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October 25, 2024RESIDENTIAL RENOVATION PRICE INDEX, Q2 2024 Statistics Canada has released new data on the cost of residential renovations. The Residential Renovation Price Index (RRPI) reports prices for 37 individual renovation project types, categorized into 8 project groups: exterior additions/improvements, flooring, heating/air conditioning equipment, interior additions/remodels, plumbing fixtures/equipment, property improvements, roofing and windows/doors. Contractor's prices include the value of all materials, labour, equipment, overhead and profit for each project (excluding value added taxes and project design costs). These data are collected for 15 Census Metropolitan Areas, including Halifax+East Hants and are not seasonally adjusted.
Year-over-year (Q2 2024 vs Q2 2023)
Renovation costs in Halifax increased by 5.1% from Q2 2023 to Q2 2024. Across the 15 Census Metropolitan Areas (CMAs) measured, renovation costs increased by 3.7% over this period. Renovation costs were up in all CMAs; the fastest growth was in Victoria while Montréal reported the slowest growth.
In Halifax, the price of exterior additions and improvements increased faster than all other project group, led by rising costs of solar panels. There were also notable increases in prices for decks, siding, porches, fences and metal roofs. Heating and air conditioning equipment prices increased by the slowest pace among project groups. Among specific projects, only linoleum flooring reported lower prices year-over-year (driveway project prices were unchanged).
Trends
Since 2017, renovation prices grew most rapidly in the Toronto CMA while Saskatoon and Moncton reported slower growth in the RRPI.
Among project groups, Halifax renovation costs increased the most for exterior additions/improvements since 2017. For specific projects, fencing had the largest price increase over this period while solar panels reported the slowest growth.
Source: Statistics Canada. Table 18-10-0286-01 Residential renovation price indexes, by project
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