Between 2004 and 2006 an average of 476,063* homes changed hands annually through the Multiple Listing Service® of real estate Boards across Canada.
According to the Economic Impact of MLS Home Sales in Canada commissioned by the Canadian Real Estate Association (CREA) and conducted by Altus Clayton- Division of Altus Group Limited for release June 12, 2007, it is estimated that a total of $32,200 in ancillary spending (i.e., spending by purchasers on items other than the actual house and land) was generated by the average housing transaction in Canada. Per transaction ancillary spending varied somewhat by region, ranging from $20,325 in Atlantic Canada to $40,450 in B.C.
(17 of the houses that changed hands)
The total annual economic impact is estimated at $15.3 billion per year. Based on the U.S. having 10 times the population I would bet that $ 153 billion is a fair guess on the impact on the U.S. economy. Stay tuned for more research.
In B.C, the expenditures were broken down as follows:
General household purchases** – $ 1,275
Furniture and Appliances – $ 3,725
Moving Costs – $ 1,650
Renovations – $ 8,750
Services i.e financial, legal, appraisal etc – $ 21,400
Taxes (excluding GST) – $ 3,600
Total – $ 40,450
* According to The Canadian Real Estate Association
**Bedding, towels, lighting fixtures, tools, blinds etc