases like bedding, towels, lighting fixtures, tools and window coverings. Moving costs also enter into the picture, especially in Ontario and B.C.
When you factor in that an average of 480,120 homes changed hands annually through MLS® in Canada, we are talking about $22.3 billion changing hands as a result of local real estate. It’s a booming business!
Tags: bowmanville real estate, courtice real estate, home buying, oshawa real estate, whitby real estate