OTTAWA, Sept. 16 /CNW Telbec/ - The resale housing industry in Canada generated more than 100,000 jobs and fueled ancillary spending of an average of $10.8 billion annually in the period between 2002 and 2004, according to a study prepared for The Canadian Real Estate Association.

The Clayton Research report says in the 2002-2004 period each MLS(R) transaction generated and average of $24,697 in additional spending. This included the purchase of furniture and appliances, moving costs, renovations, services, and taxes. A similar study published in 2003 said that each MLS(R) transaction in the period 2000-2002 fueled an average of $19,760 in consumer spending.

The new study says the economic impact of each MLS(R) sale varies by province or region, from a high of $27,873 in British Columbia to $16,896 in Atlantic Canada. The report notes the spending only relates to the cost of moving from one home to another, and does not include any renovation expenditures by sellers to prepare properties for sale.

"The study shows the tremendous economic impact of the housing industry, outside of the actual cost of the home" says the Chief Economist of The Canadian Real Estate Association, Gregory Klump. "When Canadians move, they typically buy new appliances or furnishings, and renovate in various ways to tailor their home to their specific requirements." The result, the report says, is ancillary spending attributed to moving house totaled over $10.8 billion per year across Canada.

"Job creation is also a major factor of the sale of a home. The study shows that almost two-thirds of the jobs created annually because of the resale housing market, are a direct result of the transaction" Klump adds.

The economic impact of the market for existing homes is also reflected in the sales processed by the MLS(R) system in Canada in 2004. The MLS(R) 2004 national report from the Canadian Real Estate Association says there were 461,112 residential properties sold through MLS(R) last year, beating the previous record set in 2003 by more than 6 per cent.