The year of the staycation?
Last April/May, value of the Canadian dollar was hovering between 80 and 82 cents U.S.; however, what a difference a year makes. At the time of writing, the loonie has declined in value by 10 cents and the country’s economy decelerated in 2015—largely in the fourth quarter.
One positive outlook is the recent increase in the consumer confidence index, which posted its first gain in three months, as reported by the Conference Board of Canada. The national index climbed 3.7 points in February to 83.7; however, the results were mixed regionally, with Ontario, Quebec, and B.C. more optimistic, while confidence fell in Atlantic Canada, the Saskatchewan-Manitoba region, and Alberta. Ontario gained 7.6 points to 91.8, while Quebec added 4.1 points to reach 93.4.
That said, Mother Nature seems to be co-operating to some degree, as the past winter was nothing like what was experienced in 2013 and 2014; therefore, builders should be able to get an early start to the 2016 season. Further, should the Canadian dollar remain, or drop, from its current value, another saving grace for the industry this year may be the escalating costs to travel abroad.
As a result it is very likely homeowners will continue to turn to their backyards to create the ultimate staycation—a place where they can escape for relaxation and rejuvenation.
“Typically after a year like 2015, it makes the following year tough, but with the dollar being down like it is will keep people at home spending money on new pools and other renovations rather than travelling to other countries,” said Marvin Betz of Betz Pools, in Stouffville, Ont. “We still need decent summer weather to make 2016 a good year, however.”
References
With files from Statistics Canada (Investment and Capital Stock Division), the Conference Board of Canada, and Canadian Meteorological and Oceanographic Society (CMOS-SCMO). For more information, visit www.statcan.gc.ca, www.conferenceboard.ca, and www.cmos.ca.
This report and all of the figures contained herein are copyright to Kenilworth Media Inc. No use may be made of this or any part of the data or reproduction of charts or graphs without the express written permission of Kenilworth Media Inc. © 2016
