Tuesday, March 25, 2014
How important is real estate to the economy?
In Canada and the United States, the residential real estate industry, including housing services and consumer investment, accounts for about 17–19 per cent of GDP. This includes construction of single-family and multi-family homes, remodeling, production of manufactured homes (mobile homes), brokers’ fees and other financial and legal services, and insurance. Considering that Canada’s economy is worth more than $1 trillion, and the US economy about ten times that amount, it’s evident that housing in both countries is worth hundreds of billions of dollars each year. In short, it matters.