Reno Spending Likely To Increase In Ontario

Based on the recent report from the Canada Mortgage and Housing Corp, it’s becoming a necessity in the ever-expanding economy of Ontario to investing in housing renovations. The town’s real estate market disclosed that spending on expensive properties is the propelling force of the renovation market while ancient housing is also contributing to the increasing drive.

The CMHC regional economist Ted Tsiakopoulos predicted that; “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.” He also said; “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.”

CMHC high pointed the growth to be at least 14 per cent of home equity in the town and predicted that the area that will probably have greater growth in the area of renovation spending is the Southwestern Ontario, with GTA lagging behind.