ECONOMIC IMPACT

The 2022/2023 Fact Sheets reflect estimated economic impacts of residential activity for the past year based on Statistics Canada and CMHC data. They include investment, direct and indirect employment, and wages paid. The scope of construction activities addressed includes new dwellings of all types, including both primary residences and cottages; renovation, conversion and repair of existing dwellings; and conversion of non-residential buildings to residential use. Other expenditures relating to new residential construction such as land transfer taxes and mortgage insurance fees are also included in these estimates. Note, however, that the estimates do not include land-value increases resulting from new residential development, as these are not collected by Statistics Canada.