Its provincial Housing Market Insight reveals that spending on high-end properties is the driver of the renovation market while aging households are also a key element to the rising spend.
“Although the average growth rate of home renovations is not likely to match that of the last couple of decades, the province is still set to see an increase,” predicted CMHC regional economist Ted Tsiakopoulos.
“Ontarians are aging, the housing stock is aging, home prices are on the rise and more homebuyers are turning to the resale market — all these factors support renovation spending,” said Tsiakopoulos.
CMHC highlights an estimated 14 per cent growth in home equity in the province and forecasts that Southwestern Ontario has the greatest potential for growth in renovation spending while the GTA has the least.
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Spending on housing renovations is a growing part of Ontario’s economy according to the latest report from the Canada Mortgage and Housing Corp.