A new report says a boost in spending on home renovations during the pandemic has helped contribute to higher prices for single-family homes despite downward market pressure.
“The landscape is changing as a staggering amount of money is funnelled into renovation while infill is redefining neighbourhoods, particularly in areas where the value of existing structures has not kept pace with increasing land values,” said the report. Re/Max Canada president Christopher Alexander said renovation and revitalization projects are significantly affecting housing supply and affordability.
During the same 2019-2023 period, the value of residential building permits issued for single-family dwellings in the Toronto and Vancouver areas sat at just over $27 billion, according to Statistics Canada data cited by the report.