A recent report highlights that a surge in home renovations is boosting housing values in Canada’s major markets. With homeowners investing in upgrades, particularly in high-demand urban areas, property values are seeing an upward trend. Renovations, ranging from kitchen makeovers to energy-efficient improvements, are making homes more attractive to buyers, even in a challenging real estate market.
This rise in home renos is seen as a key factor in driving housing demand, especially as housing inventory remains tight. The increased value from these upgrades is helping homeowners secure better resale prices, further stimulating market activity. With renovation spending up, the report suggests that these improvements are becoming a crucial part of overall real estate strategies, particularly in cities like Toronto and Vancouver.
Experts believe that as more homeowners take on these projects, the competition for properties with recent renovations is pushing prices higher. This trend is expected to continue as housing shortages persist, making home upgrades an appealing investment for both current owners and prospective buyers.
However, with rising construction costs, not all homeowners may be able to afford these improvements, leading to a growing divide between upgraded and non-upgraded properties in the market. This could ultimately impact affordability and market dynamics in the long term.
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