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January 10, 2025RESIDENTIAL RENOVATION PRICE INDEX, Q3 2024 Statistics Canada's 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 (Q3 2024 vs Q3 2023)
Renovation costs in Halifax increased by 3.3% from Q3 2023 to Q3 2024. Across the 15 Census Metropolitan Areas (CMAs) measured, renovation costs increased by 3.1% over this period. Renovation costs were up in all CMAs; the fastest growth was in Victoria and Regina while London and Ottawa 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, heat pumps, furnaces and metal roofs. Flooring prices were down while heating and air conditioning equipment as well as windows and doors increased only modestly.

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 and decks had the largest price increase over this period while solar panels and linoleum flooring reported the slowest growth rates.

Source: Statistics Canada. Table 18-10-0286-01 Residential renovation price indexes, by project
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