We’re spending more on renovations

Canada’s ageing housing stock, together with influence from TV shows, has led to more spending on renovations.

Figures from the Altus Group show that Canadian households spent $68 billion updating and repairing homes in 2014, an increase of $20 billion from 2013.

Peter Norman, Altus’ chief economist says that the "HGTV effect" plays a part but some of the work is just a sign of properties getting older.

“There are a number of homes out there that are more 50 years old and they require a lot of work all the time,” he told the Financial Post.

Altus’ survey of renovation spending predicts increases this year and next as lower interest rates prompt borrowing and homeowners opt to use savings on home loan repayments to improve their homes.

The forecast is that home renovation will outpace the overall economy. 

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